In need of a quick financial fix? A ₹4K loan can be a lifesaver. A personal loan of ₹4000 can be helpful for unexpected costs, financing a small venture, or filling a gap in your finances. This amount can be particularly beneficial for covering sudden medical expenses, urgent trips, or minor home repairs.
Table of Contents:
- ⇾ ₹4000 Instant Personal Loan
- ⇾ Reasons Why You Need ₹4k Loan
- ⇾ Eligibility for ₹4000 Personal Loan
- ⇾ Documents Required for ₹4000 Personal Loan
- ⇾ ₹4000 Personal Loan EMI Calculator
- ⇾ Calculate ₹4000 Loan EMI
- ⇾ Steps to Apply for a Personal Loan with Buddy Loan
- ⇾ Things to Keep in Mind When Applying for ₹4k Personal Loan
- ⇾ Frequently Asked Questions
4K Loan Interest Rates
Check the interest rates offered by different personal loan lenders from the tables below:
Personal Loan Interest Rates by Top Banks
The table below summarizes the details that you should know before applying for a ₹5000 instant loan:
| Banks Offering Personal Loans | Interest Rates (p.a.) |
|---|---|
| PNB Personal Loan | 10.40% |
| Axis Bank Personal Loan | 10.49% |
| IDFC Bank Personal Loan | 10.49% |
| HDFC Personal Loan | 10.50% |
| ICICI Bank Personal Loan | 10.50% |
| Canara Bank Personal Loan | 10.65% |
| Bank of Baroda Personal Loan | 10.90% |
| UCO Bank Personal Loan | 10.95% |
| SBI Personal Loan | 11% |
| Federal Bank Personal Loan | 11.49% |
| Indian Overseas Bank Personal Loan | 12.50% |
| RBL Bank Personal Loan | 17.50% |
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Note: The above-mentioned rates are subject to change with the finance market and differ marginally with respect to the individual banks.Personal Loan Interest Rates by Top NBFCs
The table below summarizes the details that you should know before applying for a ₹5000 instant loan:
| Personal Loan by NBFCs | Interest Rates (p.a.) |
|---|---|
| Upwards Personal Loan | 9% onwards |
| Zype Personal Loan | 9.5% onwards |
| Faircent Personal Loan | 9.99% onwards |
| Loanbaba Personal Loan | 10.99% onwards |
| Fullerton Personal Loan | 11.99% onwards |
| L&T Personal Loan | 12% onwards |
| IIFL Personal Loan | 13.50% onwards |
| Paysense Personal Loan | 16.8% onwards |
| Mpokket Personal Loan | 24% onwards |
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Note: The above-mentioned rates are subject to change with the finance market and differ marginally concerning the lenders.The interest rate for PPF is currently 7.1% p.a. while the interest rate for VPF is currently 8.25% p.a.
Reasons Why You Need ₹4k Loan
Here are some potential reasons why you may need a ₹4,000 loan:
- Unexpected Expenses: Unforeseen expenses like medical bills, car repairs, or household emergencies can arise, and a small loan of ₹4,000 can help cover these costs.
- Bridging Cash Flow Gaps: If there is a temporary mismatch between income and expenses, a ₹4,000 loan can help bridge the gap until the next paycheck arrives.
- Funding Small Purchases: A ₹4,000 loan can be used to finance smaller purchases like buying a new appliance, paying for a course or training, or funding a small personal expense.
- Avoiding Late Payments: Taking a ₹4,000 loan can help avoid late payments on bills, rent, or other important financial obligations, which can help maintain a good credit score.
- Building Credit History: Responsibly repaying a small ₹4,000 loan can contribute to building a positive credit history, which is important for accessing larger loans or credit facilities in the future.
- Emergencies: Sudden emergencies, such as a family member's medical emergency or urgent home repairs, may require a small ₹4,000 loan to cover the immediate costs.
- Opportunities: A ₹4,000 loan could provide access to an opportunity, such as a short-term investment or a small business venture, that has the potential to generate a higher return.
