Rs 2 Lakh Personal Loan

Before you apply for a 2 lakh personal loan, make sure you go through the interest rates offered by the leading banks in India at the contemporary time to make sure you choose the right loan scheme that suits your affordability the best. 

The top leading banks that offer personal loans to eligible candidates are State Bank of India, ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank.

Below is the list of some popular short-term personal loan (STPL) providers that offer instant personal loans up to Rs. 2 Lakhs without income proof:

EMI for a Rs 2 lakh personal loan can vary according to different rates of interest offered by banks and NBFCs and the repayment tenure selected by you.

• Rs 2 lakh personal loan EMIs contain principal and interest components, alongside the applicable GST.
• A Rs 2 lakh personal loan can have a maximum repayment tenure of 7 years or 84 months. It can stretch up to 96 months in exceptional cases.

Rs 2 Lakh Personal Loan EMI

You should apply for a Rs 2 lakh personal loan only after assessing various offers by different banks as every lender has a set structure of charges, such as processing fees, file charges, applicable rate of interest, etc.

• Step 1: Click on the ‘Apply Instant Loan’ button at the top of the page.
• Step 2: Enter your details such as name, phone number, email address, and required loan amount.
• Step 3: Select your employment type from ‘salaried’, ‘self-employed (professional)’, and ‘self-employed (Business)’.
• Step 4: Provide details of your income such as mode of salary, net monthly income, name of the company, pin code, and salary receiving bank.
• Step 5: Click on next and verify your identity with an OTP received on your mobile number.
• Step 6: Scroll through the available personal loan offers from different banks and NBFCs and click on ‘Apply Now’.

Sit back and relax! A dedicated customer care representative from MyMoneyMantra will contact you at the earliest to process the personal loan further.

With the ever-evolving credit space in India, personal loans, instant loans, and small-ticket personal loans are getting increasingly popular.

• Quick approval-to-disbursals: Nowadays, you can apply for a Rs 2 lakh personal loan through your mobile phone and get the funds instantly into your bank account from lenders that have enabled end-to-end systems for paperless loan disbursals.
• Flexibility: Banks and NBFCs are getting flexible with the dates of repayment, the applicable processing fees, and the rate of interest to serve a large section of people who are new to credit and the ones who possess a decent credit score.
• Ease of access: For instant personal loans, you are not required to visit bank branches and fill up pages of physical application forms.
• Improved eligibility: Once you close your loan account/s by repaying the EMIs in totality, the lenders progressively increase your eligibility for high-ticket personal loans, that too on much more flexible terms of repayment and interest rate.
• Handy in emergencies: With the fast processing time of instant personal loans, you can get the funds into your bank account within a couple of minutes, at the convenience of your home. Getting a personal loan could be faster than converting gold into cash, the most liquid asset.

Before selecting the repayment period for different interest rates, you can surely check the EMIs for a Rs 2 lakh personal loan with the help of our personal loan EMI calculator. 

Check Your Personal Loan EMI Here

How to use the personal loan EMI calculator?

1. You can enter the desired personal loan amount. This could be any amount in Indian rupees between Rs 10,000 and Rs 50 lakh. 
2. Next, you can adjust the interest rate bar by sliding back and forth to set the rate of interest offered by the lender. 
3. Following this, you can select any repayment tenure between 1 and 7 years. 
4. The resultant EMI will be shown beneath the pie chart, alongside the principal amount and gross interest payment during repayment.

• The interest rate offered on a Rs 2 lakh personal loan can vary according to different customer profiles, credit scores, income levels, age, etc. 
• Personal loans, instant loans, small-ticket personal loans, and paperless loans are categorised under unsecured loans, as a result of which the interest rates are principally higher as compared to home loans, gold loans, car loans, or other security-backed loans. 
• The interest rate for a Rs 2 lakh personal loan begins from 10.50%. Prime customers who can showcase a good CIBIL score can comfortably lock in a personal loan deal at any interest rate between 10.50% to 14%. 
• Subprime borrowers with damaged credit scores or people who are new to credit may find it a little difficult to obtain a personal loan at preferential rates of interest.

The basic eligibility criteria for a Rs 2 lakh personal loan include the age of the applicant, credit score, earnings, source of income, and nature of occupation.

1. Age: The minimum age of a personal loan applicant should be at least 18 years and the maximum age is capped at 65 years.
2. Earnings: Salaried, as well as self-employed professionals will be required to show some proof of their said income. Bank statements, salary slips, or a copy of ITR can be submitted to verify the income. The minimum income required to get a Rs 2 lakh personal loan is Rs 15,000 per month.
3. Credit Score: Lenders don’t want to onboard customers who are not disciplined with their finances. However, some banks and NBFCs do extend credit to subprime borrowers, but at a higher rate of interest. The credit score of an individual should be in good shape, be it a personal loan or any other secured credit facility. Credit score should be more than 700 to get a Rs 2 lakh personal loan, customers with a score of 750+ will get better interest rates.
4. Source of income: The source of income should be in line with the bank’s lending guidelines as people with seasonal income, or individuals working with new companies may find it a little difficult to get a personal loan.
5. Nature of occupation: Salaried customers are preferred for personal loans and instant loans over self-employed individuals. For instance, a paid worker earning Rs 18,000 per month may be eligible for a Rs 2 lakh personal loan but a person earning Rs 20,000 per month in rental income may get rejected for a personal loan.

Some basic proofs and documents, alongside passport-size photographs and a PAN card, are required to process a personal loan application. Please refer to the list below for the same:

• ID Proof: You can submit an Aadhaar card, or a voter’s ID card, or a passport.
• Address Proof: For address proof, you can furnish an Aadhaar, or a voter’s ID card, or a passport, or a driving licence.
• Income Proof: For verifying the income, you can submit Form 16, or bank statements of the last three months, salary slips, or a copy of ITR.