Hello,

Guest!

2 Lakh Personal Loan

If you have a sudden financial crunch and are in need of immediate funds, opting for a small and quick 2 lakh personal loan is a great way to sail through the phase. A 2 lakh loan is easy to get as personal loans from most banks without much hassle.

Updated:

Apply For 2 Lakh Loan

Financial emergencies emerge suddenly. You may have sudden financial needs such as medical expenses, wedding expenses, and other situations that require instant funding. In these cases, you can get a 2 lakh loan from your preferred bank or financial Institute to fulfil your requirements.

If you require a 2 lakh loan immediately for emergency purposes, you will not even have to submit too many documents and go through a strict review process before your preferred bank grants your loan. In addition, several banks offer personal loan schemes based on your requirements at low-interest rates. For example, you can apply for personal loans online to handle emergencies that require immediate financial attention.

Get Rs. 2 lakh Personal Loan Online

Several financial institutes and banks in India offer personal loans for tenures of up to 5 years. For a 2 lakh personal loan, select a tenure of 5 years to keep your EMI rates on the lower side.

You can utilise the money to consolidate debts, pay medical bills, manage immediate expenses, and fulfil other emergency requirements.

A 2 lakh personal loan for 5 years will allow you to repay the loan amount at your pace and convenience. Your monthly instalments will be around 4,152/- for an average interest rate of 9%. All that is required for applying for a personal loan online is a visit to the official website of your preferred bank and filling in all the details correctly. Wait for a few days for approval after applying for a 2 lakh personal loan.

Additional Info: Looking for 5 Lakh Personal Loan? Check Eligibility & Apply.

Eligibility Criteria for Obtaining a Rs. 2 Lakhs Personal Loan

Along with calculating your loan EMI, make sure you go through the personal loan eligibility criteria of the bank before you apply for a personal loan of any amount.

Although different banks have different eligibility criteria when it comes to personal loans, there are some common factors considered by all bank officials while reviewing personal loan applications.

The major factors that you need to keep in mind before applying for a 2 lakh loan are listed below:

  • Age: You must be at least 21 years old in order to apply for a personal loan of 2 lakh. The maximum age for anyone to apply for a personal loan remains 65 years. There are several Indian banks that also offer personal loans to 18+ people as well.
  • Credit Score: In order to apply for a 2 lakh personal loan, you must have a credit score of at least 650 and above. Most banks prefer applicants who have a credit score of 700 and above based on their current income status, other financial obligations, and other details.
  • Income: In order to apply for a personal loan of two lakh, you must have a monthly salary of 25,000 on average. This is mostly applicable for salaried people. Self-employed people need to submit their bank statements reflecting an annual income of around 5 lakhs in order to be eligible for a personal loan.
  • Occupation: No matter whether you want to get a 2 lakh loan for 3 years or longer tenure, you must prove that you have a stable income when you apply for a personal loan. Salaried people have a stable income compared to those who are self-employed. This is the reason why many banks are more likely to grant personal loans to salaried individuals only.

Additional Info: Check Personal Loan for Women & its Eligibility.

Documents Required for 2 lakh Personal Loan

If you want to apply for a 2 lakh loan scheme for emergency purposes immediately, you do not necessarily require a long list of documents to prove your eligibility to your preferred bank.

However, there are some documents you need to submit when you apply for a personal loan up to 2 lakh.

  • KYC documents: Your identity proof such as your PAN card, passport, Aadhaar card, voter card, driving licence are required. {Link aadhar to mobile number}
  • Address proof- You can submit your utility bills, such as your electricity bills, water bills, telephone bills, or submit your driving licence or passport in order to submit address proof.
  • Passport size photographs: All applicants must have at least two passport size photographs while applying for a 2 lakh loan.
  • Income proof: In order to prove you are an eligible borrower, you must submit your salary slips for two months and the salary certificate given by your employer. It would help if you kept your income tax returns and all salary slips for the past six months to prove your income stability. Self-employed people may be asked to submit their profit loss balance sheets and proof of the existence of their businesses while applying for a 2 lakh personal loan.

Additional Info: Also know about Debt Consolidation loan.

Top 5 Banks for 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.

Bank NamesInterest Rates for Personal Loans
Navi9.9%
State Bank of India10.65%
ICICI Bank10.75%
HDFC Bank10.5%
Kotak Mahindra Bank10.75%
Axis Bank10.25%

Based on your selected tenure, your monthly instalment will defer accordingly. For instance, in the State Bank of India, the 2 lakh personal loan EMI SBI will be around 6,500/- for a tenure of 3 years. If you choose a 5 years tenure, your instalments will decrease. If you apply for a personal loan in ICICI bank, your monthly instalments will be different from your rate of a 2 lakh loan in SBI.

2 Lakh Loan Without Income Proof

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

ProvidersInterest Rates 
Moneyview1.33% p.m
Paysense3% p.m
mPokket1% to 6% p.m 
Cashe2.75% to 3% p.m
Nira2% to 3% p.m
Fibe24% to 30% p.a
Incred18% to 36% p.a.
Kreditbee1.02% to 2.49% p.m.
Moneytap1.08% to 2.3% p.m

How to Apply for a ₹ 2 Lakh Personal Loan?

You can apply for a personal loan either by visiting your nearest bank branch or via online methods. If you decide to apply for a personal loan offline, you will have to apply through the DSAs. On the other hand, the online method is simpler and requires much less time. Calculate your monthly instalments through a 2 lakh loan EMI calculator before you apply for a loan.

