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Home Blog Cash Loan Instant Loans of ₹2 Lakh

Instant Loans of ₹2 Lakh Made Easy

Updated : March 8, 2024

Author : author_image priyanka.saha

2178 views

In today's fast-paced world, financial emergencies can strike at any moment. Whether it's a medical expense, home repair, or an unexpected travel plan, having access to quick and reliable funds is crucial. Instant loans have become a popular solution for those in need of immediate financial assistance. In this blog, we will explore the world of instant loans, specifically focusing on acquiring a loan of Rs 2 lakh urgently.

Understanding Instant Loans

Instant loans, also known as quick loans or payday loans, are short-term loans designed to provide borrowers with rapid access to funds. These loans are processed swiftly, often within a few hours, making them an ideal choice for urgent financial needs. The application process is typically online, eliminating the need for extensive paperwork and long waiting periods.

Purpose of ₹2 Lakh Personal Loan

A ₹2 lakh personal loan serves various purposes, providing borrowers with financial flexibility to meet their diverse needs. Here are common reasons individuals opt for a ₹2 lakh personal loan:

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Medical Expenses

Unexpected medical emergencies can arise at any time. A ₹2 lakh personal loan can be used to cover hospital bills, surgeries, or other medical expenses, ensuring that individuals can prioritise their health without worrying about immediate financial constraints.

Debt Consolidation

Borrowers may choose to consolidate multiple high-interest debts, such as credit card balances or other loans, into a single ₹2 lakh personal loan. This simplifies monthly payments and may offer a lower interest rate, helping individuals manage their finances more effectively.

Home Renovation

Home improvement projects often require a significant amount of funds. Whether it's remodelling a kitchen, upgrading a bathroom, or making essential repairs, a ₹2 lakh personal loan can provide the necessary capital to enhance living spaces.

Education Expenses

Funding education, whether it's for oneself or a family member, is a common reason for taking out a personal loan. This could cover tuition fees, books, or other educational expenses, ensuring access to quality education.

Wedding Expenses

Weddings can be expensive affairs. Couples may use a ₹2 lakh personal loan to cover wedding-related costs such as venue bookings, catering, decor, and other essential elements, making their special day memorable.

Travel Plans

Individuals often dream of exploring new destinations or taking a well-deserved vacation. A personal loan can help fund travel plans, allowing individuals to create unforgettable memories without compromising on the overall travel experience.

Vehicle Repairs or Purchase

Whether it's unexpected car repairs or the desire to purchase a used vehicle, a ₹2 lakh personal loan can provide the necessary financial support for individuals to maintain or acquire transportation.

Emergency Situations

Life is unpredictable, and unforeseen circumstances like natural disasters, sudden job loss, or any other emergencies may require immediate financial assistance. A personal loan can act as a safety net during such times.

Business Start-up or Expansion

Entrepreneurs or small business owners may utilise a ₹2 lakh personal loan to kickstart a new business venture or expand an existing one. It can cover initial operational costs, marketing expenses, or other business-related investments.

Celebrations and Events

Festivals, birthdays, or other special occasions often involve expenses. A personal loan can be used to ensure individuals can celebrate these moments with their loved ones without financial constraints.

Interest Rates for ₹2 Lakh Personal Loan

Here's a simple table representing interest rates for a ₹2 lakh instant loan with different interest rates and loan terms:

Loan Term (Months)Interest Rate (%)Monthly Payment (₹)Total Repayment (₹)
121017,7292,127,482
241210,8482,603,557
36157,0732,541,696
48185,3862,589,928

Note: The above table assumes a fixed interest rate for the entire loan term and does not include any additional fees or charges. The monthly payment is calculated using the formula for a fixed-rate instalment loan. Actual terms and rates may vary based on the lender's policies and the borrower's creditworthiness.

Eligibility Criteria for ₹2 Lakh Personal Loan

The eligibility criteria for a ₹2 lakh personal loan can vary slightly depending on the lending institution. However, here are some common eligibility criteria that many lenders consider:

  • Age: Typically between 21 to 65 years.
  • Income: A minimum monthly income criterion, often around ₹15,000 to ₹25,000, depending on the lender.
  • Employment Type: Salaried or self-employed individuals may have different criteria.
  • Credit Score: A good credit score is usually required. This may vary, but a score above 650 is generally preferred.
  • Work Experience: Salaried individuals may need to have a minimum work experience (e.g., 1-2 years).
  • Residence Stability: Some lenders may require a minimum period of stay at the current residence.

