Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
How to Apply for a ₹4 Lakh Personal Loan Online
Posted on Monday, September 23rd, 2024 | By IndusInd Bank
If you need quick funds to cover an urgent expense—be it a medical emergency or an unexpected financial need—an instant personal loan can be a reliable solution.
With the rise of digital banking, getting a personal loan has become faster and more convenient than ever. You can apply online in just a few clicks and have the funds credited directly to your bank account. If you’re considering a ₹4 lakh personal loan, this guide will walk you through everything you need to know.
How to Apply for a ₹4 Lakh Personal Loan?
With IndusInd Bank, applying for an Instant Personal Loan is easy and convenient. Here’s how.
1.Input Your Details
The first step is to provide your personal details. This includes your name, contact information, PAN card number, and employment details. You will also need to specify the loan amount you require, in this case, ₹4 lakhs.
2. Receive the Best Offer
Based on the information you provide; you will receive the best loan offer for you. You can review it before proceeding ahead.
3. Complete Application
After reviewing the loan offer, you can proceed to complete the application. This involves undergoing a video KYC (Know Your Customer) process. Here, you will need to verify your identity through a video call. You will also have to set up auto-repayment instructions. This ensures that the EMIs for the ₹4 lakh personal loan are deducted from your bank account each month.
4. Receive Money in Your Bank Account
Next, sign the loan agreement digitally once your application is complete. Upon signing, the lender will disburse the ₹4 lakh instant loan amount into your account. You can then use the funds as you deem fit.
How to Improve Chances of Loan Approval?
Securing a ₹4 lakh personal loan is a major financial commitment. Hence, improving your chances of approval is crucial. Here are some tips to help:
1. Maintain a Good Credit Score
Aim for a credit score above 730-750 to increase your chances of loan approval. Also, a good credit score also helps you secure a better interest rate.
2. Ensure Stable Employment and Income
Banks give preference to applicants with a stable and consistent income. If you are employed with your current organisation for a long period, it will work in your favour.
3. Limit Existing Debt
If you have existing loans or high credit card balances, consider paying them off before applying for a new loan.
4. Apply with a Co-Applicant
If your income or credit score is on the lower side, consider applying for a ₹4 lakh loan with a co-applicant. Ideally, they should have a solid financial profile.
Points to Remember Before Applying for a ₹4 Lakh Personal Loan
Before you hit the ‘apply’ button for a personal loan, consider a few key points:
- Interest Rates: Compare interest rates from different lenders before choosing the most competitive offer.
- Loan Tenure: Choose a loan tenure that balances your budget costs with the overall interest. Make sure the EMIs for the ₹4 lakh personal loanare affordable in the long run.
- Fees and Charges: Be aware of any processing fees, prepayment charges, or other associated costs.
- Terms and Conditions: Review the loan agreement with care before signing to avoid any surprises later.
- Have a Contingency Plan: Ensure to have a contingency plan in place, such as an emergency fund. This can help cover your EMIs in case of unexpected events like job loss or medical emergencies.
You can also use the Personal Loan EMI calculator to get an estimate of your EMIs and plan repayment with ease.
Also Read: Easing Financial Strain with Extended Tenure Personal Loans
IndusInd Bank offers a seamless 100% digital application process, competitive interest rates, and quick disbursement, making it an ideal choice for your personal loan needs.
Apply for a ₹4 lakh personal loan now!
