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Apply for a Rs.2 lakh Personal loan Online
In today’s life, anyone may suddenly need money at any time. This money can be used to meet medical emergencies, education fees, building a house, marriage and any other expenses. If you get money at the right time then you can deal with the financial situation well. A personal loan is one such way through which you can fulfill your needs.
What Is a 2 Lakh Personal Loan?
A 2 lakh personal loan is a type of loan in which we don’t need any property to obtain a loan for our financial needs. This kind of loan allows you to borrow up to two lakh rupees from a bank or financial institution. Personal Personal loans on the other hand, are granted based on your creditworthiness, income, and other eligibility conditions.
Why Choose a 2 Lakh Personal Loan?
There are compelling reasons to opt for a 2 lakh personal loan:
- Versatility: Use the funds for debt consolidation, medical bills, immediate expenses, or emergencies – it’s your choice.
- No Collateral: Personal loans are unsecured, eliminating the need for collateral and protecting your assets.
- Competitive Rates: Enjoy competitive interest rates, starting from 10.5% per annum, especially with a good credit score.
- Quick Approval: Personal loans offer faster approval, with some lenders providing instant approval and funds disbursed within hours or a day.
- Minimal Documentation: The required documents are typically straightforward, including proof of identity, address, and income.
Now that you understand the basics of a 2 lakh personal loan let’s delve deeper into the specifics, including eligibility criteria, required documents, and the application process.
Top 15 Lending Apps for 2 Lakh Personal Loans
When seeking a 2 lakh personal loan, it’s essential to compare interest rates and terms offered by various lenders. Here are some of the leading banks and financial institutions in India that provide personal loans:
App | Interest Rate | Eligibility | Unique Features |
MoneyTap | 13% – 23% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 700+ | Pre-approved loan, flexible repayment options, instant loan approval |
KreditBee | 15% – 32% p.a. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 650+ | Flexible loan terms, instant loan approval, no collateral required |
PaySense | 16% – 33% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, no collateral required, flexible repayment options |
Dhani | 13.99% – 36% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Pre-approved loan, instant loan approval, no collateral required |
Bajaj Finserv | 13% – 22% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, flexible repayment options, no collateral required |
Fibe | 24% – 30% p.a. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
Incred | 18% – 36% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, no collateral required, flexible repayment options |
Credy | 1% p.m. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
RupeeLend | 0.1% per day | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
LoanTap | 18% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, no collateral required, flexible repayment options |
Realme PaySa | 11% onwards p.a. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
Mi Credit | 16.2% onwards p.a. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
CashBean | 25.55% p.a. | Salaried individuals with a minimum monthly income of Rs. 10,000 and a CIBIL score of 600+ | Instant loan approval, no collateral required, flexible repayment options |
NIRA | 10% – 20% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, no collateral required, flexible repayment options |
PayMe India | 18% p.a. | Salaried individuals with a minimum monthly income of Rs. 15,000 and a CIBIL score of 650+ | Instant loan approval, no collateral required, flexible repayment options |
EMI Calculation for a 2 Lakh Personal Loan
Understanding your Equated Monthly Installment (EMI) is crucial as it helps you plan your finances effectively. You can easily calculate your EMI using a personal loan EMI calculator, which is available on most lender websites. Here’s an example of EMI calculations for a Rs. 2,00,000 loan at an interest rate of 18% per annum:
Loan Amount | Interest Rate | Tenure (Months) | Monthly EMI (Rs.) |
2,00,000 | 18% per annum | 12 | 27,503 |
2,00,000 | 18% per annum | 24 | 14,977 |
2,00,000 | 18% per annum | 36 | 10,846 |
2,00,000 | 18% per annum | 48 | 8,813 |
2,00,000 | 18% per annum | 60 | 7,618 |
Top 10 Banks Offering Personal Loans in India
Bank | Interest Rate (as of 22-Sep-2023) | Eligibility | Unique Features |
HDFC Bank | 10.5% onwards | Salaried or self-employed individuals with a minimum credit score of 750 and a monthly income of Rs. 25,000 | Pre-approved loans for select customers |
SBI | 10.75% onwards | Salaried or self-employed individuals with a minimum credit score of 700 and a monthly income of Rs. 20,000 | Overdraft facility available on personal loans |
ICICI Bank | 10.99% onwards | Salaried or self-employed individuals with a minimum credit score of 750 and a monthly income of Rs. 25,000 | Instant personal loans available for select customers |
Axis Bank | 11.25% onwards | Salaried or self-employed individuals with a minimum credit score of 750 and a monthly income of Rs. 25,000 | Personal loans available for specific purposes, such as medical emergencies, education, and travel |
Kotak Mahindra Bank | 11.5% onwards | Salaried or self-employed individuals with a minimum credit score of 750 and a monthly income of Rs. 25,000 | Flexible repayment options available on personal loans |
Bajaj Finserv | 11.99% onwards | Salaried or self-employed individuals with a minimum credit score of 650 and a monthly income of Rs. 20,000 | Personal loans available with no collateral |
Tata Capital | 12.25% onwards | Salaried or self-employed individuals with a minimum credit score of 700 and a monthly income of Rs. 20,000 | Personal loans available for a variety of purposes, including home renovation, debt consolidation, and vacation |
Muthoot Finance | 12.5% onwards | Salaried or self-employed individuals with a minimum credit score of 650 and a monthly income of Rs. 20,000 | Personal loans available against gold collateral |
Bank of India | 12.75% onwards | Salaried or self-employed individuals with a minimum credit score of 700 and a monthly income of Rs. 20,000 | Personal loans available for specific purposes, such as education and marriage |
Standard Chartered Bank | 13% onwards | Salaried or self-employed individuals with a minimum credit score of 750 and a monthly income of Rs. 25,000 | Personal loans available with exclusive benefits for select customers |
Eligibility Criteria for a 2 Lakh Personal Loan
Eligibility for a 2 Lakh Personal Loan To qualify for a 2 lakh personal loan, you’ll typically need to meet these common criteria:
- Age: Applicants should be at least 21 years old when applying, with a maximum age for loan maturity usually ranging from 57 to 65, depending on the lender.
