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Need 2 Lakh Rupees Urgently? You can consider applying for a personal loan of Rs. 2 Lakh at Bajaj Markets. Simple eligibility criteria, collateral-free financing, affordable personal loan EMI, and flexible repayment tenure are some of the major advantages of using a personal loan at Bajaj Markets.

 

Suppose you are looking to apply for a personal loan of ₹ 2 Lakhs. In that case, you can use it for managing medical expenses, travel expenses, debt consolidation, purchasing a bike, paying for some educational courses, etc. You can get an instant personal loan of ₹2 Lakhs approved instantly at various banks and NBFCs like Bajaj Finance, Axis Bank, PaySense, Muthoot Finance, SMFG India Credit and Yes Bank.

Why You Need ₹2 Lakh Personal Loan

There are unlimited possibilities when you might need a personal loan of ₹2 Lakh. You can use this amount to do a long pending purchase like buying a new laptop or going to a wishlist place for a vacation with your family. The personal loan of ₹2 Lakh is easy to avail and also easy to repay. You can also avail this loan to meet the unscheduled expenses like medical bills or renovate your home or put some extra investment into your business.

Interest Rates for ₹2 Lakh Personal Loan

Our Partners
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Maximum Loan Tenure
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Maximum Loan Amount
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Minimum Interest Rate
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Bajaj Finance Limited

6 years

₹35 Lakhs

12% p.a.

4.7
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CASHe

1 year

₹4 Lakhs

27% p.a.

4.4
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Fibe

3 years

₹5 Lakhs

14% p.a.

4
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Finnable

5 years

₹10 Lakhs

15.95% p.a.

4
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IIFL Finance

3.5 years

₹5 Lakhs

18% p.a.

4.1
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InCred

6 years

₹10 Lakhs

16% p.a.

4.3
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KreditBee

2 years

₹4 Lakhs

18% p.a.

4.1
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Kotak Mahindra Bank

5 years

₹25 Lakhs

10.99% p.a.

4.2
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L&T Finance

4 years

₹15 Lakhs

11% p.a.

4.6
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moneyview

5 years

₹5 Lakhs

16% p.a.

4.2
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Muthoot Finance

5 years

₹15 Lakhs

14.50% p.a.

4
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PaySense Partners

5 years

₹5 Lakhs

15% p.a.

4.3
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Privo

5 years

₹5 Lakhs

9.99% p.a.

4.5
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Olyv

12 months

₹5 Lakhs

1.5% p.m.

4.1
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SMFG India Credit

5 years

₹25 Lakhs

12% p.a.

4.2
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Upwards

3 years

₹5 Lakhs

1.5% p.m.

4.3
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YES BANK

6 years

₹50 Lakhs

10.99% p.a.

4.2
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Zype

1 Year

₹5 Lakhs

18% p.a.

4
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Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

Eligibility Criteria for ₹ 2 Lakh Personal Loan

The basic eligibility criteria required to avail of a personal loan at Bajaj Markets are as under:

  • You must be an Indian Citizen.

  • You must be a salaried individual employed in the public sector, a private limited company, or an MNC.

  • You must be between 23 - 58 years of age.

 

  • To be eligible for a 2 lakh personal loan, the required monthly salary is ₹15000 at least.

 

 

It is to be noted that lenders usually check your credit score before approving the loan application. Therefore, you should make efforts to improve your credit score before applying for a personal loan. Having a credit score of 750 or above can help you avail of the loan at a highly competitive interest rate. Moreover, if you have a credit score of 750 or above, you can negotiate with the lender to avail favourable terms on your personal loan. 

 

You can improve your credit score gradually by making timely repayment of existing loans, clearing outstanding dues, minimising credit utilisation ratio, etc. It is a good idea to have done eligibility-related calculations beforehand, for it would not only reduce the chances of rejection of your loan application but also allow you to have a better understanding of your bargaining power while negotiating the terms and conditions of the loan.

How to Apply for ₹ 2 Lakh Personal Loan?

