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Personal loans of Rs 2 lakh can be availed from almost all banks/NBFCs. The interest rates of Rs 2 lakh personal loan usually starts from 10.49% p.a. onwards for tenures of up to 5 years. However, some Public Sector Banks might offer personal loans of Rs 2 lakh at lower interest rates and for longer tenures. The interest rates offered on loan amount of Rs 2 lakh depend upon the age, monthly income, credit score, job profile, employer’s profile, etc. Pre-approved instant personal loans with quick loan disbursal are also offered to select customers by some lenders.
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 12.96% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| MoneyView | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Note: Rates as of 22nd September 2023
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EMI for Personal Loan of Rs 2 lakh for Tenures of 1-5 years
| Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
| 2 lakh | 1 | 11% | 17,676 |
| 2 lakh | 2 | 11% | 9,322 |
| 2 lakh | 3 | 11% | 6,548 |
| 2 lakh | 4 | 11% | 5,169 |
| 2 lakh | 5 | 11% | 4,348 |
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EMI Calculator for Rs 2 lakh Personal Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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Features of Personal Loan of Rs 2 lakh
- The interest rates are usually offered @ 10.49% onwards.
- The repayment tenure is mostly up to 5 years, with some lenders offering loan tenures of up to 7 years.
- Lenders do not put any end usage restriction on personal loans, except for speculation.
- The processing fee is usually charged up to 4%. Processing fee is also waived off by some banks/NBFCs during special festive offers.
Eligibility Criteria for Personal Loan of Rs 2 lakh
- The applicant should be 21 years old at the time of loan application and 67 years when the loan matures.
- The applicant should be an Indian resident.
- Salaried (working in private limited company or public sector undertaking) and self-employed individuals with at least 1 year of work experience are eligible for the loan amount.
- Minimum monthly income of the applicant should be Rs 15,000.
- CIBIL score of 750 and above can enhance the chances of availing personal loan of Rs 2 lakh. It might also help the applicants to avail personal loan at lower interest rates.
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Documents Required for Personal Loan of Rs 2 lakh
- ID proof
- Signature proof
- PAN card
- Address proof
For Salaried
- Bank statements for past 6 months
- ITR/Form 16
- Last 3 months’ salary slips
For Self-employed
- Business Proof
- ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
- Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
FAQ
1. What is the EMI for Rs 2 lakh personal loan for 5 years?
Ans. The EMI of your Rs 2 lakh personal loan availed for tenure of 5 years would depend on the interest rates charged by your lenders. Banks and NBFCs presently charge personal loan interest rates @ 10.49% p.a. onwards with some PSU banks offering personal loans at lower interest rates. Following table shows the EMI for personal loan of Rs 2 lakh for tenure of 5 years for various interest rates:
| Interest Rates (p.a.) | Loan Amount (Rs) | Loan Tenure (years) | EMI (Rs) |
| 10.49% | 2 lakh | 5 | 4,298 |
| 11% | 2 lakh | 5 | 4,348 |
| 12% | 2 lakh | 5 | 4,449 |
| 13% | 2 lakh | 5 | 4,551 |
| 14% | 2 lakh | 5 | 4,654 |
2. Can I avail Rs 2 lakh personal loan without income proof?
Ans. Lenders require income proofs such as salary slips, salary certificates, etc. of their applicants to determine their repayment capacity. In case the applicants do not have a valid income proof, some lenders allow those applicants to submit their recent bank statements or financial statements to evaluate their repayment capacity based on their cash flows.
3. How to get Rs 2 lakh personal loan instantly?
Ans. First contact lenders with whom you already maintain deposits, credit card and/or loan accounts to check for pre-approved personal loan offers. Such pre-approved personal loans usually have instant or same-day disbursal. Then, visit online financial marketplaces to compare personal loan offers from other lenders, including those offering instant or same day disbursals. Then, select the lender offering quicker disbursal at lower interest rates.
4. How to get personal loan of Rs 2 lakh online?
Ans. Applicants planning to avail online personal loans of Rs 2 lakh should first use the internet banking or mobile app of the banks and NBFCs, with whom they already maintain loans, credit cards or deposit accounts, to check their personal loan interest rates and other features. This should be followed by visiting online financial marketplaces to compare the personal loan interest rates, processing fees, etc. offered by other lenders. Then, they should opt for the lender charging the lowest interest rates and processing fees. Applicants may have to share their savings/current account details with the lender to avail online disbursal of Rs 2 lakh personal loan post-sanction.