Loans Upto ` 30 Lakh*
Quick Disbursal
Minimal Documentation
Flexible Tenure
Want a Rs. 2 lakh loan urgently? Apply online with SMFG India Credit and benefit from a quick approval personal loan at low interest rates starting from 13%* per annum. Enjoy prompt digital loan disbursal directly into your account, along with flexible repayment tenures ranging from 12 to 60 months. The application process is entirely paperless, enabling both salaried and self-employed individuals to apply from anywhere.
Whether for emergencies, travel, or planned purchases, your Rs. 2 lakh personal loan comes with several advantages, including quick approval and access to helpful tools such as the EMI calculator to plan repayments effectively – for example, estimating your Rs 2 lakh loan for 3 years EMI.
SMFG India Credit offers one of the best personal loans in India. Here’s what makes our Rs. 2 lakh personal loan a preferred choice:
Before applying for a Rs 2 lakh loan, make sure you meet the basic personal loan eligibility criteria.
You can use our personal loan eligibility calculator to assess your chances of loan approval, including the estimated financing you may qualify for.
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Factors for Rs. 2 Lakh Loan |
For Salaried Employees |
For Self-Employed Individuals |
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Age |
Must be between 21 and 65 years |
Must be between 25 and 65 years |
|
Nationality |
Must be a resident Indian |
Must be a resident Indian |
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Credit Score/CIBIL Score |
Must be 705 or above |
Must be 700 or above |
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Work/Business Experience |
Must have at least 1 year of work experience, with the last 6 months under the current employer |
Business must be at least 3 years old |
|
Minimum Income |
Monthly income must be at least Rs 25,000 (Mumbai/Delhi) or Rs. 16,000* (other cities) |
Annual turnover must cross the minimum threshold, varying based on the profession |
|
EMI (Equated Monthly Instalment) |
EMI should be a maximum of 60% - 70% of the monthly income |
EMI should be a maximum of 65% of the monthly income |
*Please note that this is only the basic eligibility criteria for a personal loan of Rs 2 lakh. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.
Applying for a Rs. 2 lakh loan online is simple and paperless. Submit basic personal loan documents like your PAN, KYC details, and income proof to complete your loan application.
Provide the following documents to verify your eligibility for a Rs. 2 lakh instant personal loan.
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Document Type |
For Salaried |
For Self-Employed |
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PAN Card |
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|
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Proof of Identity and Proof of Address (any one) |
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|
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Signature Proof (any one) |
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|
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Bank Statements |
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Income Documents |
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Business Proof (any one) |
NA |
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Key Notes for Applicants
If you choose to include a co-applicant for your personal loan of Rs 2,00,000, their essential documents, including KYC and PAN, will also need to be submitted. The checklist above serves as a general guide. Depending on your loan product, financial profile, or our prevailing policies at the time of offline or online application, you may be asked to submit additional paperwork.
At SMFG India Credit, the personal loan interest rate for a Rs. 2 lakh loan starts from 13%* per annum. Your rate depends on factors such as your credit score, income, loan tenure, and credit history. Maintaining a healthy CIBIL score for a personal loan can help you qualify for lower rates.
|
Fees & Charges |
Amount Chargeable |
|
Personal Loan Interest Rate |
Starting at 13%* per annum |
|
Processing Fee |
Up to 3.75% of the total loan amount + GST |
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Late Payment Charges |
2% per month (24% 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 Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation) |
INR 500 |
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Loan Cancellation Charges (loan cancelled before the first EMI) |
INR 1000 + GST |
|
Loan Tenure |
Up to 60 months |
Now, calculate the Rs. 2 lakh personal loan EMI for different loan tenures using our online personal loan EMI calculator instantly. The EMI for a 1-year loan tenure at 13% is Rs 17,863. For a 2-year tenure, it is Rs 9,508; for a 3-year tenure, Rs 6,739; for a 4-year tenure, Rs 5,365; and for a 5-year tenure, Rs 4,551.
|
Loan Amount (Rs) |
Interest Rate (per annum) |
Tenure (Years) |
EMI (Equated Monthly Instalment) (Rs) |
|
2 lakh |
13%* |
1 |
17,863 |
|
2 |
9,508 |
||
|
3 |
6,739 |
||
|
4 |
5,365 |
||
|
5 |
4,551 |
Disclaimer: These are approximate Rs 2 lakh personal loan EMI calculations; actual numbers may vary.
Applying for an Rs 2 lakh loan online through SMFG India Credit is quick and easy. Before beginning, be sure to check your personal loan eligibility online.
*Loan applications above Rs 2.50 lakh will undergo further processing. Our representative will reach out if clarifications are required.
A Rs 2 lakh loan can be used for various planned and unplanned expenses, including:
This unsecured loan can work as a personal loan for salaried applicants as well as a personal loan for self-employed individuals, providing customised solutions for different types of borrowers.
Getting a personal loan of Rs. 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 a Rs 2 lakh personal loan EMI plan that suits your budget. The Rs. 2 lakh personal loan interest rate starts at only 13%* per annum, ensuring manageable monthly payments and a low overall cost of the loan.
The online application process for getting a personal loan with SMFG India Credit is straightforward, allowing you to access a Rs 2 lakh 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 for a Rs 2 lakh loan today 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 small personal loan online under certain conditions.
Documents required for a ₹2 lakh instant loan:
You can view the complete list of documents required for a Rs 2 lakh instant personal loan here.
No. The loan of ₹2 lakhs can only be availed by an individual aged between 21 and 65 who is gainfully employed, either salaried or self-employed. Lenders or NBFCs (Non-Banking Financial Company) typically consider factors such as income, credit report, and repayment capacity to qualify for a personal loan.
The estimated EMI for a personal loan of ₹2,00,000 for a tenure of 5 years at an interest rate of 13% per annum turns out to be ₹4,551.
The estimated ₹2 lakhs loan for 3 years EMI is approximately ₹6,739, assuming an interest rate of 13% p.a.
The EMI for a personal loan of up to ₹2 lakhs 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 a loan of ₹2 lakhs, you can use the personal loan eligibility calculator:
To check your personal loan eligibility for a ₹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 ₹2 lakhs instant loan charges and interest rates influence the total cost of borrowing. The applicable charges are:
At SMFG India Credit, we will provide a decision on online loan applications within minutes of applying. The final loan approval time will depend on factors such as your eligibility, the accuracy of the submitted documents, and so on. Please note that the process for offline applications may take a few days.
The repayment time for a loan of up to ₹2 lakhs ranges from 12 months to 60 months at SMFG India Credit. You can get an estimate of the monthly ₹2 lakh instant loan EMI using our free personal loan EMI calculator.
You can follow our 4-step easy process to secure an instant loan of ₹2 lakh.
While SMFG India Credit ensures fast processing, please note that the approval and the ₹2 lakh loan disbursement times are subject to eligibility and the accuracy of the submitted documents.
At SMFG India Credit, the CIBIL score requirement for a loan of ₹2 lakhs is a minimum of 750.
While an Aadhaar card is important, you will also need to provide a few additional essential documents to apply for an instant ₹2 lakhs loan.
At SMFG India Credit, personal loan interest rates start from 13%* per annum.
