header search
My Account Customer Portal
EMI EMI Card
Download Download
ONDC_Header_Steal Deals Steal Deals
BAJAJ FINSERV DIRECT LIMITED
Hi Guest
Customer Portal Shopping Customer Care My Report
Logout

₹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 arrow-down-img
  • Years
- +
Min value reached
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 ₹6,452 for a ₹2 Lakh personal loan with a tenure of 3 years, at an interest rate of 9.99% p.a. The total interest payable will be approximately ₹32,289.

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 9.99%. The total interest payable over this period would be lesser, standing at around ₹21,473.

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

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)

CASHe (Bhanix Finance) Personal Loan

₹3 Lakhs

2.79% p.m.

18 Months

Up to 5.5% 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)

Aditya Birla Capital Personal Loan

₹7 Lakhs

13.50% p.a.

60 Months

Up to 4% of the loan amount + GST

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)

Piramal Finance Personal Loan

₹6 Lakhs

17.25% p.a.

60 months

1.50% to 4.50% of the loan amount

IIFL Personal Loan

₹5 Lakhs

18% p.a.

42 Months

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

Freo Personal Loan

₹5 Lakhs

18% p.a.

36 Months

5% to 10% of the loan amount

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 Lakhs 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 Lakhs 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 and Documents for a Personal Loan of ₹2 Lakhs

The basic eligibility criteria for a ₹2 Lakhs 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 for a personal loan of ₹2 Lakhs must be 750 or more. You can check your CIBIL score online with just a few clicks. 

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 Lakhs Personal Loan

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

  1. Start your application process by clicking here
  2. Choose your profession from the dropdown list
  3. Enter your mobile number and PIN code
  4. Carefully read and accept the terms and conditions
  5. Click ‘Proceed’ to move to the next step
  6. On the following page, fill in or select the required details, including:
    • PAN number
    • Full name (as mentioned on your PAN card)
    • Date of birth
    • Net monthly income
    • Type of employer
    • Employer or organisation name
    • Email address
    • Gender
    • Mode of salary credit (Bank or Cash)

  7. Once all fields are completed, click ‘Submit’
  8. You’ll then see personalised loan offers based on your eligibility
  9. Review the available options and select the one that suits you best
  10. If prompted, provide any additional information required to complete the process.
  11. You’ll be redirected to the chosen lender’s platform to complete KYC verification, set up an e-mandate, and proceed with loan disbursal

Note: This process is designed specifically for salaried applicants. If you choose self-employed as your profession, you will be taken to a separate application flow where you’ll need to submit details such as monthly business turnover and other relevant information. Please follow the instructions displayed on the screen.

₹2 Lakhs Personal Loan Monthly Payment Plan

Suppose you take a loan of ₹2 Lakhs 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 Lakhs 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

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 Lakhs 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.

Your EMI depends on the interest rate and loan tenure. For example, if you borrow ₹2 Lakhs at an interest rate of 9.99% for 5 years, your estimated EMI would be around ₹4,248 per month.

Most lenders prefer a CIBIL score of 750 or above for a ₹2 Lakhs personal loan. A higher score increases your chances of approval and may also help you get a better interest rate. If you haven't checked your score recently, you can do so online within minutes.

It may be possible to get a loan without a salary slip, but you will need to provide alternate income proof like bank statements, Form 16, or income tax returns. Some lenders may also consider your loan application if you have a strong credit score and stable income flow from other sources.

View More

Quick Links

Get Personal Loan | Personal Loan for NRIs | Personal Loan for Self-employed | Personal Loan for ₹15,000 Salary | Personal Loan for a ₹1 Lakh Salary | Personal Loan for 6 Months | Personal Loan for 1 Year | CIBIL Score Online |
Home
Home
ONDC_BD_StealDeals
Steal Deals
Free CIBIL Score
CIBIL Score
Free Cibil
Accounts
Accounts
Explore
Explore

Trending Categories

Loans

Personal Loan, Business Loan, Collateral

arrow
Investment

Fixed Deposit, Mutual Fund, NPS, Demat A/C, SGB

arrow
Insurance

General Insurance, Life Insurance, Term Insurance

arrow
Stock Market

Stocks, IPOs

arrow
Credit Report

Credit Score, Report & Analysis

arrow
ONDC

Smart Phone, Speaker, EarPhone

arrow

Related Calculators

Personal loan EMI Calculator

Home Loan EMI Calculator

Gold Loan EMI Calculator

Business Loan EMI Calculator

Our Products

Personal Loan
Pre-approved
Personal Loan
KreditBee
Olyv
Federal Bank
mPokket
15+
Quick Approval
100% Digital Application
Affordable Interest Rates
Business Loan
Lendingkart
IIFL
Indifi
Credit Saison
10+
Popular Choice
No Documentation
4-step Process
Home Loan
Bajaj Housing Finance
ICICI Bank
L&T Finance
Vridhi Home Finance
10+
Flexible Repayment Tenure
High-value Funding
Zero Prepayment Charges
Home Loan Balance Transfer
Shriram Housing Finance
LIC HFL
PNB Housing Finance
Shubham Housing Finance
7+
Top-up Facility
Minimal Paperwork
Hassle-free Process
Two-wheeler Loan
Bajaj Auto Finance
L&T Financial Services
Muthoot Capital
2+
Pre-approved Offers
Easy Cash Options
Flexible Repayment Tenures
Credit Card
Axis Bank
ICICI Bank
RBL Bank
Rupicard
30+
Promotional Offers
Travel Benefits
Rewards Programs
EMI Card
Bajaj Finserv
1
Zero Forecloseure Charges
High Loan Limit
Flexible Tenure
Fixed Deposit
Bajaj Finance
Yes Bank
PNB Housing Finance
Ujjivan Small Finance Bank
5+
Assured Returns
Credit Facility
Tax Benefits
Mutual Fund
Axis Mutual Fund
Edelweiss Mutual Fund
Union Mutual Fund
Kotak Mahindra Mutual Fund
43+
Tax Benefits
Professional Fund Management
Portfolio Diversification
Demat
Bajaj Financial Securities Limited
1
Instant Transfer
Multiple Access
Collateral for Loan
Health Insurance
TATA AIG
ABHI
BAGIC
Care Health Insurance
4
Cost-effective Policies
Easy Comparison
High Coverage
Car Insurance
TATA AIG
SBI General Insurance
HDFC ERGO
Bajaj Allianz
4
Multiple Covers
No-claim Bonus
Cashless Claim Facility
Bike Insurance
SBI General Health Insurance
HDFC ERGO 2W Insurance
Bajaj Allianz Two Wheeler Insurance
3
Efficient Claim Settlements
Low Premiums
No Claim Bonus
Pocket Insurance
One Assist
ABHI
Niva Bupa
Manipal Cigna
7+
Affordable Premiums
Easy Online Application