A personal loan is one of the best solutions during a cash crunch, sudden month-end expenses and unanticipated emergencies. You can get a 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.
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 |
---|---|
IDFC Personal Loan | 10.75% |
State Bank of India | 11.15% |
ICICI Bank | 10.50% |
HDFC Bank | 10.65% |
Kotak Mahindra Bank | 10.50% |
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:
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.
Rate of Interest (p.a.) | Repayment Tenure | EMI (Rs) |
---|---|---|
10.50% | 2 years | 9,275 |
10.50% | 3 years | 6,500 |
10.50% | 4 years | 5,121 |
10.50% | 5 years | 4,299 |
10.50% | 6 years | 3,756 |
10.50% | 7 years | 3,372 |
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.
Sit back and relax! A dedicated customer care representative from MyMoneyMantra will contact you at the earliest to process the personal loan further.
With ever-evolving credit space in India, personal loans, instant loans and small-ticket personal loans are getting increasingly popular.
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?
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.
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:
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.
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 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.
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.