Now, you can avail an instant loan of 2 lakhs at an interest rate starting from 9.99%* per annum and a tenure of up to 7 years. Ensure that you familiarise yourself with the eligibility, documents required, and EMI for ₹2 lakh personal loan. Read further to know more about these criteria to make a more informed decision before you avail the loan.
Avail a ₹2 lakh personal loan today! Thrive through financial needs, like consolidating debt, funding education, and emergency expenses. Makes it a very convenient and highly beneficial option.
₹2 Lakh Personal Loan Interest Rates & Charges
Before proceeding, it’s crucial to be aware of the interest rates and associated charges. Understanding the interest rate for a personal loan can help you make an informed decision about your financial needs. Here are the interest rates and charges for personal loans:
| Interest Rate | 9.99% p.a. onwards |
| Processing Fee | Starts from 0.50% of the loan amount |
| Loan Tenure | Up to 72 months |
| Foreclosure Charges | Lender dependent |
Note: The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
Eligibility Criteria for a ₹2 Lakh Personal Loan
Now that you have a fair idea of the interest rate for a personal loan of ₹2 Lakhs, along with other associated charges. You should also keep your eligibility criteria in check. The table below provides the information on the eligibility criteria for ₹2 lakh personal loans:
| Factors | Details |
| Age | 21 – 67 years old |
| Credit Score | 650 |
| Job duration | 1 year of work experience |
| Employment Status | Salaried or self-employed |
Bank-Wise Personal Loan Interest Rate for 2 Lakh
Looking for the best personal loan interest rate options? Explore our comprehensive comparison of personal loans of ₹2 lakhs offered by banks & other lenders.
Remember, comparing interest rates between banks will aid you in making a more informed decision. Hence, follow the table below for an overview of the ₹2 lakh personal loan interest rate offered by various banks/lenders.
| Loan Lenders | Interest Rate (p.a.) |
| State Bank of India | 10% onwards |
| HDFC Bank | 9.99% onwards |
| IDBI Bank | 11% onwards |
| Axis Bank | 9.99% onwards |
| Bank of Baroda | 10.15% onwards |
| Punjab National Bank | 10.25% onwards |
| IDFC First Bank | 9.99% onwards |
| ICICI Bank | 9.99% onwards |
| Indian Overseas Bank | 10.25% onwards |
| Canara Bank | 9.7% onwards |
| Tata Capital | 10.99% onwards |
| Bajaj Finserv | 10% onwards |
Note: The interest rate mentioned above is subject to change. Please visit the website for further information.
Personal Loan EMI Calculator
An accurate understanding of the EMI for a personal loan will help you know your loan expenses better. Use the EMI Calculator to get a better understanding of the monthly payable amount. Evaluate affordability, plan your finances, compare loan options, and gain insights into interest costs.
₹2 Lakh Loan EMI for Up to 5 Years Tenure
An accurate calculation of the EMI is critical when seeking financial assistance on a personal loan of 2 lakhs. Your aspirations are within reach with easy and affordable EMIs. Listed below are the interest rates and EMIs for a ₹2 lakh personal loan for a 5-year tenure.
To gain a better understanding of the EMI for a ₹2 lakh personal loan with up to 5 years tenure, refer to the table below:
| Loan Amount | Tenure (years) | Interest Rate (p.a.) | EMI |
| 2 lakh | 2 | 10.49% | ₹9,274 |
| 2 lakh | 3 | 10.49% | ₹6,500 |
| 2 lakh | 4 | 10.49% | ₹5,120 |
| 2 lakh | 5 | 10.49% | ₹4,298 |
Eligibility Criteria for a ₹2 Lakh Personal Loan
The pointers below present the details on the basic eligibility criteria to avail ₹2 lakh in personal loans for students, employed/salaried individuals, and self-employed individuals. These eligibility criteria can differ among different lenders. However, you can follow the pointers for your knowledge.
- Age: 21 years old at the time of loan application.
- Resident: The applicant should be an Indian resident.
- Employment: Salaried, self-employed individuals.
