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₹ 2 Lakh Personal Loan

Apply for ₹2 Lakh Loan Personal Loan

Last Updated 17th Oct 2021

  • A personal loan of ₹ 2 Lakh can be availed of by both salaried and self-employed applicants with minimum documentation.
  • The approved money can be used to consolidate debts, manage unexpected expenses, pay for medical bills and for the purchase of home appliances as well.
  • You can avail a ₹ 2 Lakh personal loan application online with MyLoanCare.
Rate 10.25% p.a Check Current Rates
Profession Salaried employees and Self-employed professionals
Minimum Income
  • ₹ 5 Lakh gross receipts for self-employed
  • ₹ 25,000 per month for salaried professionals
Age 21 to 65 years
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Get ₹ 2 Lakh Personal Loan Online

A personal loan helps you cover a variety of personal expenses. The borrowed money can be used to pay for educational expenses, consolidate debts, buy appliances for the home and more. You can use ₹ 2 Lakh personal loan EMI calculators available online to get an accurate view of the monthly amount that needs to be paid.

Eligibility Criteria for Personal Loan of ₹ 2 Lakh

The following points will help you get a clear idea of the eligibility criteria for a ₹ 2 Lakh loan amount:

  • Age: For a ₹ 2 Lakh loan scheme the minimum age is 21 years while the maximum age required is 65 years. There are certain Indian banks that prefer offering loans to applicants with a minimum age of 18 years as well.
  • Credit Score: General credit score criteria set by banks is 650 and above. It also works as a first impression for the banking institutes to know your financial credibility.
  • Work Experience and Occupation: Government employees get their loans approved faster in comparison to the applicants working for the private sectors. Banks also prefer applicants with a work experience of 3 years or more. However, there are certain banks that offer ₹ 2 Lakh loans to employees with 1 year of work experience.

Best Interest Rates for ₹ 2 Lakh Personal Loan

Bank Name Interest rates
ICICI Bank 10.25%
HDFC Bank 10.25%
Kotak Bank 10.25%
Axis Bank 10.49%
IndusInd Bank 10.49%

Documents Required for ₹ 2 Lakh Personal Loan

Here is a compact list of the documents that are made mandatory by the banks for a ₹ 2 Lakh Loan :

  • You can present a PAN card, Voter ID, Aadhar card or Driving license as identity proof while applying for a ₹ 2 Lakh loan scheme.
  • As an address proof, Passport, Electricity/Telephone bill (last three months) or Driving license can be presented.
  • Salaried applicants need to present bank account statements, salary slip and Form 16. While for self-employed applicants bank account statement, balance sheet, P&L statement/previous year ITR is mandatory.
  • Also, self-employed applicants need to present their trade license, registration certificate by RBI, a copy of the partnership deed and documents related to Sales tax, VAT and Service tax.

₹ 2 Lakh Personal Loan EMI Calculator

You can customise the payable monthly EMI for ₹ 2 Lakh personal loan, by making alterations in the tenure. An online EMI calculator and detailed charts available on the website of MyLoanCare will help you with the needful. Go through the following table to get an appropriate overview of the ₹ 2 Lakh personal loan EMI for 5 years

Bank Name Monthly EMI for 5 Years (₹)
ICICI Bank
Compare
₹ 4,274
HDFC Bank
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₹ 4,274
Kotak Bank
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₹ 4,274
Axis Bank
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₹ 4,298
IndusInd Bank
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₹ 4,298
Tata Capital
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₹ 4,298
Federal Bank
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₹ 4,298
IDFC First Bank
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₹ 4,298
Yes Bank
Compare
₹ 4,319
Indian Overseas Bank
Compare
₹ 4,329

How to Apply for a ₹ 2 Lakh Personal Loan?

Personal loans help you take care of sudden financial needs, which you can repay gradually over a fixed time period. Applying for a ₹ 2 Lakh loan with MyLoanCare is simple and hassle-free. Both the website and app are well equipped with relevant information, regarding all types of loans. You can even utilise the ₹ 2 Lakh personal loan EMI calculator offered by MyLoanCare before making final applications online.

Here is a step by step process which you need to abide by to get the application process completed.

  • Step1: Visit the official website of MyLoanCare or download their app to fill in ₹ 2 Lakh personal loan related information like name, income, number, residence, existing loan and other relevant details.
  • Step 2: Once done with the submission, the MyLoanCare app/website will utilise those pieces of information to present detailed charts, which you can use to make further comparisons.
  • Step 3: A MyLoanCare executive will reach out soon to cross-check the submitted details against a ₹ 2 Lakh personal loan and offer relevant suggestions regarding the banks or loan tenure you must choose.
  • Step 4: If you are eligible to get the loan and are also genuinely interested, the executive of MyLoanCare will fix an appointment with the bank on your behalf, for document pick up. You can also opt for an online document uploading process through MyLoanCare’s website and a bank representative will call you back to get them verified.
  • Step 5: The bank will go through all the submitted documents and will also check the credit history before approving a ₹ 2 Lakh personal loan. They will forward a sanction letter comprising all the necessary details like processing fees, interest rate, prepayment charges and tenure in case the loan gets approved.
  • Step 6: Finally, the approved ₹ 2 Lakh loan scheme will get credited to the registered account.

FAQs

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

The interest rates charged and loan-related criteria followed by individual banks are dynamic in nature. Banks like ICICI Bank, HDFC Bank, Kotak Bank, will help you bag reasonable monthly EMIs for ₹ 2 Lakh loan as they offer loans at the current rates of 10.25%, 10.25% and 10.25%. To choose the best personal loan bank for ₹ 2 Lakh, you can visit MyLoanCare.

Can I get Lowest Interest Rate on a ₹ 2 Lakh Personal Loan?

You can bag the lowest interest rate available for a ₹ 2 Lakh Personal Loan, by comparing the interest rates available, tenure and other added charges, on MyLoanCare’s website. Apart from that, ensure maintaining a stable income and a good cibil score to get a reasonable rate on personal loan of ₹ 2 Lakhs.

Can I avail ₹ 2 Lakh Loan without Income Proof?

Yes, you can avail a ₹ 2 Lakh loan without income proof by providing consistent credit history or by applying with a co-applicant. However, to apply with a co-applicant you need to ensure that both you and the co-applicant have a good credit score. In addition to that, availing a loan without income proof could be less difficult with your existing bank as the bank is already informed of the income to expenses ratio.

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

SBI personal loan ₹ 2 Lakhs interest rate starts from 9.60%. The rate may however, vary across salaried and self employed people and eligibility parameters such as cibil score and income.

What are the factors that can affect ₹ 2 Lakh Personal Loan EMI?

Factors like loan amount, rate of interest charged by a particular bank and loan tenure impacts the EMI for personal loan of ₹ 2 Lakh. The higher the personal loan amount, the higher will be the EMI and the lower the interest rate, the lower will be the EMI. For a ₹ 2 Lakh loan, the EMI can be reasonable, since the loan amount is not that huge.

What will be the EMI for a ₹ 2 Lakh Personal Loan?

The payable monthly EMI for a ₹ 2 Lakh personal loan depends on the age of the applicant, the interest rate charged, tenure and work experience. It might vary across multiple banks. ₹ 2 Lakh Personal loan EMI of five bank for five years is as follows:

Bank NameEMI
ICICI Bank₹ 4,274
HDFC Bank₹ 4,274
Kotak Bank₹ 4,274
Axis Bank₹ 4,298
IndusInd Bank₹ 4,298

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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