₹2 Lakh Personal Loan Features, Benefits, EMI and Interest Rate
Financial emergencies come unannounced. Let’s say you need ₹2 lakh to clear your hospital or medical bills. In such situations, taking a ₹2 lakh personal loan could help you cross the hurdle. You can repay the loan amount in EMIs (Equated Monthly Instalments).
In this blog, we have laid out all that you need to know regarding ₹2 lakh personal loan, including interest rates, EMI on loan, eligibility and documents required, among others.
Feature and Benefits of a ₹2 Lakh Loan
Here are some of the features and benefits of a ₹2 lakh personal loan:
1. 100% Paperless Process
Lending sector has evolved by leaps and beyonds in the last few years, thanks to the deployment of advanced tech in the banking system. Most RBI-approved lenders offering loans via apps provide loans in a 100% paperless manner.
2. Instant Disbursal
Expect instant disbursal if your loan application is approved by the lender. For instance, you can get an instant Personal loan with Navi within a few minutes, provided you’re eligible.
3. Flexible EMI
Personal loans come with flexible repayment tenures, usually extending up to 84 months. You have the freedom to select the loan tenure as per your convenience.
4. Attractive Interest Rates
Do you have an excellent repayment history or credit score? Lenders offer preferential rates to customers with proven creditworthiness.
5. No Collateral Required
Unlike home loans, for personal loans you don’t have to pledge collateral or guarantor. Also, that’s one of the primary reasons why personal loans usually have higher interest rates than home loans.
6. Minimal Documentation
Thanks to advancements in the lending sector, you don’t have to fill out a bagful of documents. Lenders mostly ask for your address and ID proof, and at times, income proof as primary documents.
How to Apply for a ₹2 Lakh Personal Loan?
Here is the stepwise process to apply for a ₹2 lakh personal loan:
- Go to the website or download the personal loan app from Play Store or App Store.
- Check your loan eligibility by filling in some details such as name, address and PAN details.
- Check the interest rate offered and enter your preferred loan amount and repayment tenure.
- Submit or upload the necessary documents and complete your KYC process.
- Link your bank account. After successful verification, the loan amount will be directly disbursed to your account. Set up an auto debit to make your loan repayments on time.
Documents Required
Here are the three documents you require to apply for an urgent ₹2 lakh loan:
- PAN Card
- 3-6 months bank statements or salary slips
- Aadhaar Card
Eligibility Criteria
Refer to the following table to know the eligibility criteria:
1. Salaried Individual
| Factors | Requirements |
| Age | Between 18 and 65 years |
| Credit Score | 750 or above |
| Employment Stability | Must be employed in a reputed company for a minimum of 6 months |
| Employment Duration | A minimum of 1 year |
2. Self-employed Individual
| Factors | Requirements |
| Age | Between 18 and 65 years |
| Credit Score | 750 and above |
| Prior Relationship with the Lender | A minimum of 6 months (to be verified from the lender) |
| Business Turnover | A minimum of ₹15 lakh |
| Profit after Tax Deduction | A minimum of ₹2 lakh |
Interest Rate on a ₹2 Lakh Personal Loan
Refer to the table below to get an idea of ₹2 lakh lakh personal loan fees and charges:
| Interest Rate | 8% p.a. – 36% p.a. |
| Processing Fee | 0% – 4% of the loan amount |
| Loan Amount | Up to ₹40 lakh |
| Loan Tenure | Up to 84 months |
| Prepayment Charges | 0% to 4% |
Please note that the table is for educational purposes only. Navi doesn’t take any responsibility for the accuracy of the data presented in the table.
How to Calculate your Personal Loan EMI on ₹2 Lakh Loan?
You can calculate your personal loan EMI manually with the formula given below:
EMI = P × r × (1 + r)n/((1 + r)n – 1)
Here, P refers to the loan amount, r is the interest rate, and n is the tenure or the number of months.
However, manual calculations are time consuming and leaves room for errors. Instead, you can use our personal loan EMI calculator. You just need to enter the tenure, loan amount and interest rate to view the EMI amount within seconds.
Let’s understand this with an example. Suppose you have taken a loan of ₹2 lakh at an interest rate of 12% p.a. For 5 years. Upon using an EMI calculator, your EMI would be ₹4,449.
Calculate Your Personal Loan EMI
Loan Amount
Rate of Interest (P.a)
%
Loan Tenure (Years)
Years
Monthly EMI
0
Total Interest
Total Amount
Various Types Of Personal Loan
Here are the types of personal loans:
1. Marriage Loan
No need to compromise on your dream wedding or honeymoon. Apply for an instant personal loan for marriage and enjoy your dream wedding without any inhibitions.
2. Travel Loan
Tired of postponing your vacation for a long time due to shortage of funds? Apply for an instant personal loan for travel and plan for your trip today!
3. Car Loan
Having a car makes commuting a lot easier. Apply for an instant personal loan for car . and travel anywhere in or out of your city hassle-free.
4. Bike Loan
In case you’re planning to buy a bike but don’t have enough funds to make the down payment, you can take an instant personal loan for bike. Enjoy flexible repayment options and attractive interest rates.
5. Second Hand Bike Loan
Falling short of funds to purchase a second-hand bike? Take a personal loan for second hand bike with minimal documentation and enjoy the joyride.
6. Used Car Loan
Not planning to heavily invest in a new car? Purchase a second-hand car. In case you’re falling short on funds, get a personal loan for used car. Enjoy instant disbursal with minimal paperwork.
Final Word
Before applying for a ₹2 lakh personal loan make sure you have calculated your loan EMI in advance. This will help you plan your finances better. Also, check interest rates, fees and other charges before applying.
In case you’re looking for instant cash loan, apply for Navi Cash Loan. Navi offers instant personal loans up to ₹20 lakh in a 100% paperless manner.
FAQs
Ans: The time taken to sanction the loan varies across lenders and it can range from a few minutes to days. If you choose Navi, however, a Rs. 2 lakh loan would be sanctioned within 20 minutes.
Ans: Yes, you can easily get loan without income proof. However, you would need to provide your credit history or apply for the loan with a co-applicant.
Ans: Your credit score plays a major role in determining the interest rate of your cash loan; which in turn affects the EMI amount. The tenure you choose also affects the EMI that you are supposed to pay
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