Apply ₹2 Lakh Personal Loan Online with Instant Approval

A ₹2 lakh personal loan helps meet various financial requirements like debt consolidation, home renovation, or an unexpected medical emergency. This sum is significant enough to cover substantial expenses, yet manageable enough to repay without overburdening the borrower. No asset or property is required as security while taking this loan. Approval is based mainly on income stability and credit behaviour. With the application process now largely online, applying for a personal loan has become faster and simpler than before.

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End-user (customer)hereby consents to Loantap financial technology being appointed as your authorized representative to receive your Credit Information from Equifax on an ongoing basis until the purpose of Credit Risk Assessment. is satisfied or the expiry of 6 months from the date the consent is collected; whichever is earlier.

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2 Lakh Personal Loan EMI Calculator

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  • 50 K
  • 1 Cr
Years
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  • 5
%
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Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹2,00,000

Interest Payable

Total Amount Payable

Written By
Abigail Simmons
Abigail Simmons
Driven by a curiosity for how everyday decisions shape our financial journeys, Abigail turns complex money matters into clear, engaging stories. She helps readers understand financial trends, whether it’s credit, loans, or smart money habits. When she is not decoding RBI updates or tracking industry shifts, she’ll be comparing savings hacks or just taking a long walk.
Reviewed By
Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Last Updated: 21 February 2026

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What is a Personal Loan of ₹2 Lakh?

A personal loan of ₹2 lakh allows borrowing without pledging any asset. The EMI changes with the chosen tenure. A longer tenure lowers the personal loan ₹2 lakh EMI but increases the total interest paid over time. A shorter tenure results in higher monthly payments and a lower overall loan cost. The right balance depends on income stability and existing financial commitments. It is ideal to use a Personal loan EMI calculator to compute your expenses in advance.

What are the Features of a ₹2 Lakh Personal Loan?

The ₹2 lakh personal loan comes with features suited for short and medium-term needs:

  • No collateral or security required
  • Funds can be used for any personal purpose
  • Interest rates are linked to credit profile and income stability
  • Flexible repayment tenures
  • Fully online application process
  • Quick approval and disbursal for eligible applicants, especially with NBFC personal loans.

Why Consider a ₹2 Lakh Personal Loan?

A ₹2 lakh personal loan offers flexibility that many other loan types do not. There are no restrictions on how the money must be used, which gives borrowers full control over their spending decisions.

Another reason this loan amount is popular is speed. Many lenders offer a ₹2 lakh instant personal loan with minimal paperwork and quick disbursal, making it suitable for urgent financial needs. For borrowers who meet eligibility conditions, the process is usually straightforward and largely online.

What are the Eligibility Criteria for a ₹2 Lakh Personal Loan?

Most lenders assess the following criteria before approving a ₹2 lakh personal loan:

  • Income: A regular source of income to demonstrate repayment capacity
  • Credit Score: Generally needs to be around 700 or above
  • Employment Status: Stable employment, either salaried or self-employed
  • Age: Between 21 and 60 years

A good borrower profile can help secure a better ₹2 lakh personal loan interest rate. To assess better, use a personal loan eligibility calculator to check if you qualify.

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What is the Interest Rate for a ₹2 Lakh Personal Loan?

Interest rates for a personal loan of ₹2 lakh depend on factors such as income profile, credit history, and lender policies. Below are indicative rates offered by select lenders. For a better clarity on personal loan interest rates, compare each lender before applying.

Bank Interest Rate (PA)
SBI 10.05% – 15.05%
HDFC Bank 10.9% – 24%
ICICI Bank 10.45% – 16.5%
Axis Bank 9.5% – 21.55%
Kotak Mahindra Bank 10.99%
Bajaj Finserv 10% – 31%

The above interest rates are indicative; exact rates are finalised after profile assessment.

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What is the ₹2 Lakh Personal Loan EMI for 5 Years?

