High Loan Amount:
Get a loan of Rs 4 lakh to fulfil your dreams or tackle any emergency or moment of crisis.
Apply for a ₹4 Lakh Personal Loan
- Loan up to ₹4 Lakhs
- Minimum Salary Required ₹15K
- Instant Approval
Personal Loan EMI Calculator
Apply for 4 Lakh Personal Loan
Applying for a 4 Lakh Personal Loan. At Hero FinCorp, we understand that life's aspirations often require a financial boost. Whether it's realising your educational goals, planning a dream wedding, or managing medical expenses, our tailored personal loan offering is designed to make your dreams achievable. Experience seamless application, competitive interest rates, and swift approvals. Take the leap today and let Hero FinCorp be your catalyst for a brighter tomorrow.
EMI for Personal Loan of ₹4 lakh for Tenures of 1-5 years
If you borrow a Rs 4 lakh loan for 5 years, the EMIs will be smaller and easily manageable. However, if you take a Personal Loan of Rs 4 lakh for a shorter term, the EMI amount will increase, and you will need to evaluate your monthly budget to accommodate it conveniently.
A loan EMI calculator helps calculate EMIs for various loan terms, based on which you can select a tenure with EMIs you can easily afford. For instance, if you borrow a Personal Loan at a 11% interest rate, the EMI for Rs 4 lakh Personal Loan for various loan terms will be as follows:
| Loan Term | EMI Amount |
|---|---|
| 4 Lakh Loan for 1 Year | Rs 35,353* |
| 4 Lakh Loan for 2 Years | Rs 18,643* |
| 4 Lakh Loan for 3 Years | Rs 13,095* |
| 4 Lakh Loan for 4 Years | Rs 10,338* |
| 4 Lakh Loan for 5 Years | Rs 8,697* |
Disclaimer: The EMI calculations provided are approximations, and actual figures may differ.
Features and Benefits of a ₹4 Lakh Loan
Hero FinCorp offers a diverse portfolio of Personal Loans intended for different requirements. Know their most important features and benefits to make an informed decision:
Attractive Interest Rate:
We calculate your 4 lakh Hero FinCorp Personal Loan interest rates based on income, capacity, and financial factors, ensuring fair costs.
Collateral-Free:
For a Personal Loan of Rs 4 lakh, we do not ask for any security, collateral, or guarantor for approval.
Flexible Repayment Tenure:
We offer our borrowers the flexibility to choose a loan tenure of up to 60 months according to their repayment capacity.
Instant Approval:
Hero FinCorp ensures a hassle-free borrowing experience. Once approved, your loan amount is swiftly credited to your bank account.
Eligibility Criteria For ₹4 Lakh Personal Loan
Hero FinCorp offers unsecured Personal Loans to salaried and self-employed individuals. You can quickly check your personal finance eligibility and apply for a Rs 4 lakh Personal Loan according to your requirements. These are the standard conditions you must fulfil:
Age
You must be between 21 to 58 years of age.
Citizenship
You must be an Indian citizen to apply for a Rs 4 Lakh Personal Loan at Hero FinCorp.
Work Experience
An applicant must have a minimum experience of 6 months if they are salaried, and if self-employed, the business should be in existence for at least 2 years.
Monthly Income
You must earn a minimum of Rs 15,000 per month to qualify for a Personal Loan.
Documents Required For ₹4 Lakh Personal Loan
We at Hero FinCorp, have kept our documentation requirements concise and minimal to make your borrowing process as smooth as possible. You need only a few documents to apply for a Personal Loan of Rs 4 lakh. However, please note that the documents required for salaried and self-employed individuals differ. Here is a walkthrough of these requirements.
