Interest Rate
Starting at 16%* p.a.
Loan Tenure
12-36 Months
Hidden Charges
Zero

Apply for ₹2 Lakh Personal Loan Instantly!

Address your immediate financial needs and fund requirements with a ₹2 Lakh Personal Loan. Whether for medical emergencies, home renovation, vacations, or weddings, we offer the funds at competitive interest rates and flexible repayment tenure. Apply online in just a few steps and get the funds instantly. Apply now!

Features And Benefits Of Personal Loans For ₹ 2 Lakhs

There are multiple features and benefits of Personal Loans, like:

  • Quick and Hassle-Free Process: Get instant approval and disbursement with minimal documentation via our streamlined digital process.

  • Flexible Usage: Use the loan amount for any personal need, such as medical emergencies, wedding expenses, home renovation, education, travel, or debt consolidation without any end-use restrictions.

  • Competitive Interest Rates: Enjoy attractive interest rates starting from 16% p.a., making your loan affordable with manageable monthly personal loan EMIs that fit your budget.

  • No Collateral Required: Being an unsecured loan, you don't need to pledge any assets or property as security, making it accessible for salaried and self-employed individuals.

  • Flexible Repayment Options: Choose from tenures ranging from 12 to 36 months, allowing you to select EMIs that align with your financial capacity and income flow.

  • Zero Hidden Charges: Complete transparency in pricing with no hidden fees, ensuring you know exactly what you're paying throughout the loan tenure.

  • Digital Convenience: Apply online from the comfort of your home, track your application status, and manage your loan account through our user-friendly digital platform.

Why Choose Poonawalla Fincorp

collateral icon No Collateral
Required
Use Icon No End-use
Restrictions
Interest Rate Icon Competitive
Interest Rate
EMI Icon Flexible
Repayment Tenure
Home Icon Swift
Disbursal
document Icon Minimal
Documentation

₹2 Lakh Personal Loan EMI Calculator

Plan your ₹2 Lakh Personal Loan EMIs efficiently with our EMI calculator. Just enter the loan amount, tenure, and interest rate, and know the monthly instalment amount instantly!

Optimise Your Personal Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹50000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
16%
36%

Tenure

Months
12 Months
36 Months

Apply for an Instant Loan Online

Step 1 icon

Click on "Apply Now”

Tap the Apply Now button to initiate your application.

Step 2 icon

Enter Details

Enter your DOB, PAN card number, monthly income, KYC details and residential details.

Step 3 icon

Instant Disbursement

The loan amount will be credited to your bank account instantly.

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for a ₹2 Lakh Personal Loan

Meet our simple criteria to qualify for a ₹2 Lakh Personal Loan:

  • Age: Between 24 and 55 years.
  • Citizenship: Indian.
  • Employment: Salaried and Self Employed, Full-time job with a government entity, public/private limited company, LLP, educational institution, or a company approved by Poonawalla Fincorp.
  • Annual Household Income: Minimum ₹3 Lakh.

Documents Required for a ₹2 Lakh Personal Loan

Skip the hefty paperwork and submit just a few essential documents to avail of an instant personal loan of ₹2 Lakh:

  • KYC Documents: PAN Card and Aadhaar Card.

Interest Rate and Charges for a ₹2 Lakh Personal Loan

Get your ₹2 Lakh Personal Loan at competitive interest rates and minimal charges:

Interest Rate
16%* p.a. onwards
Loan Amount
₹50,000 to ₹5 Lakh
Loan Processing Fees
Up to 4.5% plus applicable charges
Lowest EMI Per Month
₹1,962 for 36 months
Loan Tenure
12 to 36 months
Prepayment/Foreclosure Charges
0% if paid from own sources
4% If paid from other sources
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500 per bounce plus applicable taxes
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Monthly EMI for a Loan of ​​​​​​₹2 Lakh for Up to 3 Years

Check the payable EMIs for up to 3 years for a ₹2 Lakh Personal Loan:

Tenure Approximate Monthly Payment at 9.99% p.a. Interest Rate
1 year ₹18,146/month
2 years ₹9,793/month
3 years ₹7,031/month

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

What is the processing time for ₹2 Lakh Personal Loan?