The ₹2 lakh personal loan EMI for 5 years depends on the interest rate offered. At an assumed rate of 10.45% per annum, the repayment details are as follows:

Loan Amount Loan Tenure Interest Rate Monthly EMI Total Interest Payable Total Amount Payable
₹2,00,000 5 years 10.45% p.a. ₹4,292 ₹57,520 ₹2,57,520

This table gives a clear picture of the monthly commitment and total repayment.

What are the Documents Required for a ₹2 Lakh Personal Loan?

To apply for an instant personal loan of ₹2 lakhs, lenders usually ask for basic documentation. The personal loan documents required are as follows.

  • Identity proof such as PAN card, Aadhaar card, Passport, or Driving Licence
  • Address proof like Aadhaar card, utility bills, or rental agreement
  • Income proof, usually recent salary slips or bank statements
  • Employment or business proof, depending on applicant type

Providing complete and accurate documents helps speed up the approval process.

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How to Apply for a Personal Loan of ₹2 Lakh?

Borrowers can apply for a ₹2 lakh personal loan through the Urban Money website:

  • Visit the official Urban Money website
  • Select Personal Loan from the loan categories
  • Browse lenders offering personal loans up to ₹2 lakh
  • Click Enquire Now on the preferred option
  • Enter basic details such as name, city, income, and mobile number
  • Verify your details using the OTP sent to the registered number
  • An Urban Money loan specialist will connect with you and assist until disbursal

After approval, the personal loan of ₹2 lakh is credited directly to the borrower’s bank account.

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Frequently Asked Questions (FAQs)

Can a student get a ₹2 lakh loan?

Yes, a student can get a ₹2 lakh loan, usually as a student personal loan. For a personal loan, most lenders require income proof or a co-applicant/guarantor with stable income.

Can I avail of a ₹2 lakh personal loan without income proof?

Most banks require income proof, such as salary slips or bank statements. However, some NBFCs or digital lenders may offer small loans based on alternative credit assessment, though at higher interest rates.

Can I prepay or foreclose on the ₹2 lakh personal loan?

Yes, most lenders allow prepayment or foreclosure after a minimum lock-in period. However, foreclosure or prepayment charges of 2%–5% may apply depending on the lender’s policy.

How does a ₹2 lakh personal loan affect my credit score?

Timely EMI payments can improve your credit score and strengthen your credit history. However, missed or delayed payments can significantly lower your score.

What happens if I miss an EMI payment for a ₹2 lakh personal loan?

Missing an EMI may attract late payment charges and penalty interest. It will also negatively impact your credit score and may lead to recovery action if delays continue.

How long is the repayment tenure for a ₹2 lakh personal loan?

Repayment tenure usually ranges from 12 months to 5 years. Shorter tenures increase EMI but reduce total interest paid.

Can I get a ₹2 lakh personal loan with a low credit score?

It may be difficult, but not impossible. Some NBFCs may approve the loan at higher interest rates or with stricter terms if your credit score is low.

Can I apply for a ₹2 lakh personal loan online?

Yes, most banks and NBFCs offer fully online application processes. You can apply through their website or mobile app with digital KYC and document upload.

Can I increase the loan amount after availing a ₹2 lakh personal loan?

Some lenders offer a top-up loan if you have a good repayment track record. Approval depends on your eligibility and current credit profile.

What is the EMI for a ₹2 lakh personal loan?

At 12% interest for 3 years, the EMI would be approximately ₹6,600 per month. The exact EMI depends on the interest rate and tenure chosen.

Which banks give a ₹2 lakh personal loan?

Banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank offer ₹2 lakh personal loans. Many NBFCs, such as Bajaj Finserv and Tata Capital, also provide similar loans.

What is the minimum salary for a ₹2 lakh personal loan?

Most lenders require a minimum monthly salary of around ₹15,000–₹25,000, depending on the city and employer profile. A stable job and good credit score improve approval chances.

What is the interest rate for a ₹2 lakh personal loan?

Interest rates typically range from 10% to 24% per annum. The exact rate depends on your credit score, income, and lender policies.

Can I get a ₹2 lakh personal loan using Aadhaar?

Aadhaar can be used for identity and address proof during the application process. However, you will also need PAN and income proof, as Aadhaar alone is not sufficient for loan approval.

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