Documents Required to avail ₹2 Lakh Personal Loan

The documents required to avail a ₹2 lakh personal loan can vary slightly among different lenders, but generally, they include the following:

  • Identity Proof: Aadhar card, passport, voter ID, or PAN card.
  • Address Proof: Utility bills, rental agreements, or any government-issued address proof.
  • Income Proof: For salaried individuals - salary slips, and bank statements. For self-employed - income tax returns, balance sheets.
  • Employment Proof: Employment letter, Form 16 for salaried individuals. Business registration documents for self-employed.
  • Bank Statements: Typically for the last 3 to 6 months.
  • Photographs: Passport-sized photographs.
  • Credit Score: Your credit report/score may also be required.

How to Apply for a ₹2 Lakh Personal Loan

To apply for a ₹2 lakh personal loan, you can follow these general steps. Keep in mind that specific procedures may vary among lenders, so it's advisable to check with the chosen financial institution for their specific requirements:

  • Check Eligibility: Ensure you meet the eligibility criteria set by the lender, including age, income, employment type, and credit score.
  • Research Lenders: Compare personal loan offerings from different lenders, considering interest rates, loan terms, and additional fees.
  • Gather Necessary Documents: Collect all the required documents, such as identity proof, address proof, income proof, employment proof, bank statements, photographs, and credit score.
  • Online Application: Many lenders offer online application processes. Visit the official website of the chosen lender and navigate to the personal loan section.
  • Fill out Application Form: Complete the online application form with accurate personal and financial details. Be sure to double-check for any errors before submitting.
  • Upload Documents: Scan and upload the necessary documents as per the lender's requirements. Some lenders may allow you to upload documents directly on their website.
  • Wait for Approval: After submitting your application and documents, the lender will review your information. This process may take a few days.
  • Verification: The lender may conduct further verification of the provided details, which could include a physical verification of your address or employment.
  • Loan Approval: Once your application is approved, the lender will provide details regarding the approved loan amount, interest rate, and repayment terms.
  • Acceptance and Disbursement: If you agree with the terms, you'll need to accept the loan offer. After acceptance, the funds will be disbursed to your bank account.
  • Repayment: Repay the loan according to the agreed-upon terms. Set up automatic payments if available to avoid missing any due dates.

Get  ₹2 Lakh Personal Loan with NoBroker InstaCash

Do you urgently need ₹2 LInstant Loan? Try applying with NoBroker InstaCash. We ensure that you can streamline all your financial loan needs without any hassle. Obtaining a personal loan through NoBroker InstaCash could provide a convenient and potentially swift solution for your financial needs. Remember to assess your eligibility, understand the terms of the loan, and follow the application process provided by NoBroker for the most seamless experience. Apply NOW!

Frequently Asked Questions

1. What is a personal loan?

A personal loan is an unsecured loan that you can use for various personal expenses such as debt consolidation, medical bills, home improvements, or other major purchases. Unlike secured loans, personal loans do not require collateral.

2. How much personal loan can I get?

The loan amount you can get depends on factors like your income, credit score, and the lending institution's policies. Generally, personal loans can range from a few thousand to several lakhs of rupees.

3. What is the tenure for a personal loan?

Personal loan tenures can vary but are typically between 1 to 5 years. Some lenders may offer longer tenures.

4. What interest rates can I expect on a personal loan?

Interest rates vary between lenders and depend on factors such as your credit score, income, and the loan amount. Rates can range from around 10% to 20% or more.

5. How can I improve my chances of personal loan approval?

Maintain a good credit score, provide accurate documentation, and ensure you meet the lender's eligibility criteria. A stable income and employment history also enhance your chances.

6. Can I prepay my personal loan?

Yes, many lenders allow prepayment of personal loans. However, some may charge prepayment penalties. Check the terms and conditions of your loan agreement.

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