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill
Ownership Proof
Residence ownership proof, like electricity bills, maintenance bills, or property documents
Income Proof
Last six months' salary slips, the previous six months' salary account statement, and Form 16 Job continuity proof, like an appointment letter from the current employer or experience certificate from the previous employer
Mandatory Documents
Duly filled loan application form Passport-size photograph (coloured)
Identity Proof
Driver’s licence, passport, PAN card, or Aadhaar card
Address Proof
Driver’s licence, passport, Aadhaar card, ration card, or utility bill Office address proof, like maintenance bills, utility bills, property documents, or rent agreement
Ownership Proof
Business existence proof, like a copy of tax registration, shop establishment proof, or company registration certificate
Income Proof
Last six months' bank statements and ITR for the previous two consecutive years
Interest Rate on a ₹4 lakh Personal Loan
Personal Loan interest rates are reasonable and competitive at Hero FinCorp. We determine each applicant's interest rate based on repayment capacity, income, Debt-to-Income (DTI) ratio, and other parameters. Other than the interest rate, our loan processing charges, overdue penalties, cheque bounce charges, loan cancellation charges, and additional costs are also nominal. So, maintain a high credit score and low DTI ratio to get the lowest interest rate on Hero FinCorp Personal Loans.
How to Apply for a ₹4 Lakh Personal Loan?
Planning for a perfect wedding or travelling around the world? Borrow a Rs 4 lakh Personal Loan to make all your dreams come true or handle emergencies. Here is a 5-step guide to getting a Personal Loan at Hero FinCorp:
- 1
Determine Your Loan Requirement: Determine the reason for taking a Personal Loan and decide on a loan amount. For instance, if you need a loan to fund a foreign vacation, evaluate the costs and apply for a sufficient loan amount.
- 2
Visit the Hero FinCorp website: Locate the 'Personal Loan' section and click on 'Apply Now' or a similar button.
- 3
Fill in the Application Form: Complete the online application form with accurate information. Be sure to double-check all details before submitting.
- 4
KYC Verification: Submit your KYC documents as per the requirements. This typically includes your identity and address proofs.
- 5
Loan Approval and Disbursement: Once your application is approved, you will receive an offer letter detailing the loan terms. Please carefully review the terms before you accept. Upon acceptance, the loan amount will be disbursed to your bank account.
Once you receive the loan offer, review it carefully, accept it to complete the formalities, and get disbursal quickly.
Purpose of ₹4 Lakh Personal Loan
When you need urgent cash, a Rs 4 lakh Personal Loan can be a good option. You can use borrowed money for big-ticket purchases, emergency expenses, debt consolidation, and much more. Moreover, you can pay it back in monthly instalments over the course of 60 months. Once you get approval, get disbursal quickly and use it for any of the following reasons:
- Debt consolidation
- Home remodelling
- Emergency expenses
- Large purchases
- Wedding expenses
- Vacation costs
- Higher education
- Medical emergency
If you are comfortable paying EMI for 5 years for a Rs 4 lakh Personal Loan, you can achieve your dreams without financial constraints.
Frequently Asked Questions (FAQs)
A Rs 4 lakh Personal Loan EMI varies depending on the interest rate and repayment tenure. Use a Personal Loan EMI calculator to calculate the monthly EMIs by entering the necessary variables.
Yes, a Personal Loan of Rs 4 lakh from Hero FinCorp is collateral-free. You can avail of the loan without any collateral, security, or guarantor.
Visit our website or download our loan app, fill out an online application form, and submit the necessary documents to qualify for a 4 Rs lakh Personal Loan.
Although we give due importance to the CIBIL score while evaluating Personal Loan applications, you can still get approval if you have a decent income and a low DTI ratio.
You need to submit a few necessary documents to avail of a Rs 4 lakh Personal Loan. However, we allow our borrowers to apply for a loan without physical documentation. You can scan and upload the required documents online without visiting our branch office even once.
EMI for a Rs 4 lakh loan for 5 years varies according to the interest rate. For instance, it will be Rs 9, 516 at the interest rate of 11%, while it will be Rs 10,598 at 20%.
You will need to provide your income proof to apply for a Rs 4 lakh Personal Loan at Hero FinCorp. However, cases may be exceptional for applicants with high credit ratings.
You can calculate your Rs 4 lakh Personal Loan EMI by dividing the annual interest rate by the number of months in the loan term and then multiplying it by the loan balance. The mathematical formula to calculate the same is:
EMI = [P x R x (1+R)^N] / [((1+R)^N)-1)]
Here, P stands for the principal loan amount, r is the rate of interest, and n means the number of months in the selected tenure. Rather than entering these values and calculating the EMIs manually, you can use a Rs 4 lakh Personal Loan EMI calculator to get instant results. It will display the total payable along with the total interest cost. You can select a loan tenure with easily affordable EMIs adjustable to your monthly budget.
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