Now, you can avail an instant loan of 2 lakhs at an interest rate starting from 11.99%* per annum and a tenure of up to 5 years. Ensure that you familiarize yourself with the eligibility, documents required, and EMI for Rs. 2 lakh personal loan. Read further to know more about these criteria to make a more informed decision before you avail the loan.
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 2 lakh personal loan can help you make an informed decision about your financial needs. Here are the interest rates and charges for personal loans, avail up to ₹2 lakhs in the table below.
| Interest Rate | 11.99% p.a. onwards |
| Processing Fee | Up to 4% of the loan amount |
| Loan Tenure | Up to 60 months |
| Foreclosure Charges | NIL |
Note: The interest rates are dynamic and subject to change based on your credit history and creditworthiness.
2 Lakh Personal Loan Eligibility Criteria
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 ₹2 lakh personal loan eligibility criteria.
| Factors | Details |
|---|---|
| Age | 21 – 67 years old |
| Credit Score | 650 |
| Job duration | 1 year of work experience |
| Employment Status | Salaried or self – employed |
Not sure of your credit score? Check now for free!
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 offers by banks & other lenders.
Remember, comparing interest rates bank-wise 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 | 11% p.a. – 14% p.a. |
| HDFC Bank | 10.5% p.a. – 21.00% p.a. |
| IDBI Bank | 11% onwards |
| Axis Bank | 10.49% p.a. – 22% p.a. |
| Bank of Baroda | 10.50% p.a. onwards |
| Punjab National Bank | 11.40% p.a. onwards |
| IDFC First Bank | 10.75% p.a. – 19.00% p.a. |
| ICICI Bank | 10.75% p.a. – 19.00% p.a. |
| Indian Overseas Bank | Per the discretion of the bank |
| Canara Bank | 10.65% onwards |
| Tata Capital | 10.99% onwards |
| Bajaj Finserv | 11.00% onwards |
Note – The interest rate mentioned above is subject to change. Please visit the website for further information.
2 Lakh Personal Loan EMI Calculator
An accurate understanding of the EMI for a personal loan will help you know your loan expenses better. Now, refer to the EMI Calculator for drawing a conclusion on the availing a 2 Lakh Loan. Evaluate affordability, plan your finances, compare loan options, and gain insights into interest costs. Make Informed decisions based on calculated EMIs. Lead a comfortable repayment and effective financial management over the loan term.
Your Amortization Schedule (Yearly/Monthly)
2 Lakh Personal Loan EMI for Up to 5 Years
An accurate calculation of the EMI is critical when seeking financial assistance on personal loan of 2 Lakhs. Your aspirations are within reach with easy and affordable EMIs. Listed below are the interest rates and EMIs for Rs. 2 lakh personal loan for 5 years tenure.
To gain a better understanding of the EMI for ₹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 to Get a Personal Loan of 2 Lakh
The pointers below present the details on the basic eligibility criteria to avail ₹2 Lakh personal loans for students, employed/salaried ,employed, 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: Minimum monthly income of the applicant should be Rs 15,000.
- CIBIL score: 650 and above
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Documents Required for 200000 Personal Loan
If you meet the eligibility criteria mentioned above, then you will have to provide these basic documents to avail loan of up to 2 lakhs:
- KYC Documents: PAN card, Aadhaar card, passport, voter id or driver’s license.
- 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 Rs 2 Lakh Personal Loan
Here are the exclusive features & benefits of 2 lakh personal loan that makes your personal loan journey seamless and hassle-free:
- Multi-purpose loan: You can borrow up to Rs 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 upto 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 personal loan upto 2 lakh within an affordable interest rate of 10.49% p.a. onwards.
Apply Online for 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.
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