Personal Loan of Rs. 2 Lakh
Facing unexpected expenses and looking for a quick financial boost? An instant* INR 2 lakhs loan could be your answer. Whether you need funds for an emergency or a high-end purchase an INR 2 lakhs personal loan can give you the financial fluidity you need. At SMFG India Credit, you can easily apply for an online INR 2 lakhs personal loan and get the approved funds within 30 minutes*. With minimal documentation requirements and a 100% paperless application process, you can apply for the loan from the comfort of your home.
With flexible repayment tenures starting at 12 months, you can choose the tenure as per your convenience and go up to 5 years. With our user-friendly online EMI calculator, you can get an estimate of the INR 2 lakhs* loan monthly EMI and plan your finances accordingly.
Eligible candidates, both salaried and self-employed, can enjoy affordable INR 2 lakhs personal loan interest rates at SMFG India Credit. Moreover, the loan is unsecured, meaning you don’t need to pledge any collateral such as a house or car. If you have any queries, our dedicated support team is available to assist you.
The eligibility criteria for an INR 2 lakh personal loan include factors such as your age, income, employment history, and creditworthiness. Let us have a closer look at the requirements. You can also use our personal loan eligibility calculator to estimate how much loan amount you may be able to borrow.
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Factor |
Salaried Individuals |
Self-Employed Individuals |
|
Age |
Your age must be between 22 and 65 |
Your age must be between 25 and 65 |
|
Nationality |
You must be a resident Indian |
You must be a resident Indian |
|
Credit Score |
Your credit score must be 750 or above |
Your credit score must be 750 or above |
|
Work/Business Experience |
Your work experience must be 1 year at least, of which the last 6 months must be under the current employer |
Your business must be at least 3 years old |
|
Minimum Income |
Your monthly income must be INR 25,000 if you live in Mumbai or Delhi and INR 20,000 for any other city |
Your annual turnover must cross the minimum threshold, which can vary according to the nature of your profession or the domain of work |
|
EMI as a Fraction of Income |
Your EMI should be a maximum of 60% - 70% of the monthly income |
Your EMI should be a maximum of 65% of the monthly income |
*Please note that this is only the basic eligibility criteria. The final eligibility will depend on several factors including SMFG India Credit’s policy at the time of loan application.
At SMFG India Credit, you need only a few essential documents to apply for an online loan of INR 2 lakhs. They include documents for KYC proof, income proof, business documents in case of self-employed applicants, and so on.
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Document Type |
Salaried Individuals |
Self-Employed Individuals |
|
Identity Proof |
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|
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Signature Proof |
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|
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Address Proof |
|
|
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Income Proof |
|
|
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Business Proof |
NA |
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Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
When applying for an INR 2 lakh personal loan with SMFG India Credit, it’s important to understand the associated fees and charges, as they can impact the overall cost of your loan. Below is a breakdown of the fees and charges you can expect when availing of our personal loan:
|
Fees & Charges |
Amount Chargeable |
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
|
Processing Fee |
Up to 5% of the total loan amount + GST |
|
Late Payment Charges |
Up to 3% per month (36% per annum) on overdue amount calculated on day to day basis payable from the relevant due date till date of actual payment. |
|
Cheque/ECS/NACH Dishonoured Charges (per dishonour of cheque/ECS/NACH per presentation) |
Rs. 300 to 1000 |
|
Loan Cancellation Charges (loan cancelled before first EMI) |
Rs. 1000 - 2500 |
|
Loan Tenure |
Up to 60 months |
Now calculate INR 2 lakh personal loan EMI for different loan tenures using our online personal loan EMI calculator instantly. The EMI for 1-year loan tenure at 13% is INR 17,863. For 2-year tenure is INR 9,508, 3-year tenure is INR 6,739, 4-year tenure is INR 5,365 and 5-year tenure is INR 4,551.
|
Loan Amount (Rs) |
Interest Rate (p.a.) |
Tenure (years) |
EMI (Rs) |
|
Rs 2 Lakhs |
13% |
1 |
17,863 |
|
2 |
9,508 |
||
|
3 |
6,739 |
||
|
4 |
5,365 |
||
|
5 |
4,551 |
Disclaimer: These are approximate EMI calculations, actual numbers may vary.
