How to Get a 2 Lakh Personal Loan?

Published on: 7 December 2021

Modified on: 22 May 2023

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

Money is never enough. There will always be situations where your financial contingency plans do not adequately cover your planned or unplanned expenses. Often, the need for liquid funds arises suddenly, and you might be left struggling to arrange it. What would you do if you had to raise INR 2 lakhs overnight? 

Credit cards might not help, as they have restrictions due to their credit and cash withdrawal limit. Requesting your friends and family for a 2-lakh loan may not be feasible and can turn embarrassing too. The only practical and quick solution to your problem is availing of a 2-lakh personal loan. Are you considering applying for a personal loan in the range mentioned above? Read on to understand how to get a 2-lakh personal loan in a hassle-free manner from a reliable lender.

A personal loan is an easy to avail, collateral-free, unsecured loan that is easy to apply and gets approved quickly after successfully verifying documents. A personal loan does not require you to provide security proof or bring in a guarantor. You are offered such a loan primarily based on your eligibility criteria, repayment capacity, and good credit score. Personal loans offer flexibility and convenience right from the application stage to the repayment process. The funds received from these loans can be used for various personal and emergency monetary requirements. 

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

• Option to borrow money for use as per your requirements – no restriction on the end-use
• Ease of applying online, saving time and energy.
• The documentation process is easy, number of documents required are basic and minimal that can be verified online
• No hard copies or physical documentation is required.
• Loans are approved quickly based on your credit report and other details
• Funds are disbursed to your bank account within 24 hours of loan approval.
• Low application fees.
• Competitive interest rates for all customers.
• Convenient EMI options for borrowers (Lenders provide online EMI calculators to help you calculate your monthly payment)
• Unsecured load that does not require collateral.

Personal loans in action – how can you utilize the money from this loan?

Think of all the situations where you or someone known to you had to arrange funds urgently. Availability of a personal loan will surely help provide monetary relief in all those circumstances—examples of where personal loans might benefit you are mentioned below.

• Medical Emergency – Healthcare is an expensive business. Whether you attend an outpatient procedure, surgery, or a routine consultation, access to monetary resources is necessary. Personal loans serve as an immediate source of funds at your disposal during medical emergencies.
• Education requirements – Paying large sums for educational purposes amidst cash strapped is a reality most students and parents live with. A personal loan can be used in cases where a large payment is required to be made. 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, abroad or everyone is enjoying domestic travel options. Personal loans help provide the financial backup needed for your trips, especially during international travel.
• Renovation of your house – Your ideal home needs no longer to stay a distant dream. Personal loans provide you the convenience to upgrade your interiors, expansion, up-gradation of 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. The funds received can help you plan your special day with ease rather than worrying about finances.  
• Paying for expensive gadgets – Modern devices are evolving rapidly. While they provide convenience, they can also be costly. A personal loan is handy in such situations when you have to make payments for expensive laptops, cell phones, television sets, etc.
• Small business – If you run a start-up or small enterprise, your urgent monetary requirements can be fulfilled by applying for a personal loan. you can utilize the loan amount to pay staff salaries, buy small equipment or machinery, or acquire a bigger workplace
• Credit Card and other bill payments – A personal loan can be a lifesaver when paying large bills incurred due to credit card usage or other utilities. You can draw a personal loan for debt consolidation and clear your credit card outstanding or foreclose a previous loan that is now being expensive for you.

Eligibility Criteria for INR 2-lakh personal loan

The loan eligibility criteria broadly remain the same for all financial lenders. However, it is advisable to read all rules and regulations before applying for a 2-lakh loan with your lender of choice. However, the standard and essential requirements are:

• You have to be a resident of India
• You must have completed 21 years of age (Indians in the age range of 21 to 60 years can avail of these loans)
• You are required to have valid identification proof
• An Indian bank account that is actively registered in your name will be required
• A strong CIBIL score (greater than 700) is a must
• You must be financially stable with a regular source of income (you will need to provide proof of income)
• Valid identity proof and address proof are a must (Aadhar card, pan card, passport, driving license, voter ID, etc.)

Once the eligibility requirements of your lender are met, you can proceed with online verification of critical documents (Loan Application Form, Aadhar & Pan Card, Salary Slips, etc.). Your financial lender requires this process to officially complete and award the loan amount.

How to get a 2-lakh personal loan? Tips to improve your chances of loan eligibility.

• Work towards decreasing your Debt-to-Income Ratio. Clear out all your outstanding debt as soon as possible.
• Maintain a perfect credit score and healthy financial practices; a 750 or above CIBIL score is ideal.
• Identify all your sources of income with complete transparency to prove your ability to repay your 2-lakh loan.
• To maintain a robust CIBIL score, refrain from applying for multiple loans simultaneously. 
• Check first and ensure that you fulfill your preferred financial lender’s loan eligibility criteria.
• Fill out the loan application form carefully and correctly. Discrepancies of any kind could raise suspicion and lower your chances of personal loan approval.

How to get a 2-lakh personal loan – Guidelines to be followed.

If you require a 2-lakh personal loan, the following guidelines will help you apply online for the same.

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 (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 during an emergency or otherwise, following the above tips will help you apply for a 2-lakh loan in a simple, convenient manner. So visit Fibe and apply for an easy personal loan to meet your needs right away!

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