Let $E$ and $F$ be complex vector bundles of rank $2$ which split as a sum of line bundles: $E \cong E_1\oplus E_2$ and $F\cong F_1\oplus F_2$. Let $x_ i = c_1(E_i)$ and $y_j = c_1(F_j)$. Note that
\begin{align*}
c_1(E) &= c_1(E_1\oplus E_2) = c_1(E_1) + c_1(E_2) = x_1 + x_2\\
c_2(E) &= c_2(E_1\oplus E_2) = c_1(E_1)c_1(E_2) = x_1x_2.
\end{align*}
Likewise $c_1(F) = y_1 + y_2$ and $c_2(F) = y_1y_2$. So we have the following:
\begin{align*}
&\ c_4(E\otimes F)\\
=&\ c_4((E_1\oplus E_2)\otimes(F_1\oplus F_2))\\
=&\ c_4(E_1\otimes F_1\oplus E_1\otimes F_2\oplus E_2\otimes F_1\oplus E_2\otimes F_2)\\
=&\ c_1(E_1\otimes F_1)c_1(E_1\otimes F_2)c_1(E_2\otimes F_1)c_1(E_2\otimes F_2)\\
=&\ [c_1(E_1) + c_1(F_1)][c_1(E_1) + c_1(F_2)][c_1(E_2) + c_1(F_1)][c_1(E_2) + c_1(F_2)]\\
=&\ [x_1 + y_1][x_1 + y_2][x_2 + y_1][x_2 + y_2]\\
=&\ [x_1^2 + x_1y_2 + x_1y_1 + y_1y_2][x_2^2 + x_2y_2 + x_2y_1 + y_1y_2]\\
=&\ [x_1^2 + x_1y_2 + x_1y_1 + c_2(F)][x_2^2 + x_2y_2 + x_2y_1 + c_2(F)]\\
=&\ x_1^2x_2^2 + x_1^2x_2y_2 + x_1^2x_2y_1 + x_1^2c_2(F) + x_1x_2^2y_2 + x_1x_2y_2^2 + x_1x_2y_1y_2 + x_1y_2c_2(F)\\
+&\ x_1x_2^2y_1 + x_1x_2y_1y_2 + x_1x_2y_1^2 + x_1y_1c_2(F) + x_2^2c_2(F) + x_2y_2c_2(F) + x_2y_1c_2(F) + c_2(F)^2\\
=&\ c_2(E)^2 + x_1y_2c_2(E) + x_1y_1c_2(E) + x_1^2c_2(F) + x_2y_2c_2(E) + y_2^2c_2(E) + c_2(E)c_2(F)\\
+&\ x_1y_2c_2(F) + x_2y_1c_2(E) + c_2(E)c_2(F) + y_1^2c_2(E) + x_1y_1c_2(F) + x_2^2c_2(F) + x_2y_2c_2(F)\\
+&\ x_2y_1c_2(F) + c_2(F)^2\\
=&\ c_2(E)^2 + c_2(F)^2 + 2c_2(E)c_2(F) + [x_1y_2 + x_1y_1 + x_2y_2 + y_2^2 + x_2y_1 + y_1^2]c_2(E)\\
+&\ [x_1^2 + x_1y_2 + x_1y_1 + x_2^2 + x_2y_2 + x_2y_1]c_2(F)\\
=&\ c_2(E)^2 + c_2(F)^2 + 2c_2(E)c_2(F) + [(x_1 + x_2)(y_1 + y_2) + (y_1 + y_2)^2 - 2y_1y_2]c_2(E)\\
+&\ [(x_1 + x_2)(y_1 + y_2)^2 + (x_1 + x_2)^2 - 2x_1x_2]c_2(F)\\
=&\ c_2(E)^2 + c_2(F)^2 + 2c_2(E)c_2(F) + [c_1(E)c_1(F) + c_1(F)^2 - 2c_2(F)]c_2(E)\\
+&\ [c_1(E)c_1(F) + c_1(E)^2 - 2c_2(E)]c_2(F)\\
=&\ c_2(E)^2 + c_2(F)^2 - 2c_2(E)c_2(F) + [c_1(E)c_1(F) + c_1(F)^2]c_2(E)\\ +&\ [c_1(E)c_1(F) + c_1(E)^2]c_2(F)\\
=&\ [c_2(E)-c_2(F)]^2 + [c_1(E) + c_1(F)]c_1(F)c_2(E) + [c_1(F) + c_1(E)]c_1(E)c_2(F)\\
=&\ [c_2(E)-c_2(F)]^2 + [c_1(E)+c_1(F)][c_1(F)c_2(E) + c_1(E)c_2(F)].
\end{align*}
By the splitting principle, we see that this identity holds for any rank two complex vector bundles $E$ and $F$. As $E\otimes F$ has rank four, we now have formulae for all of its Chern classes in terms of the Chern classes of $E$ and $F$.
\begin{align*}
c_1(E\otimes F) &= 2c_1(E) + 2c_1(F)\\
c_2(E\otimes F) &= 2c_2(E) + 2c_2(F) + c_1(E)^2 + c_1(F)^2 + 3c_1(E)c_1(F)\\
c_3(E\otimes F) &= 6[c_1(E) + c_1(F)][c_2(E) + c_2(F)] + 5c_1(E)^2c_1(F) + 5c_1(E)c_1(F)^2\\
c_4(E\otimes F) &= [c_2(E) - c_2(F)]^2 + [c_1(E) + c_1(F)][c_1(F)c_2(E) + c_1(E)c_2(F)].
\end{align*}