What is the EMI for 2 Lakh Personal Loan?

Hi Ranjeet. The bank's interest rate and the tenure of the loan will determine the EMI for 2 lakh personal loan. You have to understand that different banks have different interest rates for personal loans. 4 months ago, my father took a loan of 2 lakhs with Axis Bank at 11% p.a. for 3 years via NoBroker. He had to pay Rs 6,548 as an EMI per month.

What will be the EMI for 2 Lakh Personal Loan?

As mentioned by Jiyash, to calculate the EMI of 2 lakh personal loan, you can use the below formula:

An EMI for a 2 lakh personal loan with a three-year term at 11% interest rate will be:

Moreover, the EMI amount would rise in accordance with a higher interest rate or a shorter tenure.

Documents Required for Rs 2 Lakh Personal Loan

The following is the list of documents that my father required to submit to complete the application process:

• Bank statements from the last three months.

• The three latest payslips alongside the latest Form 16.

• KYC documents - Passport or Driving License or PAN Card

I hope you get an idea of what is the EMI for 2 lakh loan.

The interest rate of the bank and the duration of the loan are two of the criteria that will be used to compute the EMI for 2 lakh personal loan. I took out a 2 lakh personal loan for 5 years with ICICI Bank via NoBroker last month, which had an interest rate of 10.65% p.a. The EMI I had to pay every month was about Rs. 4,314. 

EMI for Personal Loan of Rs 2 lakh for Tenures of 1-5 years

I have shared the EMI amount on Rs 2 lakh personal loan for up to 5 years at a 10.65% p.a rate of interest in the below table:

• P - principal amount

• R - rate of interest

• N - period (in months)

Features of Personal Loan 2 Lakh EMI

• If you apply for a personal loan with NoBroker, the loan acceptance and documentation process is completely hassle-free. 

• Also, there is an easy eligibility requirement.

• After the loan application is thoroughly reviewed, the loan amount will be transferred to your bank account within 24 hours of approval.  

• You can get competitive interest rates along with flexible repayment tenure for Rs 2 lakh loan.

• When it comes to informing its clients about costs and upfront expenses, NoBroker has a completely transparent process. 

I hope you found this answer helpful. 🙂