3 min
12-Sep-2024
A personal loan can be a great solution when you need extra funds, whether for a large purchase, medical expenses, or other financial needs. If you’re considering borrowing Rs. 4 lakh, it’s important to understand the monthly repayment, known as EMI (Equated Monthly Instalment), especially if you plan to spread it over 5 years. This article will explain how to calculate a Rs. 4 lakh personal loan EMI for 5 years, what factors affect the EMI, and how to apply for such a personal loan. Understanding these details will help you make an informed financial decision.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Loan amount (Rs. 4 lakh)
R = Monthly interest rate (annual interest rate divided by 12)
N = Loan tenure in months (5 years = 60 months)
However, the easiest way to calculate the EMI for a personal loan is by using an online personal loan EMI calculator, which instantly provides the result by inputting these details.
Using the calculator, you can adjust the interest rate or tenure to see how it affects your EMI, helping you choose a repayment plan that suits your budget.
1. Nationality: India
2. Age: 21 years to 80 years*.
3. Employed with: Public, private, or MNC.
4. CIBIL Score: 685 or higher.
*You should be 80 years* or younger, at the end of the loan tenure.
1. KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
2. PAN card
3. Employee ID card
4. Salary slips of the last 3 months
5. Bank account statements of the previous 3 months
Factors that affect the interest rate applicable on a Rs. 4 lakh personal loan
1. Credit score: A higher credit score can result in a lower interest rate.
2. Income: Higher incomes may qualify for better rates, as they indicate a greater ability to repay.
3. Loan tenure: Shorter loan tenures typically come with lower interest rates.
4. Lender policies: Different lenders have varying interest rates depending on their terms and market conditions.
Understanding these factors can help you secure a more affordable loan.
1. Click on ‘APPLY’ on this page to open our online personal loan application form.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete yourKYCand submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
How to calculate Rs. 4 lakh personal loan EMI for 5 years?
Calculating the EMI for a Rs. 4 lakh personal loan over 5 years depends on three main factors: the loan amount, interest rate, and loan tenure. The EMI is calculated using a specific formula:EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
P = Loan amount (Rs. 4 lakh)
R = Monthly interest rate (annual interest rate divided by 12)
N = Loan tenure in months (5 years = 60 months)
However, the easiest way to calculate the EMI for a personal loan is by using an online personal loan EMI calculator, which instantly provides the result by inputting these details.
Personal loan EMI calculator for Rs. 4 lakh
A personal loan EMI calculator is a quick and convenient tool to help you estimate your monthly payments for a Rs. 4 lakh loan. You only need to enter the loan amount, interest rate, and tenure to get the EMI. For instance, if the interest rate is 12% per annum, the EMI for a Rs. 4 lakh personal loan over 5 years would be approximately Rs. 8,899.Using the calculator, you can adjust the interest rate or tenure to see how it affects your EMI, helping you choose a repayment plan that suits your budget.
Eligibility for a Rs. 4 lakh personal loan
You can qualify for a Bajaj Finserv Personal Loan once you meet the below eligibility criteria:1. Nationality: India
2. Age: 21 years to 80 years*.
3. Employed with: Public, private, or MNC.
4. CIBIL Score: 685 or higher.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required for a Rs. 4 lakh personal loan
With a Bajaj Finserv Personal Loan, you can apply for a Rs. 4 lakh personal loan with minimal documents:1. KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
2. PAN card
3. Employee ID card
4. Salary slips of the last 3 months
5. Bank account statements of the previous 3 months
Factors that affect the interest rate applicable on a Rs. 4 lakh personal loan
The interest rate on a personal loan can vary from lender to lender and is influenced by several factors:
1. Credit score: A higher credit score can result in a lower interest rate.2. Income: Higher incomes may qualify for better rates, as they indicate a greater ability to repay.
3. Loan tenure: Shorter loan tenures typically come with lower interest rates.
4. Lender policies: Different lenders have varying interest rates depending on their terms and market conditions.
Understanding these factors can help you secure a more affordable loan.
How to apply for a Rs. 4 lakh personal loan
Applying for a Rs. 4 lakh personal loan from Bajaj Finance involves the following steps:1. Click on ‘APPLY’ on this page to open our online personal loan application form.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete yourKYCand submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents.
