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₹2 Lakh Personal Loan

Need 2 Lakh Rupees Urgently? On Bajaj Markets, you can get a personal loan of ₹2 Lakhs, at interest rates starting from just 9.99% p.a., to fulfil all your personal requirements. 
Your Personal Loan EMI
₹ 4,248
Total Interest Amount
₹ 54,905
Principal Amount
₹ 2,00,000
Total Payable Amount
₹ 2,54,905
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
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Max value reached
Instant Approval

You can quickly compare loan offers from multiple personal loan lenders on Bajaj Markets.

...

 It also allows you to review the total interest payable and the overall repayment amount, helping you plan and budget more effectively.

 Read More

Overview

A ₹2 Lakh personal loan may be a wise choice when you need funds or plan to make a significant purchase. This unsecured loan offers flexibility and can be used for home renovation, travel, education, or medical emergencies.

For example, your EMI would approximately be ₹6,453 for a ₹2 Lakh personal loan with a tenure of 3 years, at an interest rate of 10% p.a. The total interest payable will be approximately ₹32,323.

However, if you are taking a ₹2 Lakh loan with a tenure of 2 years, your EMI would be approximately ₹9,228 at an annual interest rate of 10%. The total interest payable over this period would be lesser, standing at around ₹21,495.

A personal loan provides quick access to funds with minimal paperwork and flexible repayment options. You have to choose a monthly EMI that fits your budget and repay it at your convenience without exhausting your savings.

Compare ₹2 Lakh Personal Loan Interest Rates by Various Banks & NBFCs

The Bajaj Markets lenders offering a ₹2 Lakh personal loan are as follows. Compare interest rates, tenures, and processing fees to find one that suits your requirements.

Available Offerings

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fees

CASHe (Bhanix Finance) Personal Loan

₹3 Lakhs

2.79% p.m.

18 Months

Up to 5.5% of the loan amount + taxes (if applicable)

Privo (Credit Saison) Personal Loan

₹5 Lakhs

9.99% p.a.

60 Months

1% to 3% of the loan amount + taxes (if applicable)

Bajaj Finance Personal Loan

₹55 Lakhs

10% p.a.

96 Months

Up to 3.93% of the loan amount + taxes (if applicable)

Kotak Mahindra Bank Personal Loan

₹40 Lakhs

10.99% p.a.

72 Months

Up to 1.5% of the loan amount + taxes (if applicable)

Federal Bank Personal Loan

₹5 Lakhs

12.75% p.a.

48 Months

Up to 2-3% of the loan amount + taxes (if applicable)

SMFG India Credit Personal Loan

₹25 Lakhs

12% p.a.

60 Months

Up to 6% of the loan amount + taxes (if applicable)

L&T Finance Personal Loan

₹15 Lakhs

12% p.a.

48 Months

Up to 3% of the loan amount + taxes (if applicable)

YES BANK Personal Loan

₹50 Lakhs

12.50% p.a.

72 Months

Up to 2.75% of the loan amount + taxes (if applicable)

Fibe Personal Loan

₹5 Lakhs

14% p.a.

36 Months

Up to 2% of the loan amount + taxes (if applicable)

Kissht Personal Loan

₹4 Lakhs

14% p.a.

24 Months

3% to 5% of the loan amount + taxes (if applicable)

KreditBee Personal Loan

₹5 Lakhs

14% p.a.

24 Months

Up to 3% of the loan amount + taxes (if applicable)

PaySense Personal Loan

₹5 Lakhs

14% p.a.

60 Months

Up to 2.75% of the loan amount + GST or ₹500 (whichever is higher)

Muthoot Finance Personal Loan

₹10 Lakhs

14.50% p.a.

60 Months

Up to 4% of the loan amount + taxes (if applicable)

Finnable Personal Loan

₹10 Lakhs

15.95% p.a.

60 Months

Up to 3% of the loan amount + taxes (if applicable)

InCred Personal Loan

₹10 Lakhs

16% p.a.

