Personal loans with terms up to five years are provided by a number of banks and financial institutions in India. To keep your EMI rates on the lower side for a 2 lakh personal loan, choose a duration of 5 years.

The funds can be used for debt consolidation, paying for urgent obligations like medical bills and rent, and other essential needs.

You can repay the loan at your own pace and leisure with a 2 lakh personal loan with a five-year repayment period. With a 9% average interest rate, your monthly payments will be roughly RS.4,152. A simple visit to the official website of your favourite bank and accurate completion of all the essential fields are all that are needed to submit an online personal loan application. Wait a few minutes

Eligibility Criteria for 2 Lakh Personal Loan 

Prior to submitting an application for a personal loan of any amount, be sure to check the bank's qualifying requirements for personal loans along with calculating your loan EMI.

Despite the fact that different banks have varying requirements for personal loans, all bank employees take a few basic elements into account while examining loan applications.

Here are the main considerations you should make before asking for a loan of Rs. 2 lakh :-

Age

A personal loan application for Rs. 2 lakh must be submitted by applicants who are at least 21 years old. All personal loan applications must be made by borrowers who are 65 years of age or older. Many Indian banks provide personal loans to borrowers who are at least 18 years old in addition as well.

Income

You must make an average monthly salary of R.25,000 to be eligible to apply for a personal loan in the amount of Rs. 2 lakh. For those who are paid a salary, this mostly applies. In order to qualify for a personal loan, self-employed people must present bank statements showing an annual income of approximately 5 lakhs.

Credit Score

You must have a credit score of 650 or higher to be eligible to apply for a 2 lakh personal loan. Based on their present income situation, other financial responsibilities, and other factors, most banks favour applicants who have credit scores of 700 and higher. Therefore, prior to loan application, verify your free credit score.

Work

When applying for a personal loan, regardless of whether you want to receive a loan for RS.25,000 over three years or for a longer period of time, you must demonstrate that you have a reliable source of income. In contrast to individuals who work for themselves, those who are salaried enjoy a steady income. Because of this, many banks prefer to only lend money to people who are employed.

Documents Required For 2 Lakh Personal Loan 

You do not always need a big list of paperwork to verify your eligibility to your selected bank if you want to apply for a 2 lakh loan plan for emergency purposes right away.

If you want to apply for a personal loan up to Rs. 2 lakh, you must provide a few documents.

KYC documentation

It is necessary to present identification documents such as your driver's licence, passport, Aadhaar card, voter card, and PAN card.

Address Proof

You can provide address evidence by submitting utility bills, such as your water, electricity, and phone bills, as well as your driver's licence or passport.

Passports Size Photo 

When applying for a loan of Rs. 2 lakh, each applicant is required to provide at least two passport-size photos.

Income Proof 

You must provide two months' worth of pay stubs as well as your employer's salary certification as proof of your income if you want to be approved as a borrower. For the past six months' worth of pay stubs, as well as your income tax returns, will be helpful in demonstrating your consistency of income. Self-employed individuals who apply for a personal loan of Rs. 2 lakh may be required to provide their profit loss balance sheets as well as documentation of their enterprises.

How to Apply for 2 Lakh Personal Loan 

You have two options for applying for a personal loan: in person at the branch of your local bank, or online. You must visit the bank location if you opt to submit a personal loan application offline. The internet method, on the other hand, is significantly quicker and easier. Before you apply for a loan, figure out your monthly payments using an EMI calculator for a loan of Rs. 2 lakh.

The following are the key actions you must take in order to apply for a 2 lakh loan online:

Step 1: Examine all the various interest rates and other text benefits that the top banks and financial institutions of the present day are currently offering.

Step 2: Visit the official website of your desired bank after selecting the plan you wish to use, and look for the "apply online" option.

Step 3: Provide your phone number for verification.

Step 4: Provide the required information, including your name, address, date of birth, income documentation, and KYC.

Step 5: After submitting all necessary paperwork, submit the form online and wait for the bank employees to transfer loan amount into your bank account.

Conclusion 

Never before has it been so simple to apply for a personal loan of Rs. 2 lakh. Anyone who satisfies the necessary eligibility requirements can obtain affordable personal loans thanks to a quick application process, low documentation requirements, and affordable interest rates.