Get ₹2 Lakh Personal Loan Immediately
A 2 Lakh personal loan is one of the best solutions during a cash crunch, sudden month-end expenses and unanticipated emergencies. You can get a 2 Lakh loan at an affordable interest starting from 10.50% p.a. without any security to cover an abrupt cash shortfall. These loans can be repaid in easy EMIs in up to 5 years of flexible tenure.
Best Apps to Urgently Get a ₹2 Lakh Loan
Here is the list of the top 10 personal loan apps in India that offer a ₹2 Lakh instant loan:
| App | Loan Amount | Rate of Interest | Tenure |
|---|---|---|---|
| TrueBalance | ₹5,000 - ₹5 Lakhs | Starts at 2.4% p.m | 6 to 12 months |
| Cholamandalam | Up to ₹35 Lakhs | 10% - 28% p.a. | Up to 60 months |
| Airtel | ₹10,000 - ₹9 Lakhs | Starts at 12.75% p.a | 3 to 60 months |
| Kamakshi Money | ₹1,000 - ₹2 Lakhs | Starts at 1.5% p.m | Up to 3 months |
| Kundan Finance | ₹1,000 - ₹2 Lakhs | 1.5% - 2.92% p.m. | 3 to 12 months |
| FatakPay | ₹30,000 - ₹5 Lakhs | 12% - 35.95% p.a. | 3 to 36 months |
| Fi Money | ₹10,000 - ₹5 Lakhs | 12.75% - 36% p.a. | 6 to 48 months |
| Ram Fincorp | ₹4,000 - ₹2 Lakhs | 12.75% - 36% p.d. | 3 to 12 months |
| TVS Credit | ₹30,000 - ₹2 Lakhs | 11.99% - 29.99% p.a. | 6 to 36 months |
| Lendingplate | ₹10,000 - ₹2.5 Lakhs | 12% - 30% p.a. | 3 to 15 months |
Features & Benefits of ₹2 Lakh Personal Loan
- A personal loan can be used for all legitimate purposes, including travel, purchasing a gadget, home renovation, education, debt consolidation, and so on.
- A personal loan of ₹2 Lakhs can help you build your CIBIL score with regular, timely repayments.
- A personal loan can be utilised to create an emergency fund.
- You can easily get a 2 lakh personal loan instantly if you apply online. Some lenders may even offer you a 2 lakh loan without income proof.
- These loans come with a flexible repayment tenure ranging from 12 to 60 months.
- A personal loan is an unsecured form of credit that does not require any collateral or security.
- The processing time for these loans is usually less than that for regular loans.
2 Lakh Personal Loan EMI for 5 Years
EMI for an instant 2 Lakh loan for a 5-year tenure can vary according to different rates of interest offered by lenders.
Here are the Rs. 1 Lakh personal loan EMI results for a 5-year tenure for different interest rates:
| Interest Rate (p.a. %) | Monthly EMI | Total Number of Payments | Total Repayment | Total Interest Paid |
|---|---|---|---|---|
| 10.50% | ₹2,149 | 60 Months | ₹1,28,963 | ₹28,963 |
| 11% | ₹2,174 | 60 Months | ₹1,30,455 | ₹30,455 |
| 12% | ₹2,224 | 60 Months | ₹1,33,467 | ₹33,467 |
| 13% | ₹2,275 | 60 Months | ₹1,36,518 | ₹36,518 |
| 14% | ₹2,327 | 60 Months | ₹1,39,610 | ₹39,610 |
Eligibility Criteria for an Instant 2 Lakh Loan
The basic eligibility criteria for a ₹2 Lakh loan are as follows.
- Age: The minimum age of the applicant should be at least 18 years, and the maximum age is capped at 65 years.
- Income: The minimum income required to get a ₹2 Lakh personal loan is ₹15,000 per month.
- Credit Score: Your credit score should be more than 700 to get a ₹2 Lakh personal loan.
- Nature of occupation: Indian residents, salaried as well as self-employed individuals.
Documents Required for a ₹2 Lakh 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.
Steps to Apply for ₹2 Lakh Instant Loan
“I want 2 lakh rupees loan urgently” if you are thinking this, a personal loan of that small amount can be applied for easily online with minimal documents. Some lenders even offer this small-ticket 2 lakh loan on Aadhar card and a few income documents.
If you need a personal loan of ₹2 Lakhs urgently, all you need to do is open the personal loan page on our portal, select your preferred lending partner, fill out the online loan application and upload some necessary documents. Once your details are verified by the lender, you will get approval from and the sanctioned loan amount will be transferred to your bank account shortly. After that, you can start paying your monthly EMI for a 2 Lakh personal loan.
Common Uses for a ₹2 Lakh Loan
A personal loan of ₹2 Lakh can be used to fund various needs, such as:
- Funding a vacation
- Catering to a medical emergency
- Covering some wedding costs
- Purchasing a gadget/ home appliance
- Some essential renovations/ repairs of your property to increase its market value.
- Paying for an upfront security deposit for a rented space or covering its rent payment for a few months.
- Meeting educational expenses like school/ college/ tuition fee payment, purchasing study material/ uniforms, etc.
FAQs
To get a 2 lakh loan urgently, you can apply online on our portal or through the lender’s mobile app/ website.
Some online personal loan apps can get you a ₹2 Lakh loan quickly in one day.
The EMI for a 2 lakh loan depends on the applicable interest rate and tenure. For instance, 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 5 years, your EMI is around ₹4,299 for an interest rate of 10.50%.
The monthly interest rate for a ₹2 lakh loan varies from one lender to another, depending on your income, credit score, duration of the loan, and other eligibility factors.
Yes, a few lenders may offer you a 2 lakh personal loan without proof of income, including Prefr & L&T Finance.
Freo, PaySense, and Olyv are some of the many lenders who provide ₹2 Lakh loans on an Aadhaar Card.
The minimum salary for a 2 Lakh loan is ₹15,000.
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.
Yes, you can easily apply for an instant personal loan of Rs. 2 Lakhs on your Aadhar card as it is one of the mandatory and most important documents required to apply for an instant loan.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.