60 Months

Up to 5% of the loan amount + taxes (if applicable)

Moneyview Personal Loan

₹10 Lakhs

16% p.a. (1.33% p.m.)

60 Months

Starting from 2% of the loan amount + taxes (if applicable)

IIFL Personal Loan

₹5 Lakhs

18% p.a.

42 Months

Up to 6% of the loan amount + taxes (if applicable)

Upwards Personal Loan

₹5 Lakhs

18% p.a.

36 Months

Up to 4% of the loan amount + taxes (if applicable)

Zype Personal Loan

₹5 Lakhs

18% p.a.

12 Months

Up to 6% of the loan amount + taxes (if applicable)

Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

₹2 Lakh Personal Loan EMI for Different Tenures

Let’s say the interest rate levied on your ₹2 lakhs loan is 9.99% p.a. Here is how the EMI amount will differ across various tenures:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹2 Lakh Loan for 1 Year

₹17,582.25

9.99%

₹10,986

₹2,10,986

₹2 Lakh Loan for 2 Years

₹9,228.06

9.99%

₹21,473

₹2,21,473

₹2 Lakh Loan for 3 Years

₹6,452.50

9.99%

₹32,289

₹2,32,290

₹2 Lakh Loan for 4 Years

₹5,071.56

9.99%

₹43,435

₹2,43,435

₹2 Lakh Loan for 5 Years

₹4,248.42

9.99%

₹54,905.50

₹2,54,905.50

₹2 Lakh Loan for 6 Years

₹3,704.16

9.99%

₹66,699

₹2,66,699

₹2 Lakh Loan for 7 Years

₹3,319.2

9.99%

₹78,813

₹2,78,813

₹2 Lakh Loan for 8 Years

₹3,033.77

9.99%

₹91,242

₹2,91,242

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

₹2 Lakh Personal Loan: Fees and Charges

Refer to the table below to know the fees and charges levied by various lenders:

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Charges

Up to 6% of the amount

Part-payment Charges

Up to 25% of the amount

Disclaimer: The mentioned details are subject to change at the lender’s discretion.

How to Calculate Your Personal Loan EMI

Calculating your personal loan EMIs is an easy process with an EMI calculator. To calculate it manually, you can use this formula:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

P = Principal loan amount

R = Monthly interest rate (Annual interest rate / 12 / 100)

N = Loan tenure in months

For example, you take a personal loan of ₹2,00,000 at an interest rate of 9.99% per annum for 5 years (60 months). In this case, the EMI amounts to ₹4,248, and the total interest payable is ₹54,905. Therefore, the total amount you have to repay will be ₹2,54,905.

Eligibility & Documents for a Personal Loan of ₹2 Lakh

The basic eligibility criteria for a ₹2 Lakh personal loan are mentioned below:

  1. You must be an Indian citizen

  2. You must be salaried or self-employed

  3. You must be between 18 years of age

  4. You must have a minimum monthly salary of ₹10,000

  5. Your CIBIL score must be 750 or more 

You will also have to provide a set of documents when applying. Here are some documents to keep handy:

Address Proof (Any one of the following)

Identity Proof (Any one of the following)

Income Proof (Any one of the following)
Voter ID PAN card Bank statement of the last 3 months
Aadhaar card Aadhaar card Salary Slips
Passport Voter ID  
Driving licence Passport  
Electricity bill Driving licence  
Telephone bill    

How to Apply for a ₹2 Lakh Personal Loan

You can follow these steps to apply for a personal loan online. 

  • Click on ‘Apply for a personal loan’

  • Enter your basic personal details in the online application form

  • Enter the loan amount and select a tenure

  • Submit the form for verification

Shortly after, a representative will reach out to you to complete the application process.