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Eligibility for ₹4000 Personal Loan
Here are the eligibility criteria that you must meet when applying for a ₹4000 personal loan:
- Age: 21 to 65 years
- Minimum Monthly Income: ₹15,000 to ₹20,000 depending on the lender.
- Employment Status: Salaried, self-employed, or with a regular income source
- Credit Score: Typically above 700, but lower scores may be considered
- Residential Status: Indian citizen with a permanent address in India
Documents Required for ₹4000 Personal Loan
For a quick and hassle-free application process for a ₹4,000 personal loan, you will typically need to provide the following basic personal loan documents:
- KYC (Know Your Customer) Documents: PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License.
- Salary Slips: The last 3 months' salary slips
- Bank Statements: Last 6 months' bank statements
₹4000 Personal Loan EMI Calculator
A personal loan EMI calculator helps you to estimate the monthly payouts by experimenting with different loan amounts, interest rates, and tenures.
| Monthly EMI | ₹86 |
| Principal Amount | ₹1,000 |
| Total Interest | ₹32 |
| Total Amount | ₹1,032.00 |
Here are the steps to use the EMI calculator:
- Enter the loan amount (₹4000)
- Enter the interest rate.
- Enter the loan tenure
- The monthly EMI, Principal amount and total interest will be displayed.
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Calculate ₹4000 Loan EMI
To manually calculate your personal loan EMI amount, you can utilize the following formula:
E = P x R x (1+R)^N/ [(1+R)^N-1]
Where
- E- your monthly loan EMI amount,
- P- Principal Amount (₹4000)
- R- the monthly interest rate,
- N- the total number of months for EMI payment.
Table showing the monthly EMI you need to pay for ₹4000 loan for various repayment tenures at an interest rate of 18% p.a.:
| Loan Amount | Interest Rate | Tenure (in months) | EMI |
|---|---|---|---|
| ₹4000 | 18% | 3 | ₹1,373.52 |
| ₹4000 | 18% | 6 | ₹702.12 |
| ₹4000 | 18% | 9 | ₹477.10 |
| ₹4000 | 18% | 12 | ₹366.72 |
If you are looking for more information on different Personal loans feel free to check out the links below:
Steps to Apply for a Personal Loan with Buddy Loan
When it comes to getting a quick disbursal of your personal loans, Buddy Loan can be the right choice. Here’s how you can apply for a personal loan:
- Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the personal loan application page. Enter your mobile number and OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (Including company name, years of service and Designation)
- Step 6: Enter your details (Including Full Name, PAN, address, DOB & Gender)
- Step 7: Provide your communication address and income details and click the ‘Submit’ button.
Factors to Consider to Apply for ₹4K Personal Loan
When considering a ₹4,000 personal loan, there are several key factors to keep in mind to ensure a successful application and repayment process.
- Eligibility: Meet the lender's criteria for age, income, employment, and credit score.
- Loan Tenure: Choose a tenure that fits your Personal loan repayment ability.
- Fees: Consider processing fees, prepayment charges, and other costs to calculate the total loan expense.
- Repayment Capacity: Ensure the monthly EMI is affordable within your income and existing financial obligations.
- Credit Impact: Understand how the ₹4,000 loan will affect your credit score, both positively and negatively.
A ₹4,000 loan can impact your credit score in two ways. Making all your payments on time builds a positive credit history, especially your payment history which is the most important factor. However, missing even one payment can significantly hurt your score since late payments are reported and can stay on your record for years. So, the impact hinges on your repayment discipline.
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Frequently Asked Questions
Yes, it is possible to get a ₹4,000 personal loan from various lenders, subject to meeting their eligibility criteria and documentation requirements.
To get a ₹4,000 loan quickly, you can apply with lenders that offer instant personal loans. This typically involves submitting basic KYC documents, salary slips, and bank statements online, which can result in a fast loan disbursement, often within a few hours.
Yes, some lenders provide instant ₹4,000 personal loans, where the loan can be approved and disbursed the same day, provided you meet their eligibility criteria and submit the required documents promptly.
Getting a ₹4,000 personal loan with bad credit may be possible, but it may be more challenging. Lenders may still consider applicants with lower credit scores, but they may charge higher interest rates or have additional requirements.
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