- Work Experience: 1 year of work experience.
- Income: The minimum monthly income of the applicant should be Rs 15,000.
- CIBIL score: 650 and above
Documents Required for a ₹2,00,000 Personal Loan
If you meet the eligibility criteria mentioned above, then you will have to provide these basic documents to avail a loan of up to ₹2 lakhs:
- KYC Documents: PAN card, Aadhaar card, passport, voter ID, or driver’s licence.
- Salary slips: Salary slips for the past 3 months.
- Bank statement: Bank statement for the past 6 months.
- Salaried employees: If you are a salaried employee, you will need to provide your Form 16.
- Self-employed: If you are self-employed, you will need to provide your income tax returns for the past 2 years.
| Can I get a ₹2 lakh personal loan without documents?
Yes, you can get an instant loan while avoiding the complicated documentation process. To do this, you must ensure that your credit score and the other eligibility are in check. However, lenders might ask for basic documents like address proof and identification proof to obtain a 2 lakh personal loan. |
Features & Benefits of ₹2 Lakh Personal Loan
Here are the exclusive features & benefits of a ₹2 lakh personal loan that makes your personal loan journey seamless and hassle-free:
- Multi-purpose loan: You can borrow up to ₹2 lakh as a personal loan, which can be used for various purposes, such as business, medical emergencies, debt consolidation, wedding expenses, travel, home repairs, etc.
- No collateral: Personal loans are typically unsecured; you don’t need to provide any collateral or security to obtain the loan. Hence, now when you apply for a ₹2 lakh personal loan, you don’t have to pledge assets as security.
- Quick Approval: Personal loans are processed relatively quickly, and further can disburse funds within a few working days after loan approval.
- Flexible Repayment Tenure: Personal loans usually come with a flexible repayment tenure of up to 60 months, allowing borrowers to choose a suitable tenure based on their financial situation.
- Online Application: Many lenders offer online application processes for personal loans, making it accessible for borrowers to apply from the comfort of their homes.
- Interest Rates: It becomes even more convenient when you can apply for a personal loan up to ₹2 lakh within an affordable interest rate of 9.99% p.a. onwards.
Instant ₹2 Lakh Personal Loan with Buddy Loan
Now you can apply for a personal loan of 2 lakhs with Buddy Loan in just 4 steps:
- Step 1: Visit buddyloan.com or download & install the Buddy Loan app (Android or iOS).
- Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
- Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option.
- Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
- Step 5: Enter your work details (including company name, years of service and designation)
- Step 6: Enter your personal details (including full name, PAN, address, DOB & gender)
- Step 7: Provide your communication address and income details, and click the ‘Submit’ button.
Personal Loan EMI for Different Loan Amounts
| Personal Loan Options | Tenure (years) | ROI (Interest rate p.a.) | EMI |
| ₹4,000 Personal Loan | 3 | 11% | ₹131 |
| ₹5,000 Personal Loan | 3 | 11% | ₹164 |
| ₹10,000 Personal Loan | 3 | 11% | ₹327 |
| ₹20,000 Personal Loan | 3 | 11% | ₹655 |
| ₹30,000 Personal Loan | 3 | 11% | ₹982 |
| ₹40,000 Personal Loan | 3 | 11% | ₹1,310 |
| ₹50,000 Personal Loan | 3 | 11% | ₹1,637 |
| ₹1 Lakh Personal Loan | 3 | 11% | ₹3,274 |
| ₹2 Lakh Personal Loan | 3 | 11% | ₹6,548 |
| ₹3 Lakh Personal Loan | 3 | 11% | ₹9,822 |
| ₹5 Lakh Personal Loan | 3 | 11% | ₹16,369 |
| ₹10 Lakh Personal Loan | 3 | 11% | ₹32,739 |
| ₹20 Lakh Personal Loan | 3 | 11% | ₹65,477 |
| ₹30 Lakh Personal Loan | 3 | 11% | ₹98,216 |
| ₹50 Lakh Personal Loan | 3 | 11% | ₹1,63,694 |
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