Most Non-Banking Financial Companies (NBFCs) provide online Personal Loans of ₹2 lakh. The interest rates usually start from 10.25% p.a. onwards for a tenure of up to 5 years. The interest rates depend on factors like age, monthly income, credit score, job profile, employer’s profile, etc.
Nowadays, you can apply for online Personal Loans on lenders’ websites and get instant approval. Many lenders provide pre-approved instant Personal Loans with quick loan disbursal to select customers by some lenders.
Main Features of This Loan
- Interest rates: usually at 10.25% onwards.
- Repayment tenure: Mostly up to 5 years (Some lenders offer loan tenures up to 7 years).
- Any end usage restriction by lenders except for speculation.
- Processing fee: usually charged up to 4%. Also waived off during special festive offers.
Eligibility Criteria for ₹2 Lakh Personal Loan
- 22 years old at the time of the loan application, 58 years when the loan matures
- A resident of India
- Salaried and self-employed individuals with at least one year of work experience
- Having a minimum monthly income of ₹20,000
- Having a CIBIL score of 750 and above (enhances the chance of getting the loan with lower interest rates)
Documents Required for Personal Loan of ₹2 Lakh
- Proof of ID, Signature, Address
- PAN card
- Bank account statements (past six months)
- ITR/Form 16
- Proof of business
- ITR, P&L account, balance sheet, and income computation for the last couple of years
- Form 26 AS, Income Tax Challan or TDS certificate
What is EMI? What is the need to calculate EMI?
EMI (Equated Monthly Instalment) is the regular payment amount made by a borrower to a lender. It is paid at a specified date each calendar month. You can calculate the EMI before applying for an online Personal Loan as it can help you assess your monthly commitment without stressing your financial budget.
How To Calculate Monthly EMI And Repayment Schedule?
Planning your loan is vital to borrowing efficiently and optimally. It means getting a clear idea about the amount you need, the tenure you’re comfortable with, and the EMIs you can handle. This calculation of EMI can be helpful and is a must-do for all borrowers. It helps you from making common and costly mistakes and saves interest money when done right.
Using the Personal Loan EMI Calculator available on the lender’s website, you can calculate the EMI before applying for an online Personal Loan. This calculator is generally free to use so you can use it anytime and any number of times to calculate your loan EMI.
₹2 Lakhs Personal Loan EMI Calculator Steps
Following are the steps for 2 Lakhs Personal Loan EMI calculator:
- Visit the page
- Enter the loan amount you want to borrow
- Enter the interest rate offered
- Input the tenure
- Check the results under ‘EMI Amount’
Components of ₹2 Lakhs Personal Loan Monthly EMI Calculator
There are three key elements of the online EMI calculator. You can get correct results by changing these values based on the loan term. Following is a quick guide for your information.
The loan amount is the desired amount you want to borrow from the lender. At the planning tenure of a loan, you should input the amount you need. You can either enter the values for the loan numerically or by the slider feature on the calculator.
The interest rate is the rate offered by lenders. It starts at 10.99% but can vary based on your financial background. The entered amount should be accurate because it dictates your interest payable and the EMI amount.
Tenure is the period in which you should repay the loan. You should plan carefully as per your capability of repayment. The best tenure has an acceptable EMI amount and total interest payable.
You can avail of instant approval for your ₹2 lakh Personal Loan. But you should fulfil all the eligibility criteria while applying for the loan. Availing of the loan is easy but careful planning can help avoid delays in the disbursal. Not only first-timers, but experienced borrowers should calculate their EMI before applying for an online Personal Loan. Renowned financial institutions have free to use Personal Loan EMI Calculator, which makes calculations simpler, easier and faster.