What is the Moratorium Period in Personal Loan?
Oct 30, 2025 | 4 mins read
A ₹ 4 Lakh Personal Loan is ideal when you need immediate funds for personal reasons, be it for medical emergencies, education, wedding expenses, home renovations or consolidating your debt. Whether you're salaried or self-employed, applying for a 4 Lakh loan is now fast, paperless and fully digital with L&T Finance.
Opting for a Personal Loan of 4 Lakh can be a practical choice in various life scenarios:
Whether you're applying for the first time or are experienced with loans, a 4 Lakh Personal Loan balances convenience with financial flexibility.
| Type | Criteria |
|---|---|
| Residency | Indian resident |
| Age requirement | 21 to 58 years |
| Profession | Salaried or self-employed individuals |
| Document Type | Required Document & Checks |
|---|---|
| Identity Proof | Passport | PAN Card | Driver License | Voter ID | Aadhaar Card |
| Address Proof | Utility bill of any service provider not more than 2 months old (Electricity, Telephone, Post-paid Mobile Phone, Piped Gas, Water Bill) | Passport | Voter ID Card | Driving License |
| Income Proof | Income proofs vary for different professionals across salaried and self employed. |
Please find the easy detailed list of required documents here
| Type | Document |
|---|---|
| Salaried | Last 3 month's salary slips / Form 16 / Last 3 month's bank statement reflecting salary credits / Salary Certificate |
| Self Employed | Latest Income Tax Return (ITR) |
| Bank Statement | Last 3 month's statement is mandatory |
| Residence Ownership Proof | Not mandatory |
| Type | Interest Rate and Charges |
|---|---|
| Personal Loan Processing Fees (non-refundable): | Up to 3%* of Loan Amount + applicable taxes |
| EMI Dishonour/Bounce Charge* *A bounce charge is a charge for (i) dishonour of any repayment instrument; or (ii) non-payment of instalment(s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate | As shown in the table below |
| Sanctioned Loan Amount | Charges |
| < ₹ 5 Lakh | ₹ 500 |
| ₹ 5 Lakh - ₹ 30 Lakh | ₹ 1000 |
| Late Payment Charges (LPC)/ Penal Charges: | 2% (p.m.) on EMI overdue + applicable taxes |
| *LPC revised from 3% to 2% per month on overdue EMI w.e.f. 4th Dec'23 | |
| *Taxes applicable on LPC w.e.f. 1st Apr'24 | |
| Part Payment Charges: | Up to 5% of pre-paid amount + applicable taxes |
| Foreclosure Charges: | 5% of POS (Principal Outstanding) + applicable taxes |
| Legal/ Recovery Charges: | As per actuals |
| Duplicate NOC Charges: | First 3 paper copies - free of cost |
| From 4th Paper copy - ₹250 + applicable taxes | |
| Repayment Swap charges (per swap): | ₹500 + applicable taxes (applicable only for branch walk-ins) |
| Loan Cancellation Charge: | Nil - for 3 days from date of disbursal |
| From 4th day - 5%+ applicable taxes (on the outstanding loan amount) | |
| Document Charges: | Nil for Statement of Account (SOA), Repayment Schedule, Foreclosure Letter, Welcome Kit |
| Annual Maintainance Charges (AMC): | Nil |
*Terms & Conditions Apply. All actual charges will be as per Key Fact Statement (KFS) shared by the company.
| Loan Amount | Interest Rate (p.a.) | Tenure | EMI (approx.) |
|---|---|---|---|
| ₹ 4 Lakh | 11% | 1 year | ₹ 35,353 |
| ₹ 4 Lakh | 11% | 2 years | ₹ 18,643 |
| ₹ 4 Lakh | 11% | 3 years | ₹ 13,095 |
| ₹ 4 Lakh | 11% | 4 years | ₹ 10,338 |
| ₹ 4 Lakh | 11% | 5 years | ₹ 8,697 |
Using the 4 Lakh loan EMI calculator is quick and effective:
Apply for Personal Loan with these steps
1. Apply online in just few minutes
Select Personal Loan and click the 'Apply Now' button to start your seamless digital loan journey.
2. Fill in your details
Enter your personal details, such as income details, current address, and more, to instantly check your loan eligibility.
3. Get your customised offer
Explore personalised loan offers to match your needs. You may also get an option to enhance your offer.
4. Set up E-mandate
Securely provide your bank details to easily register for an E-mandate, ensuring smooth loan repayments.
5. Complete KYC
Verify your identity easily and securely with a quick KYC process from the comfort of your home.
6. Get loan disbursement
Get your loan disbursement directly in your bank account, ensuring fast and seamless access to funds.
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