A personal loan of ₹2,000 offers a reliable solution when immediate funds are required to manage unforeseen expenses. This loan carries no usage restrictions, enabling you to address any financial emergency with ease.

For instance, selecting a ₹2,000 loan with a 6-month tenure at an annual interest rate of 14% results in an approximate EMI of ₹347, with a total interest payment of around ₹82. 

Opting for a longer tenure of 6 months raises the EMI to approximately ₹343, while increasing the total interest payable to about ₹58.

This type of loan ensures swift approval, minimal documentation, and flexible repayment terms. You need to select an EMI plan that aligns with your monthly budget and repay the loan without affecting your long-term financial objectives.

Check the starting interest rates and maximum tenures of a ₹2,000 personal loan from leading banks and financial institutions on Bajaj Markets: 

The tenure you choose will significantly impact your EMI amount and total repayment cost. To illustrate this, consider an example. Suppose you take a loan of ₹2,000 at an interest rate of 14% per annum. 

Based on the selected tenure, the instalment amount will be as shown in the table below:

In addition to the EMI and interest, you may incur additional charges. Refer to the details below for a complete breakdown:

Here is how you can manually calculate your ₹2,000 instant loan EMI:

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

Here:

• P = Loan amount

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

• N = Loan tenure in months

Consider the following example. 

Assume you are applying for a personal loan for ₹2,000 with an interest rate of 14% per annum for 10 months. The EMI will be ₹213. The total interest paid will amount to ₹130, and the total repayment amount will be ₹2,130.

To be eligible for a personal loan of ₹2,000, you are required to meet the following criteria:

1. You must be at least 18 years of age

2. You should be either a salaried individual or self-employed

3. You must have a stable source of income, with a minimum monthly income of ₹10,000

4. You should possess a minimum of one year of work experience

5. An ideal CIBIL score for ₹2,000 personal loan is usually 650 or above. If you're unsure of your recent score, you can check your CIBIL score online within minutes.  

Alongside this, keep the following documents handy for a smooth loan application process:

To apply for ₹2,000 personal loan on Bajaj Markets, you can follow the steps given below: 

1. Start your online loan application by clicking here.

2. Pick your current profession from the dropdown menu.

3. Enter your residential pin code and mobile number.

4. Tick the boxes to agree to the terms and conditions, and select ‘Proceed’.

5. Next, you have to provide your personal information, such as:

• Name as per PAN card

• PAN

• Email ID

• Date of birth

• Gender   

6. Enter your employment details on the same screen, including: 

• Employer/company name

• Employer category

• Net monthly salary

• Salary credit mode (Cash or Bank)

7. Check all the details entered and click on ‘Submit’.

8. Various loan offers will be presented to you as per your eligibility.

9. You can choose a suitable option and select the loan tenure you prefer.

10. Finally, you’ll be redirected to the loan provider’s website for following steps such as KYC, e-mandate, and loan disbursal.

A ₹2,000 loan at a 10% interest rate for 6 months comes with the following amortisation breakdown:

A ₹2,000 personal loan can influence your CIBIL score and financial profile in multiple ways:

• Pre-Approval Impact

Lenders carry out a credit report hard inquiry upon receiving a loan application. This may lower your CIBIL score for a short period. The impact depends on your past credit behaviour and the number of recent hard inquiries.

• Post-Repayment Impact

Timely EMI payments help improve your CIBIL score by demonstrating responsible credit management. A strong repayment history enhances your financial profile, increasing your chances of securing better loan offers with favourable terms.

An instant loan of ₹2,000 can help cover various urgent expenses. Here is how it can be used:

• Essential Expenses

A ₹2,000 loan can help pay for unexpected utility bills such as phone recharges, month-end groceries, and medicines. It can also be used to refill a monthly travel pass or purchase fuel.

• Modest Investments

It can be used to buy study materials or enrol in online courses for skill development.

• Wedding Expenses

It can cover the cost of a gift for a sudden wedding invitation or be used to purchase appropriate attire for the wedding event. It is useful for managing small, unexpected wedding-related costs.

• Moving to a New Place

The amount can be used to buy small decorative items or functional furniture. It can also help in purchasing kitchen essentials, bedding, and toiletries.

• Lifestyle

It can cover the cost of a weekend meal, a movie outing, or a short trip. The amount can also be used to buy or renew a subscription for an OTT platform, music service, or educational app. 

Additionally, you can upgrade accessories such as a phone case, headphones, or a smartwatch strap.

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