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2 Lakh Personal Loan
Personal Loans for Rs. 2 lakh are offered by many banks and NBFCs. If you already have a bank account with a good credit history, you might have a pre-approved personal loan for Rs. 2 lakh from the bank.
Leading Lenders for Rs 2 lakh Personal Loan
Below are the interest rates some lenders charge for Rs. 2 lakh personal loans.
Lenders | Interest Rate |
|---|---|
10.50% onwards | |
10.75% onwards | |
11% onwards | |
10.99% onwards | |
10.49% onwards | |
10.49% onwards | |
10.99% onwards | |
11.99% onwards | |
Poonawalla Fincorp | 9.99% onwards |
Key Features of Rs 2 Lakh Personal Loans
1. Loan amount – As the name suggests, a Rs. 2 lakh personal loan offers a loan amount of Rs. 2 lakh to eligible borrowers.
2. Interest rate – The interest rate on a personal loan can vary depending on the lender and the borrower’s creditworthiness. Generally, the interest rates on personal loans range from 9.99% per annum onwards.
3. Repayment tenure – The repayment tenure for a personal loan can range from 6 months to 84 months. You can choose the repayment tenure that suits your financial situation and repayment capacity.
4. Processing fee – Lenders may charge a processing fee starting from 1% to up to 5% of the loan amount for processing your loan application.
5. Prepayment and foreclosure charges – Some lenders may charge prepayment and foreclosure charges if you repay the loan amount before the end of the tenure.
6. Collateral – A personal loan is an unsecured loan, which means you do not need to provide any collateral or security to get the loan.
7. Eligibility criteria – To be eligible for a personal loan, you need to meet certain eligibility criteria set by the lender, such as age, income, and credit score.
How to Apply for Rs 2 Lakh Personal Loans
1. Research and compare – Research different banks and financial institutions that offer personal loans in India. Compare their interest rates, fees, and other terms and conditions to find the one that suits your needs.
2. Check eligibility – Check the eligibility criteria of the lender you have chosen. Generally, lenders require borrowers to be Indian citizens or residents, aged between 21 to 60 years, with a stable income source and a good credit score.
3. Submit application – Once you have chosen a lender and checked your eligibility, submit an application for a personal loan. You can do this online or by visiting the lender’s branch office. Make sure you provide all the required documents and information accurately.
4. Verification and approval -The lender will verify your application and documents and may ask for additional information if required. They will approve your loan application and disburse the funds to your account if everything is in order.
5. Repayment – You will need to repay the loan amount in monthly installments (EMIs) over a specified period. Make sure you pay the EMIs on time to avoid late payment charges and penalties.
Key Factors Lenders Consider While Offering Rs 2 Lakh Personal Loans
1. Credit Score - The borrower's credit score is a critical factor in determining their creditworthiness. A higher credit score indicates that the borrower is more likely to repay the loan on time.
2. Income and Employment - The borrower's income and employment status are also essential considerations. A steady income and employment history indicate that the borrower has the means to repay the loan.
3. Loan Amount - The loan amount should be appropriate for the borrower's financial situation. Lending too much can put the borrower in a difficult financial situation, while lending too little may not meet their needs.
4. Interest Rate - The interest rate on the loan should be competitive and reasonable based on the borrower's creditworthiness and market conditions.
5. Repayment Terms - The repayment terms should be clear and easy to understand. This includes the loan's length, payment schedule, and any penalties for late payments.
6. Fees and Charges - Any additional fees and charges associated with the loan, such as origination fees or prepayment penalties, should be transparent and disclosed upfront.
7. Purpose of Loan - The purpose of the loan should be taken into consideration. Personal loans are often used for debt consolidation, home improvements, or emergencies, but lenders should be wary of borrowers who are taking out loans for non-essential purposes.
Documents Needed for Rs 2 Lakh Personal Loan
1. For Salaried
a. ID proof - Aadhar card, driving license, PAN cardb. Signature proof
c. Bank statements for the last 6 months
d. Address proof – Passport/Aadhaar Carde. Last 3 months’ salary slips
f. Form 16/ITR
2. For Self-employed
a. ITR for the past 2 years along with P&L account, balance sheet, and income computation for the last 2 yearsb. Business Proof
c. Form 26 AS, Income Tax Challan or TDS certificate (Form 16A)
FAQs Of 2 Lakh Personal Loan
1. What can I use a 2 lakh loan for?
You can use a 2 lakh loan for a variety of purposes such as paying off debt, financing a small business, or making a large purchase like a car or home appliance.
2. Can I get a 2 lakh loan with bad credit?
It may be more difficult to get a 2 lakh loan with bad credit, but some lenders may still offer options. However, the interest rates and terms may not be as favorable compared to those with good credit.
3. What is the repayment period for a 2 lakh loan?
The repayment period for a 2 lakh loan will depend on the lender and the borrower's preference. It can range from a few months to several years.
4. What are the requirements to apply for a 2 lakh loan?
The requirements to apply for a 2 lakh loan will vary depending on the lender but typically include proof of identity, address, and income.
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