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 10.25% 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.) | |
| HDFC Bank | 11.00% onwards | Apply Now |
| SBI | 10.30%-15.10% | |
| ICICI Bank | 10.75% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% - 25.00% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
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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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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 @ 10.25% 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
