₹2 Lakh Personal Loan in India – Complete Guide

This presentation provides a comprehensive overview of ₹2 lakh personal loans in India, covering eligibility, required documents, application process, benefits, and leading lenders. It simplifies complex loan details into clear, concise points, helping individuals understand repayment options, interest rates, and key considerations before borrowing.

1. ₹2 Lakh Personal Loan in India Overview, Eligibility, Process & Benefits

2. Introduction FinCrif facilitates ₹2 Lakh personal loans for needs like weddings, business, home renovations, education, travel, and emergencies.

3. Key Benefits Unsecured Loan: No collateral or guarantor required. Fast Disbursal: Funds typically allocated within 24–72 hours. Flexible Tenure: Repayment from 12 to 60 months. Simple Process: Minimal documentation and online verification. Fixed EMI: Predictable monthly payments.

4. EMI Snapshot At 12% interest for 60 months, EMI is roughly ₹4,449/month. Use an EMI calculator for different rates and tenures.

5. Eligibility Criteria Age: 21–60 years (some lenders accept from 18). Income: Salaried ≥ ₹20,000/month, Self-employed ≥ ₹5 lakhs/year. Credit Score: CIBIL 650+ improves approval chances. Employment Stability: Salaried ≥ 6 months; Self-employed ≥ 2 years.

6. Required Documents For Salaried: Identity Proof, Address Proof, Salary Slips, Bank Statements, Photos. For Self-Employed: ITR, Audited Statements, Bank Statements, ID & Address Proof, Photos.

7. Step-by-Step Application 1. Compare lenders using online platforms. 2. Check eligibility via calculators and documents. 3. Fill application with loan amount and tenure. 4. Upload documents or use doorstep service. 5. Approval & Disbursal: Instant for pre-approved, else 1–2 days.

8. Considerations before Borrowing Interest Rates: Range from 10%–24%. Processing Fee: Around 1%–3% of loan amount. Foreclosure Charges: Early closure may attract 2%–4%. Hidden Costs: Bounce charges, late fees, document handling fees.

9. Top Lenders & Rates HDFC Bank: 10.5%–21%; fee up to 2.5%. ICICI Bank: 10.75%–22%; fee up to 2.25%. Axis Bank: 10.99%–24%; fee up to 2%. SBI: 11.15%–13.8%; fee ~1%. Bajaj Finserv: 11%–28%; fee up to 3%. PaySense, CASHe: 12%–34%; app-based.

10. Who Should Apply? Young professionals with immediate needs. Recently engaged couples planning weddings or honeymoons. Households managing medical emergencies. Users consolidating debt from credit cards. Salaried employees earning ₹20,000/month or more.

11. Final Thoughts A ₹2 Lakh Personal Loan is a flexible, fast, and accessible way to manage short-term needs. With the right lender and repayment plan, it can be a smart financial tool.