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.
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.
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.
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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:
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.
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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 Names||Interest Rates for Personal Loans|
|State Bank of India||11%|
|Kotak Mahindra Bank||10.99%|
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.
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:
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:
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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:
Here is how you can calculate your 2 lakh personal loan EMI before you apply for a loan:
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 Reading: Best Banks for Personal Loan
Now get IDFC First Bank personal loan of Rs. 1 Lakh to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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.
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.
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.
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 CIBIL score is good and who has a proper income proof to increase your loan approval chances.
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.
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.
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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%.
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.