Rs 2 Lakh Personal Loan

A personal loan is one of the best solutions during a cash crunch, sudden month-end expenses and unanticipated emergencies. You can get Interest of 10.50% for Rs 2 Lakh Personal Loan to cover an abrupt cash shortfall without any security as all personal loans and small-ticket personal loans are unsecured credit facilities extended by banks and NBFCs.


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
IDFC Personal Loan10.75%
State Bank of India11.15%
ICICI Bank10.80%
HDFC Bank10.75%
Kotak Mahindra Bank10.99%

NBFC for Rs. 2 Lakh Personal Loan

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

EMI for Rs 2 Lakh Personal Loan

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 component, 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

Rate of Interest (p.a.)Repayment TenureEMI (Rs)
10.50%2 years9,275
10.50%3 years6,500
10.50%4 years5,121
10.50%5 years4,299
10.50%6 years3,756
10.50%7 years3,372

How to get Rs 2 Lakh Personal Loan

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 fees and charges, such as processing fee, file charges, applicable rate of interest, etc. 

  • Step 1: Click on the ‘Apply Instant Loan’ button on the top of the page. 
  • Step 2: Enter your personal 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, and 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.

Benefits of Personal Loan up to Rs 2 lakh

With 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 the lenders which 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 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 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.

Rs 2 Lakh Personal Loan EMI Calculator

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 the course of repayment.

Rs 2 Lakh Personal Loan Interest Rate

  1. The interest rate offered on a Rs 2 lakh personal loan can vary according to different customer profiles, credit scores, income levels, age, etc. 
  2. 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. 
  3. 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 a personal loan deal at any interest rate between 10.50% to 14%. 
  4. Subprime borrowers with damaged credit scores, or the people who are new to credit may find it little difficult to obtain a personal loan at preferential rates of interest.

Eligibility Criteria for Rs 2 Lakh Personal Loan?

The basic eligibility criteria for a Rs 2 lakh personal loan includes the age of 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 payrolled worker earning Rs 18,000 per month may get 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.

Documents Required for Rs 2 Lakh 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, or salary slips, or a copy of ITR.

Looking for Best Personal Loan Offer?

Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.

2 Lakh Personal Loan FAQs

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


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?


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?


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?


You can get a 2 lakh personal loan from Prefr & L&T Finance without submitting income proof.

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


The interest rate offered by the State Bank of India is 11.15% 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?


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?


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?


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.

Can I get a 2 lakh personal loan on an Aadhar card?


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.