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.
2 lakh Personal Loan Interest Rates
The interest rate on a personal loan of Rs. 2 lakh is influenced by several key factors. Lenders consider these determinants to assess the credit risk associated with the borrower and determine the appropriate interest rate for the loan. The main determinants include:
Credit Score
A borrower’s credit score is one of the most critical factors affecting the interest rate. A higher credit score indicates a strong credit history and repayment track record, reducing the perceived risk for the lender. Borrowers with higher credit scores generally qualify for lower interest rates.
Income and Employment Stability
Lenders assess the borrower’s income and employment stability to gauge their ability to repay the loan. A stable income and steady employment history enhance the borrower’s creditworthiness and may lead to a lower interest rate.
Loan Tenure
The loan tenure, which is the duration of the loan repayment period, also impacts the interest rate. Generally, longer loan tenures result in higher interest rates compared to shorter-term loans.
Loan Amount
The loan amount requested by the borrower can influence the interest rate. Higher loan amounts might attract slightly higher interest rates as they represent a higher credit risk for the lender.
Type of Interest Rate
Personal loans can have either fixed or floating interest rates. Fixed rates remain constant throughout the loan tenure, while floating rates may vary with market fluctuations. Fixed rates tend to be slightly higher, providing borrowers with stability in repayment amounts.
Debt-to-Income Ratio
Lenders evaluate the borrower’s debt-to-income ratio, which compares their total debt obligations to their income. A lower debt-to-income ratio demonstrates better repayment capacity and can lead to a lower interest rate.
Relationship with the Lender
Existing customers of the lender with a positive banking relationship may be offered preferential interest rates as a reward for their loyalty.
Market Conditions
Overall market conditions and the prevailing interest rate environment can impact personal loan interest rates. Economic factors and the Reserve Bank of India’s (RBI) monetary policies can influence interest rates across various loan categories.
Competition
The competitive landscape among lenders also plays a role in determining interest rates. Some lenders may offer promotional interest rates or special offers to attract borrowers.
Note that each lender may weigh these factors differently, resulting in varying interest rates for the same loan amount. Borrowers are encouraged to compare loan offers from different lenders to find the most competitive interest rate that suits their financial needs and repayment capabilities. Additionally, maintaining a good credit score and a stable financial profile can help borrowers secure more favorable interest rates on their personal loans.
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
Documents Required for Personal of Rs. 2 lakh
When applying for a Finnable’s personal loan of Rs. 2 lakh, the specific documents required may vary depending on our policies and the type of loan being applied for. However, here are some common documents that are typically requested by Finnable:
Identity Proof
- Aadhaar Card
- Passport
- Voter ID Card
- Driving License
- PAN Card
Address Proof
- Aadhaar Card
- Passport
- Voter ID Card
- Utility bills (electricity, water, gas, etc.)
- Bank account statement
Income Proof
- Salary slips for the last 3 to 6 months (for salaried individuals)
- Bank statements for the last 6 months (for self-employed individuals)
- Income Tax Returns (ITR) for the last 2 to 3 years (for self-employed individuals)
Employment Proof
- Employment certificate or offer letter (for salaried individuals)
- Business continuity proof (for self-employed individuals)
- Passport-size photographs
Other Documents
Any additional documents specific to your case or the type of loan being applied for. For example, if the loan is secured against an asset, Finnable may request relevant asset documents.
Application Process for 2 Lakhs Personal Loan
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.
FAQs About 2 Lakh Loan
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.
Customer Service contact - makeiteasy@finnable.com (You will get a reply within 24 hrs)
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