₹2 Lakh Personal Loan

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.

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.

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

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:

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

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

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

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.

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:

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.

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:

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

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.

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.

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.