Applying for a personal loan via Bajaj Markets is a simple and hassle-free process. You can follow the steps mentioned below to apply for a personal loan through Bajaj Markets:

  • Step 1: Visit the official Bajaj Markets website.

  • Step 2: Fill out the online application form by providing your accurate personal, financial, and employment details.

  • Step 3: Mention the loan amount and repayment tenure you wish to settle for.

  • Step 4: Once you’ve filled in the necessary details, a representative will get in touch with you to collect the required documents.

  • Step 5: The lender will review the application and verify your documents. Once everything is found to be satisfactory, you will receive the money in your bank account within 24 hours of loan approval.

Documents Required for ₹ 2 Lakh Personal Loan

Let us have a look at the documents required to avail a personal loan at Bajaj Markets:

  • Address proof such as Passport, PAN card, Aadhar card, Voter’s ID card, and Driving License

  • Identity proof like PAN Card

  • Bank Statement for the last 3 months

 

Make sure that you have all these documents readily available with you before you begin the personal loan application process. This will help you avoid any inconvenience at a later stage.

₹2 Lakh Personal Loan EMI Calculator

It is advisable that you do your math and calculate the EMI for your ₹ 2 Lakh personal loan beforehand. This will help you make timely repayment of the loan amount. Timely  repayment is essential to keep your credit score intact. You can use an online personal loan EMI calculator to get an estimate of your personal loan EMI.

 

The formula used for calculating personal loan EMI is:

E = P x R x (1+R)^N/ ((1+R)^N-1), where:

 

  • E stands for monthly instalments

  • P is the amount that you want to borrow.

  • R is the rate of interest

  • N is the loan tenure in months.

 

Availing a personal loan at Bajaj Markets is one of the easiest ways to meet your financial needs. Apart from instant approval and quick disbursal, some of the other benefits of availing personal loans at Bajaj Markets include minimal documentation, online account access, low processing charges, prepayment facility and zero hidden charges. You also get the option to customise your personal loan as per your requirements. So why wait? Avail a personal loan and meet your monetary requirements with ease, today.

What Will be the EMI for ₹2 Lakh Personal Loan?

The EMI for ₹2 Lakh personal loan will depend on several factors including interest rate and the repayment tenure. You can decide the personal loan of ₹2 Lakh EMI by making careful calculations about how much you can regularly pay back without a miss. Most banks and NBFCs offer a repayment tenure of up to 5 years. 

 

To understand this better, if you avail a ₹2 Lakh loan at a 14% interest rate, here is a table of EMIs that you will have to pay for different repayment tenures.

Repayment tenure

Interest Rate

EMI

2 Years

14%

₹9,603

3 Years

14%

₹6,836

4 Years

14%

₹5,465

5 Years

14%

₹4,654

You can calculate your personal loan ₹2 Lakh EMI for different repayment tenures and interest rates by using EMI calculator. The EMI calculator available on Bajaj Markets is easy to use and will help you in making an informed decision. 

FAQs on ₹ 2 Lakh Personal Loan

What is the monthly interest on a ₹ 2 lakh personal loan?

The interest rate on personal loans is different for different lenders and depends upon a number of factors such as your credit score, income and tenure of the loan. The interest rate can be as low as just 8% p.a. and can go up to 35% p.a. depending upon the aforementioned factors.

Which bank is the best for a personal loan of ₹ 2 Lakh?

Although, as mentioned earlier, the interest rates on personal loans vary from lender to lender, you can expect competitive interest rates (anywhere around 10%-12%) from large private sector banks such as HDFC, ICICI and Kotak.

Can I avail a ₹ 2 Lakh personal loan without income proof?

Yes, many lenders would be willing to offer you a personal loan of ₹ 2 Lakhs without any income proof, provided you have at least a decent credit history. The loan approval becomes even easier if you apply with a co-applicant.

What are the factors that can affect ₹ 2 Lakh Personal loan EMI?

Your loan EMI depends upon a number of factors including the loan tenure, your credit history, your income and in some cases, also the reason for applying for the loan.

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