Personal Loan for 2 Years

A personal loan with a 2-year tenure is a convenient option for those seeking to balance affordability and quick repayment. This medium-term loan provides adequate time to repay the borrowed amount without creating long-term financial strain. Whether it’s for planned expenses like weddings or urgent needs such as medical emergencies, a 2-year personal loan can be a practical financial solution.

Here’s a table displaying the interest rates and charges applicable to a two-year personal loan offered by various lenders on:

An EMI calculator is a useful tool that helps you estimate your monthly payments for a 2-year personal loan. By entering details such as the loan amount, repayment period, and interest rate, you can instantly calculate the EMI and the total cost of the loan.

Here are the steps to use an EMI calculator for a 2-year personal loan:

• Enter the loan amount you wish to borrow (e.g., ₹10 Lakhs) in the EMI calculator

• Enter the loan amount you wish to borrow (e.g., ₹10 Lakhs)

• Set the repayment tenure as ‘2 years’ or ‘24 months’

• Input the applicable interest rate (e.g., 9.99 % p.a.)

• View the calculated EMI, total interest, principal amount, and overall repayment amount

• Modify the inputs to compare different scenarios and choose a suitable repayment plan

To apply for a 2-year personal loan, you need to meet the following criteria:

• Indian Citizenship

Applicants must be Indian citizens

• Employment Type

Both salaried and self-employed individuals are eligible to apply

• Minimum Age

Applicants should be at least 18 years old to qualify

• Income Requirement

A monthly income of at least ₹10,000 is required

• Work Experience

Applicants must have a minimum of 1 year of work experience

• Credit Score

A CIBIL score of 600 or above is generally required for approval

To apply for a 2-year personal loan, you will need to submit certain documents. The list typically includes the following:

• Proof of Identity (Choose any one):

  • PAN Card

  • Aadhaar Card

  • Passport

  • Voter ID

  • Driving Licence

• Proof of Address (Choose any one):

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

  • Utility Bills (e.g., electricity or telephone bill)

• Proof of Income:

  • Recent bank statements or salary slips for the past three months

• Photographs:

  • Two recent passport-sized photographs

Since document requirements may differ between lenders, it is always a good idea to confirm the specific list with your chosen lender before starting your application. This ensures a smooth and hassle-free process.

Applying for a 2-year personal loan online is simple. Follow these steps to get started:

1. Select the ‘Check Offers’ option to begin

2. Fill in your personal information in the application form

3. Provide details such as the loan amount and choose the 2-year repayment tenure

4. Submit the completed form for verification

5. A representative will contact you to guide you through the next steps of the application process