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Personal Loan of Rs. 2 Lakhs

If you are looking for a personal loan of Rs. 2 lakh, you can apply for one through Finnable’s personal loan app. The process is no longer strenuous. All you will need to do is meet the personal loan eligibility criteria and have the requisite documents ready.

You can utilize the Rs. 2 lakh personal loan as a wedding loan online, a car loan, or an instant education loan. Availing a personal loan through Finnable has multiple benefits: 

  • To start with, it’s an unsecured loan. This means that you do not need to pledge any collateral against the personal loan upto 2 lakh rupees
  • The funds from the personal loan will be disbursed within 6 hours of document verification. You will no longer be required to wait for days until the funds are credited as the process is instantaneous. 
  • The documentation is simple and you only need to submit your KYC and income proof.
  • The entire process of applying for an instant loan is 100% digital. All you need to do is download the personal loan app to apply for the loan.
  • If you need an education loan, you can apply for a instant 2-lakh loan for students despite having a low CIBIL score. 
  • Using the online personal loan EMI calculator gives you an idea of what the EMI on your Rs. 2 lakh loan scheme would be. This gives you a chance to be better prepared while creating a monthly financial budget. 

Eligibility For 2 lakh Personal Loan

To be eligible for a Rs. 2-lakh personal loan, you must:

  • Be a citizen of India
  • Be between the age group of 21-45 years of age
  • Hold a full-time job in the government or private sector
  • Receive a monthly salary of Rs. 20,000/- while living and working in a Tier-I city or Rs. 15,000/- while residing in a Tier-II city
  • Receive the income directly in your bank account
  • Be working in your current organization for more than 3 months and have a minimum of 6 months of total work experience

Personal Loan Application Process

You can apply for a personal loan of Rs. 2 lakhs through Finnable’s personal loan app. The process is simple and quick. All you need to do is:

  • Download the personal loan app and create your profile. Ensure that you add all your personal and professional details.
  • Choose the type of loan, the principal amount, and tenure.
  • Upload the documents as mentioned. 

If all the information and documentation are in place and without error, your INR 2-lakh personal loan will be disbursed within 6 hours of document verification.

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Your equated monthly installment or EMI is the part of the principal amount and the personal loan interest rate that is paid during the tenure of the personal loan for 2 lakhs. To calculate the personal loan EMI, you can use the following mathematical formula to derive the EMI amount.

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

P= Principal loan amount

R= Rate of interest

N=Tenure of the loan

Alternatively, instead of calculating your EMI with these variables, you can just use the personal loan EMI calculator to get the EMI amount instantly.

Yes, you can apply for an instant 2 lakh rupees personal loan on your Aadhar card as it is one of the most important documents required while applying for an instant loan. However, you will also need to submit your income proof along with the Aadhar card.

While there was a time when you had to hand over post-dated cheques, you will now be required to fill an e-mandate registration.  

This e-mandate registration form will be a standing instruction to the bank or NBFC permitting them to deduct a certain amount of funds, i.e., the EMI on a pre-decided date, from your bank account. The tenure of this e-mandate is till the loan is completely repaid.

Once your loan is sanctioned, all you have to do is grant customer authorization for the EMI amount to get directly debited from your bank account. That way, you  won't have to worry about forgetting your EMI payments.

Depending on your CIBIL score and monthly income, the interest charged on the loan will be between 16% to 26%

As an RBI regulated NBFC, we are required to follow the procedures which include getting KYC documents from our customer’s. So, it is mandatory to submit documents to get a loan online.

Yes, extremely safe. Finnable is an RBI regulated NBFC

Yes, it is possible to foreclose or prepay an active Finnable loan. Foreclosing or prepaying means that one wishes to prepay the loan amount earlier than the loan tenure/period. This is allowed after 6 months of getting the loan.

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