- Income: Salaried individuals typically require a minimum monthly income, often starting at Rs. 13,500 or more, credited directly to their bank account. Self-employed applicants may need an annual income of around Rs. 5 lakhs or more.
- Credit Score: A credit score of 700 and above is preferred by most lenders, although some may accept a minimum score of 600. A higher credit score reflects responsible credit management.
- Occupation: Whether salaried or self-employed, demonstrating a stable income is essential. Salaried individuals are often favored due to perceived income stability.
Documents Required for a 2 Lakh Personal Loan
- Identity Proof: A PAN card is usually required. Alternatively, you can use Aadhaar card, passport, voter ID, or driver’s license.
- Address Proof: Acceptable documents include Aadhaar card, Indian passport, voter ID, driver’s license, or recent utility bills (issued within 60 days).
- Income Proof: Salaried applicants provide the last 3 months’ salary account bank statements. Self-employed individuals share the last 3 months’ bank statements reflecting income.
How to Apply for a 2 Lakh Personal Loan
Applying for a 2 lakh personal loan is a straightforward process, and many lenders offer both online and offline application options. Here are the steps to apply for a personal loan:
Step 1: Check Eligibility
- Visit the lender’s website or loan app.
- Provide the required personal and financial details.
- Get an instant assessment of your eligibility within minutes.
Step 2: Select Loan Tenure
- Based on the options provided, choose the loan amount and repayment term that aligns with your financial goals and capacity.
Step 3: Upload Documents
- Upload the necessary documents for verification. As mentioned earlier, this typically includes identity proof, address proof, and income proof.
Step 4: Amount Disbursed
- After verification and submission of the loan agreement, the loan amount will be credited to your bank account within 24 hours in most cases.
What Can You Do with a 2 Lakh Personal Loan?
- Certainly, I’ve shortened the section for you:
- What Can You Do with a 2 Lakh Personal Loan?
- A 2 lakh personal loan offers versatility, allowing you to allocate the funds for various purposes, including:
- Travel: Explore the world and cover expenses like transportation, accommodation, flight tickets, and more.
- Marriage: Finance your dream wedding, including venue booking, shopping, jewelry purchases, catering, and other wedding-related expenses.
- Medical Expenses: Be prepared for unexpected medical emergencies, including treatments, surgeries, and healthcare costs.
- Home Improvement: Renovate your home, purchase furniture, or carry out repairs with the help of a 2 lakh personal loan.
- Debt Repayment: Pay off credit card dues, consolidate debts, and manage outstanding bills to achieve financial stability.
Check: 1 Lakh Personal Loan
How to Calculate Your 2 Lakh Personal Loan EMI
Knowing your EMI in advance can help you plan your budget effectively. Follow these steps to calculate your 2 lakh personal loan EMI:
- Visit an EMI Calculator:
- Access a personal loan EMI calculator online.
- Enter Principal Amount:
- Input the loan amount you wish to borrow (Rs. 2,00,000).
- Interest Rate:
- Enter the applicable interest rate based on the lender’s terms.
- Select Tenure:
- Choose the loan tenure or the number of months you’d like to repay the loan.
- Calculate EMI:
- After entering all the details correctly, the EMI amount will be calculated and displayed instantly.
Feel free to experiment with different combinations of tenures and interest rates to find an EMI plan that aligns with your financial goals.
Conclusion
Obtaining a 2 lakh personal loan has never been easier, thanks to the streamlined application process, minimal documentation requirements, and competitive interest rates offered by reputable lenders. Whether you have a specific financial goal in mind or you need funds to cover unexpected expenses, a personal loan can provide the financial support you need.
To explore your options further and apply for a 2 lakh personal loan, visit the lender’s website or download their app. With the right lender, you can secure the funds you need to achieve your financial objectives.
Remember to assess your eligibility, compare interest rates, and calculate your EMI to make an informed decision. Make the most of the financial flexibility offered by personal loans and achieve your goals without delay.
Check: Business Loan Emi Calculator
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FAQs Related to 2 Lakh Personal Loan
2 lakh personal loan EMI for 5 years depends on the interest rate. At an 18% annual interest rate, the EMI would be approximately Rs. 10,846.
You can get 2 lakh rupees instantly by applying for a personal loan from various lenders. Eligibility criteria, documentation, and approval times may vary, so it’s best to check with your preferred lender.
Yes, you can get a 2 lakh loan without income proof from short-term personal loan (STPL) providers. Some popular STPL providers offering such loans include Moneyview, Paysense, mPokket, and others.
HDFC Bank offers personal loans of up to Rs 40 lakh, including a 2 lakh personal loan option. Interest rates start at 10.5% onwards, and the application process is quick and easy.
Bank Personal Loan Eligibility Criteria
Bank Personal Loan Interest Rate
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