Amortisation Table for a ₹2 Lakh Personal Loan

Suppose you take a loan of ₹2 Lakh at an interest rate of 9.99% and a tenure of 6 months. Here is the amortisation breakdown:

Month

Payable Amount

Principal

Interest 

Balance

Month 1

₹ 34,311

₹ 32,646

₹ 1,665

₹ 1,67,354

Month 2

₹ 34,311

₹ 32,918

₹ 1,393

₹ 1,34,436

Month 3

₹ 34,311

₹ 33,192

₹ 1,119

₹ 1,01,244

Month 4

₹ 34,311

₹ 33,468

₹ 843

₹ 67,775

Month 5

₹ 34,311

₹ 33,747

₹ 564

₹ 34,028

Month 6

₹ 34,311

₹ 34,028

₹ 283

₹0

Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Impact of Pre and Post-Personal Loan Approval on CIBIL Score

Your financial creditworthiness is summarised numerically by your CIBIL score, which ranges from 300 to 900. Personal loans can influence your CIBIL score and overall credit profile in the following ways:

  • Pre-approval Impact

The lender usually performs a hard inquiry to evaluate your credit report when you apply for a personal loan. This may result in a temporary reduction in your credit score, which will appear in your credit file.

  • Post-approval Impact

Timely loan repayment increases your credit score and reflects responsible borrowing behaviour. Regular, on-time payments enhance your creditworthiness by indicating to lenders that you can manage debt effectively.

Uses of a of ₹2 Lakh Personal Loan

Your needs and dreams may be fulfilled with a personal loan of ₹2 Lakhs. It provides the financial flexibility to cover a variety of expenses, such as:

  • Wedding Expenses

You need to have arrangements for the venue, catering, décor, and photography. A personal loan helps you plan your ideal wedding without financial stress. You may also use the loan for last-minute bookings or guest accommodation costs. 

A personal loan of ₹2 Lakhs helps make your special day memorable without financial constraints.

  • Home Renovation Expenses

You may use a personal loan for home improvement. It supports expenses such as leak repairs, repainting, remodelling, or buying new furniture. The loan helps you enhance your living space while making manageable repayments, without delaying repairs due to a restricted budget.

  • Education Costs

A personal loan ensures you or your child can continue accessing quality education. It helps cover tuition fees, books, exam charges, and accommodation. Whether pursuing professional courses or international studies, this loan makes education financially accessible.

  • Medical Emergencies

You may use a personal loan to cover hospital bills, medical procedures, medications, and consultation charges. It ensures that you or your loved ones receive timely and appropriate treatment without needing to arrange funds during critical times.

  • Travel Plans

A personal loan supports your travel aspirations. Whether planning an overseas trip, a family holiday, or an adventure getaway, the loan helps fund your airfare, stay, sightseeing, and shopping. You may travel to your desired destinations and repay the loan in affordable instalments later.

  • Debt Consolidation

Managing several loans and credit card dues becomes easier with a personal loan. You may repay all outstanding debts by consolidating them into one loan. This reduces your monthly financial burden, helps improve your credit score, and simplifies repayment tracking.

Other Instant Personal Loan Options

Disclaimer

Reference of all T&Cs necessarily refers to the terms of the Partners as regards pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

2 Lakh Personal Loan
What is the monthly interest on a ₹2 Lakh personal loan?

On Bajaj Markets, personal interest rates can be as low as 9.99% p.a. The rate offered to you may vary as per your loan eligibility and your chosen lender’s policies.

Some of India’s renowned financial institutions like YES BANK, Federal Bank, Bajaj Finance, Muthoot Finance, and more offer ₹2 Lakh personal loans on Bajaj Markets. Compare and choose an offer that best suits your requirements and repayment capacity. 

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.

 

The interest rate and tenure have a major impact on your loan EMI. Also, if you opt for prepayments, the EMI of your loan may be revised. 

Apply for a personal loan of ₹2 Lakhs on Bajaj Markets. Fill in the application form online and choose from multiple loan providers available on the platform. Once approved, the loan amount is quickly disbursed to your bank account.

Usually, you are required to pay a charge when prepaying your personal loan of ₹2 Lakhs. This may depend on the policies of your lender. Reach out to your loan provider and confirm the fee charged for loan prepayment before you opt for this facility.

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