You can get loan approval and disbursement instantly after successful verification. The entire process typically takes a few hours to complete once all documents are submitted. In certain cases, it may take up to 48 hours.

What affects the EMI for a ₹2 Lakh Personal Loan?

Three main factors will affect your ₹2 Lakh Personal Loan EMI. It includes the interest rate offered based on your credit profile, the tenure you choose, and the principal loan amount. It's important to consider your repayment capacity, as a higher interest rate or shorter tenure increases your personal loan EMI, while a longer repayment period reduces monthly payments but increases total interest cost.

What is considered to be a healthy credit score when applying for a ₹2 Lakh Personal Loan?

A higher credit score, usually 720 or above, is often required to assure lenders of the borrower's repayment ability. Depending on the lender, a higher credit score than 650 could also be acceptable, though you may receive slightly higher interest rates compared to those with higher scores.

How to get ₹2 Lakh Loan instantly?

Getting your desired loan amount of ₹2 Lakh is quite easy. You just need to follow these simple steps:

  • Apply online through our website with basic personal and employment details

  • Submit required KYC documents (PAN and Aadhaar) and meet minimum eligibility criteria

  • After submitting the application and documents, lenders typically review and verify the information for approval.

Upon approval, the funds from the Personal Loan are usually disbursed to the borrower's bank account quickly.

Which documents are required for a ₹2 Lakh Personal Loan application?

You only need basic KYC documents for address and identity proof (PAN Card and Aadhaar Card) to get a ₹2 Lakh personal loan. Income proof may be required during the verification process based on your employment type and profile. Some lenders may also require bank statements along with other documents.

How can I check my eligibility for a ₹2 Lakh Personal Loan?

You can check the eligibility criteria for a ₹2 Lakh Personal Loan on the lender's website. You can also make use of the online Personal Loan Eligibility Calculator. Mainly, it includes nationality, age, employment status, monthly income, credit score, and existing financial obligations.

What is the repayment tenure for ₹2 lakh Personal Loan?

The duration for a ₹2 lakh Personal Loan ranges from 12 to 36 months based on your financial comfort. While longer tenures offer lower monthly EMIs, they result in higher total interest payments over the loan period.

What are the eligibility criteria for obtaining the ₹2 Lakh Personal Loan?

Before applying for a ₹2 lakh Personal Loan, make sure you check the eligibility criteria on the lender's website. Typically, the loan eligibility for an instant Personal Loan includes -

  • Age requirements range from 21 to 58 years old.

  • Minimum household income to be ₹3 lakh annually.

  • A minimum of one year of professional experience.

How quickly can I expect approval for ₹2 Lakh Personal Loan?

Approval for a ₹2 Lakh Personal Loan is instant upon successful document verification and eligibility confirmation, and the fund disbursal to your bank typically happens within a few hours of approval.

Is collateral required for ₹2 Lakh Personal Loan?

No, there's no collateral required for ₹2 Lakh Personal Loans. You can avail of the personal loan based purely on your income and creditworthiness.

Can I get a ₹2 Lakh Personal Loan without income proof?

Yes, you don't need to submit any income documents as proof to get a ₹2 lakh Personal Loan, but your minimum monthly salary will be considered. Bank statements from the past three months may be required as part of the documentation for a Personal loan application, and you'll be required to enter income details in the application form.

Can I get a ₹2 Lakh Personal Loan without documents?

No, completely document-free loans aren't possible due to regulatory compliance requirements. However, you can get a ₹2 Lakh Personal Loan with minimal KYC documents (PAN Card and Aadhaar Card). In addition, many lenders require minimal documentation, including identity proof, address proof, bank statements, and income proof.

How to get ₹2 Lakh loan without salary slip?

Lenders will consider other factors like your credit score and existing financial obligations to assess eligibility. As a result, eligibility criteria for Personal Loans without a salary slip typically include alternative proof of income, like bank statements and Form 16. Providing income tax returns can help support a loan application without a salary slip.