How to Get a 2 Lakh Personal Loan?

Highlight: Emergencies are unpredictable. Don’t let financial emergencies dictate your life. Instead, avail of a personal loan and sail smoothly through unforeseen situations.

Money is never enough. There will always be instances when your contingency plans do not adequately cover your planned or unplanned expenses. Often, the need for liquid funds arises suddenly, and you may struggle to arrange it. 

Imagine what you would do if you had to raise ₹2 lacs overnight. Credit cards may not help, as they have restrictions due to their credit and cash withdrawal limits. Requesting your friends and family for a ₹2 lac loan may also not be feasible. The only practical and quick solution to your problem is to avail of a ₹2 lac personal loan. 

If you are planning to apply for a personal loan in the range mentioned above, you are at the right place. Read on to understand how to get a ₹2 lac loan on Aadhaar card verification hassle-free from Fibe.

A personal loan is an easy-to-avail, collateral-free, unsecured loan. You can get approval quickly after the successful verification of your documents. A personal loan does not require you to pledge any of your valuable security or bring in a guarantor. 

You get such a loan primarily based on your eligibility criteria, repayment capacity, and credit score. Personal loans offer flexibility and convenience from the application stage to the repayment process. The funds received from these loans have no end-use restrictions, so you can meet various purposes, be it a medical emergency or your child’s education needs. 

Also Read: What are some of the do’s and don’ts for an instant personal loan in India?

Personal loans in India: Features at a glance

Before applying for an instant ₹2 lac loan from any lender, learn of a few essential attributes of this form of credit. Here’s a quick rundown of its features.

• Borrow money without collateral for use as per your requirements
• Ease of applying online, which saves time and energy
• Simple and minimal documentation process 
• No hard copies or physical documentation required
• Loans are approved quickly based on your eligibility 
• Funds are disbursed to your bank account within 24 hours of loan approval
• Low application fees
• Competitive interest rates based on the lender and your eligibility 
• Convenient EMI options with online EMI calculators to help you plan your monthly payment

Personal loans in action: How to utilise the money

Think of all the situations where you or someone known to you had to arrange funds urgently. The availability of a personal loan helps provide support in various circumstances. 

Here are a few examples of where personal loans might benefit you:

• Medical emergency

Healthcare can be expensive. Whether it is an outpatient procedure, a surgery, or a routine consultation, you need sufficient access to monetary resources. Personal loans serve as an immediate source of funds at your disposal during medical emergencies.

• Education requirements

Paying large sums for educational purposes amidst a cash crunch is a reality most students and parents live with. A personal loan can be used in cases where you need to make a large payment. This will help you hold on to your investments and savings while providing you with adequate cash in hand.

• Travel

No longer considered a luxury, domestic or international travel is commonplace today. Personal loans help provide the financial backup needed for your trips. 

• Renovation of your house

Your ideal home no longer needs to be a distant dream. Personal loans provide you with the convenience to upgrade your interiors, expand the existing structure, upgrade the furniture, or carry out maintenance as required.

• Marriage

Personal loans are a great way to finance your wedding plans without draining all of your savings. Plan your special day with ease rather than worrying about finances.

• Upgrade gadgets

Modern devices are evolving rapidly. While they provide convenience, they can also be costly. A personal loan comes in handy when you need to purchase expensive laptops, cell phones, TVs and more. You can also upgrade other home and kitchen appliances with an instant ₹2 lac loan.

• Small business

If you run a start-up or a small enterprise, your urgent monetary requirements can be fulfilled by applying for a personal loan. You can utilise the loan amount to pay staff salaries, buy small equipment or machinery, or acquire a bigger workplace. Whether you want to opt for a loan up to ₹2 lacs or borrow a higher amount, simply check your eligibility and choose the right lender to proceed. 

• Credit cards and other bill payments

A loan up to ₹2 lacs can help you pay off expensive credit card or utility bills. In fact, if you have multiple credit card debts, you can borrow a personal loan for debt consolidation and repay more comfortably and affordably. 

Eligibility criteria for a ₹2 lac personal loan

Personal loan eligibility criteria broadly remain the same for all lenders. However, make it a point to read the terms before applying for a ₹2 lac loan on Aadhaar card verification with a lender of choice. 

Here are some common parameters you need to meet:

• You have to be a resident of India
• You have to be at least 21 years of age and up to 60 years 
• You are required to have valid identification proof
• An active Indian bank account registered in your name will also be required when you apply for a ₹2 lac loan on Aadhaar card verification 
• An optimal CIBIL score (greater than 700) is usually a must when opting for a personal loan of up to ₹2 lacs or more
• You must be financially stable with a regular source of income

Once the eligibility requirements of your lender are met, you can proceed with online verification of critical documents, which include your loan application form, Aadhaar & PAN card, latest salary slips, etc. Post verification, you get the funds credited to your bank account.

How to improve your eligibility for an instant ₹2 lac loan

Follow these easy tips and tricks to improve your personal loan eligibility.

• Work towards decreasing your debt-to-income ratio by clearing all your outstanding debt as quickly as possible
• Maintain a good credit score through healthy financial practices, such as not applying for multiple loans simultaneously
• Identify all your sources of income with complete transparency to prove your ability to repay your ₹2 lac loan
• Ensure that you fulfill your preferred financial lender’s eligibility criteria
• Fill out the loan application form carefully and correctly, as discrepancies could raise suspicion and lower your chances of personal loan approval

Remember that implementing these measures can help you pay your ₹2 lac personal loan EMIs stress-free, without overburdening your monthly finances.

How to get a ₹2 lac personal loan

Simply follow these guidelines to get quick loan approval.

1. Visit the financial institution’s website or mobile app and check your eligibility for a personal loan.
2. Fill out an online loan application form, including your employment and financial details.
3. Choose the loan options that suit your requirements, and provide details, such as payback period, interest rate, etc.
4. Upload applicable documents on the website of the lending financial institution.
5. Once approved, your loan amount will be transferred to your bank account within one working day.

Also Read: 5 Factors That Affect Your Personal Loan Interest Rate

Whether you need funds during an emergency or otherwise, following the above tips will help you apply for a ₹2 lac loan in a simple, convenient manner. On Fibe, you can get this amount in just 2 minutes. Simply download our instant loan app or register on our website.

FAQs on ₹2 lac personal loans

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

The EMI for a loan of ₹2 lac depends on the applicable interest rate, loan amount and several other factors. At Fibe, your ₹2 lac personal loan EMI for a tenure of 24 months at 30% p.a. is approximately ₹13,400.

How to know if I am eligible for a ₹2 lac personal loan?

You can check if you meet the required eligibility parameters set by a lender and then proceed to apply for a loan. At Fibe, qualifying for such a loan is easy.  

What are the factors affecting your EMI for a ₹2 lac personal loan?

There are various factors having an impact on your EMI, such as your credit score, loan amount, chosen repayment tenure, your age, income, interest rate, etc.

Can I get a personal loan of ₹2 lacs?

Yes, you can get a personal loan of this amount if you meet the required eligibility criteria. Simply check if you match the parameters set by Fibe, and get your loan disbursed within minutes post approval. 

How can I get a ₹2 lacs loan without a salary slip?

You can get a personal loan without a salary slip by providing an alternate proof of income to the lender. This generally refers to bank statements linked to your salary account. 

What documents are required for a ₹2 lacs loan?

You need to complete your KYC documentation by submitting any one of these: Aadhaar card, PAN card, Passport, Voter ID, etc. In addition, you have to provide your income proof documents.

Can a student get a ₹2 lacs loan?

Yes, any student above the age of 21 years can apply for a personal loan after meeting the required eligibility criteria.