In order to apply for a 2 lakh loan online, the major steps that you need to follow are as follows:

  • Step 1: First, go through all the different interest rates and other text benefits offered by the leading banks and financial institutions at the contemporary time.
  • Step 2: After choosing the scheme you want to go for, visit the official page of your preferred bank and find the ‘apply online’ option.
  • Step 3: Submit your phone number for verification purposes.
  • Step 4: Fill in your employment details, personal details, income documents, KYC, and other necessary documents.
  • Step 5: After submitting all the required documents, submit the form online and wait for the bank officials to transfer 2 lakh into your bank account.

What to do with a Rs. 2 Lakh Personal Loan?

You can use a 2 lakh personal loan for multiple purposes as per your requirements. The most common ways to utilise your personal loan amount include:

  • Travel: Travelling across the world can be quite expensive. Managing your transportation, accommodation, flight tickets, and overall expenses can become intimidating. Most commonly people take a 2 lakh loan for travelling. 
  • Marriage: Weddings can be quite expensive. Booking your venue, shopping, jewellery purchases, catering bills, and other payments require a lot of monetary support. Personal loans can come in handy to help you manage your wedding better.
  • Medical Expenses: Medical emergencies come without warning. A 2 lakh personal loan can help you in unexpected medical emergencies for treatments, surgery, and other purposes.
  • Home improvement purposes: In order to paint your house or repair it, you can take a personal loan if you wish. Buying household furniture and other requirements can generally be fulfilled with a 2 lakh loan.
  • Debt repayment: You can also utilise your personal loan to pay off your credit card dues, debts, bills and get rid of financial obligations easily.

Additional Info: Looking for 20 Lakh Personal Loan? Check Eligibility & Apply.

How do I Calculate my ₹ 2 Lakh Personal Loan EMI?

Here is how you can calculate your 2 lakh personal loan EMI before you apply for a loan:

  • Visit a personal loan EMI calculator online.
  • First, enter your required principal amount. It is the loan amount that you will borrow from the bank.
  • Enter the applicable interest rate that is offered by your preferred bank.
  • Select a tenure you are most comfortable with
  • After entering all the details correctly, your monthly instalment rate will show up.

You can try different combinations with different tenures, interest rates, and principal amounts to figure out which plan will suit your demands the best.

Additional Info: Looking for 30 Lakh Personal Loan? Check Eligibility & Apply.

Navi Personal Loan @9.9% p.a

Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.9% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.

View and improve your credit score - for free.

Know how good your score is

Get insights on how to improve it

Unlock offers as per your score

chart_15f235bf64 (1).svg

2 Lakh Personal Loan FAQs

Which bank is best for a Personal Loan of ₹ 2 Lakh?

image

There are several banks and financial institutes that offer personal loans. The leading banks that offer personal loans of 2 lakhs in India or State bank of India, ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank. You must go through all the details, such as the interest rates they offer and eligibility criteria, to determine which scheme will suit you perfectly.

I need 2 lakhs urgently, how to get it?

image

First, check your monthly instalments by using a 2 lakh loan EMI calculator by selecting your preferred tenure, interest rate, and loan amount. Compare your rates with the current interest rates offered by the leading banks at the moment. After you choose your scheme, go to the official page of the bank and fill in all the details to apply for a 2 lakh personal loan.

Can I get the lowest interest rate on a ₹ 2 Lakh Personal Loan?

image

Check out different interest rates offered by banks in India and go for an interest rate that you are comfortable with. Axis Bank, ICICI Bank, HDFC Bank, Kotak Bank, and SBI are some of the leading banks that offer personal loans at low-interest rates.

How to get a 2 lakh loan without income proof?

image

It is not impossible to apply for personal loans without income proof. You can apply for a 2 lakh loan without income proof by submitting your credit history. You must have a good credit history of 750 or above to prove your credibility as a borrower. You can consider applying with a co-applicant who's credit score is good and who has a proper income proof to increase your loan approval chances.

What is the interest rate for SBI ₹ 2 Lakh Loan?

image

The interest rate offered by the State Bank of India remains between 10.30%-15.65%. The interest rate varies from one scheme to the other. It also depends on your credit score. Those who have a good credit score are more likely to get low-interest rates compared to those who have poor credit scores.

What are the factors that can affect ₹ 2 Lakh Personal Loan EMI?

image

Major factors that affect your 2 lakh personal loan EMI include the current interest rate offered by the bank, your income details, credit score, other financial obligations, your selected tenure, and your occupation. If you select a longer tenure of 5 years, your EMI will be on the lower side and vice versa. If you have a poor credit score or other financial obligations such as debts, EMIs, or other bills to pay, your EMI gets affected. 

What will be the EMI for a ₹ 2 Lakh Personal Loan?

image

Your EMI depends on the current interest rate, tenure, credit score, and other details. On average, for an interest rate of 10.50% and a tenure of 3 years, your EMI for a 2 lakh personal loan will be around 6,500/-. For a longer tenure of around five years, your monthly instalment rate will be around 4,299/- for an interest rate of 10.50%.

Can I avail 2 lakh loan without documents?

image

It is practically not possible to get a loan without any documents. You need to provide basic documents such as your identity proof, address proof, income proof, and credit history. If you want to get a personal loan without documents, start looking for lenders who provide loans with minimal documentation. You can also consider approaching someone you personally know for a 2 lakh loan.