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.
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.
Additional Info: Looking for 5 Lakh Personal Loan? Check Eligibility & Apply.
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:
Additional Info: Check Personal Loan for Women & its Eligibility.
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.
Additional Info: Also know about Debt Consolidation loan.
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 |
| Navi | 9.9% |
| State Bank of India | 10.30%-15.65% |
| ICICI Bank | 10.50% |
| HDFC Bank | 10.25% |
| Kotak Mahindra Bank | 11.49%-18.75% |
| Axis Bank | 10.50% |
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.
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:
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:
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employment details, personal details, income documents, KYC, and other necessary documents.
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.
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