An INR 2 lakh personal loan can be a smart financial choice for various reasons. It gives you the necessary funds to cover a wide variety of expenses, from medical emergencies and debt consolidation to home repair, without depleting your savings. SMFG India Credit offers an instant* INR 2 lakh loan with easy-to-fulfil eligibility criteria and minimal documentation requirements so that you get the funds when you need them the most.
With fixed INR 2 lakhs loan monthly EMIs, you can spread your repayments over a period, making loan management easier to handle. You have the freedom to choose a loan tenure ranging from 12 to 60 months, allowing you to align your EMIs comfortably with your monthly budget and financial goals.
Applying for a personal loan of INR 2 lakh can also potentially improve your credit history and score. By making timely repayments on your INR 2 lakhs loan monthly EMI, you can demonstrate financial responsibility, which positively impacts your credit report. Over time, this responsible financial behaviour can boost your credit score, strengthening your eligibility for any financial products or credit applications in the future. Additionally, consistent repayment behaviour can build a strong relationship with the lender, potentially leading to preferential interest rates and favourable loan terms.
Here is how you can secure a personal loan of 2 lakh from SMFG India Credit:
Getting a personal loan of 2 lakh is a convenient and efficient way to meet various financial needs. With the ability to divide and repay the loan over a period of 5 years, you can choose an INR 2 lakhs personal loan EMI plan that suits your budget. The interest rates for SMFG India Credit’s INR 2 lakhs personal loan start at only 13%* per annum, ensuring manageable monthly payments and a low overall cost of the loan.
The application process for getting a personal loan with SMFG India Credit is straightforward, allowing you to access an INR 2 lakhs instant* loan without lengthy procedures. You can use our personal loan eligibility calculator and personal loan EMI calculator to estimate the maximum amount you can get, along with the expected monthly outflow. Apply now to take your first step towards achieving your financial goals with SMFG India Credit!
Check Your Eligibility Calculate EMI Apply Now
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
If you have a CIBIL score of less than 690, you can still get a loan on certain conditions.
Documents required for an INR 2 lakh loan:
No. The INR 2 lakh loan can only be availed by an individual aged between 21-60 who is gainfully employed, either salaried or self-employed. Lenders typically consider factors such as income, credit history, and repayment capacity to qualify for a personal loan.
The estimated EMI for an INR 2 lakh loan for a tenure of 5 years at an interest rate of 13% turns out to be INR 4,551.
The personal loan EMI is affected by factors like the loan amount, rate of interest, and loan tenure. Your personal loan EMI may also contain other charges, such as insurance and service fees, which the EMI calculator will not indicate.
To calculate your EMI for an INR 2 lakh loan you can use the Personal Loan Eligibility Calculator:
To determine your personal loan eligibility for an INR 2 lakh loan, use the personal loan eligibility calculator. The calculator calculates whether the applicant meets the eligibility criteria by assessing details like monthly income, age, existing liabilities, repayment capacity and credit score. It also estimates the loan amount the person can apply for.
The personal loan charges and interest rates influence the total cost of the loan. The applicable charges are:
At SMFG India Credit, we will provide the decision on online loan applications within minutes of applying. For a personal loan up to INR 2.50 lakhs*, the approved funds can be disbursed within 30 minutes*. Applications for loans of more than INR 2.50 lakhs* will be processed further. Please note that the process for offline applications may take a few days.
The repayment time for an INR 2 lakh* personal loan ranges from 12 months to 60 months at SMFG India Credit. You can get an estimate of the monthly INR 2 lakhs personal loan EMI using our free personal loan EMI calculator.
You can follow our 4-step easy process to secure a personal loan of INR 2 lakhs.
With SMFG India Credit’s fast processing, you can get an approved loan of up to INR 2.50 lakhs* disbursed into your account in just 30 minutes*. Please note that the approval and processing time is subject to eligibility and the accuracy of the submitted documents.