Rs 2 Lakh Personal Loan

Rs 2 Lakh Personal Loan at Paisabazaar

At Paisabazaar, we offer the best personal loan offers for Rs 2 lakh personal loan from top lenders in India. Here’s how Paisabazzar stands out

• Wide Selection: Compare offers from top banks and NBFCs tailored to your needs.
• Hassle-Free Digital Process: Streamlined online applications for a quick and hassle-free experience.
• Comprehensive Support: Our team of experts is with you every step of the way, ensuring your loan journey is smooth.
• Top Lenders: Access offers from top banks/NBFCs -Kotak Mahindra Bank, ICICI Bank, Axis Bank, Aditya Birla Finance, HDFC Bank, Tata Capital, and more.

Personal Loan Offers Available on Paisabazaar:

EMI & Interest Breakdown for Rs 2 lakh Personal Loan (1–5 Year Tenures)

Have a look at the EMI for a Rs 2 lakh loan at 11.50% p.a. interest from 1 year to 5 years tenures:-

How to Apply for Rs 2 Lakh Personal Loan in just 5 steps at Paisabazaar

Applying for a Rs 2 lakh personal loan is quick and easy with Paisabazaar. Just follow these five steps:

1. Visit the Paisabazaar website or app.
2. Fill in your mobile number on the application form.
3. Enter your personal details, such as name, address, and income.
4. Verify your mobile number by entering the OTP sent to your phone.
5. Select the loan amount and purpose.

Once you’ve completed these steps, you can compare the offers from multiple lenders and choose the one that suits your financial needs.

Key Features of a Rs 2 Lakh Personal Loan

• Interest Rates: Personal loans for Rs 2 lakh usually start at 10.50% p.a., with some public sector banks offering even lower rates to eligible borrowers.
• Loan Tenure: Loan tenures usually range from 6 months to 5 years, providing flexibility to choose the repayment tenure based on your repayment capacity.
• Unsecured Loan: No collateral required to avail personal loan.
• Instant Approval: Many lenders offer instant pre-approved personal loans, with same-day disbursal for eligible borrowers.
• No End Usage Restriction: The loan amount can be used for any purposes, including medical bills, education fees, travel, weddings, or home renovations (but not for speculative purposes).

Fees and Charges You Should Know Before Applying

Before applying for a Rs 2 lakh personal loan, make sure you know the following charges levied by lenders:-

• Processing Fees: Usually 0.5% to 4% of the loan amount
• Prepayment and Foreclosure Charges:
  • For Floating Rate: Nil
  • For Fixed Rate: Usually around 2% – 5% on the principal outstanding
• Penal Charges for Late EMI payment: Usually @ 2% per month; 24% p.a.
• Stamp Duty Charges: As per actuals
• Loan Cancellation Charges: Usually Rs 3,000

Eligibility Criteria for Rs 2 Lakh Personal Loan

Here’s the list of general personal loan eligibility criteria considered by most personal loan lenders:-

• Age: 18 to 60 years
• Credit Score: 750+ is usually preferred
• Income:
  • Salaried: Minimum net monthly income Rs 15,000/month
  • Self-Employed: Minimum annual income Rs 3 to 5 lakh
• Work Stability: Atleast 1 year in current job/business

Documents Required for Personal Loan Application

Here’s a list of general personal loan documents required when applying for a personal loan:

• Identity Proof: Aadhaar, PAN, Passport, Voter ID
• Address Proof: Aadhaar, Utility Bill, Passport
• Income Proof:
  • Salaried: Last 3 month’s salary slips
  • Self-Employed: ITR (last 1–2 years)
• Bank Statements: Last 6 months
• Passport Size Photographs

FAQs on 2 Lakh Personal Loan

What is the minimum income required to avail Rs 2 lakh personal loan?

Most personal loan lenders usually require applicants to have atleast a net monthly income of Rs 15,000. For higher personal loan amounts, lenders may set higher minimum income eligibility criteria.

What are the interest rates for a Rs 2 lakh personal loan?

The interest rates for personal loans usually start at 10.50% p.a., with some public sector banks offering personal loans at lower interest rates. The final interest rates set by the banks/NBFCs depend on the applicant’s credit profile and the risk-based pricing models followed by the lender.

Can I apply for a personal loan online?

Applicants can apply for a personal loan online through the official websites of banks and NBFCs or through Paisabazaar.com. They can also apply for personal loans with lenders with which they already have credit card, deposit and/or loan accounts by using internet banking or mobile banking app.

What is the maximum tenure available for repaying a personal loan?

The maximum repayment tenure of a personal loan is 5 years, with some banks/NBFCs offering longer tenures of up to 7 years.

What documents are needed for a salaried individual to apply for this loan?

Salaried Individuals usually require salary slips, identity proof, bank statements, address proof and passport size photograph for a personal loan application.

Are there any prepayment charges for a Rs 2 lakh personal loan?

Banks/NBFCs usually charge 1% to 5% of the outstanding loan amount on prepayment and foreclosure of the personal loan offered at fixed interest rates. Note that the RBI has barred all lenders from charging any fees on prepayment of personal loans availed at floating interest rates.