I Need 2 Lakh Rupees Loan Urgently

i need 2 lakh rupees loan urgently

Your phone buzzes with a notification –  a car repair bill that could rival a small spaceship’s price tag.  Or, maybe a family member needs urgent medical attention, and your emergency fund just doesn’t stretch that far. Let’s be honest; these situations can leave even the most financially secure people in India scrambling for a quick ₹2 lakh loan. Anyone in this situation would text their friends or family, “I Need 2 Lakh Rupees Loan Urgently”. But don’t panic, and do not text your friends! This blog is here to be your financial wingman, helping you navigate the loan options available and find the one that best suits your situation. Read more on how you can apply for a personal loan of 2 Lakhs in India. 

personal loan

Understanding Your Needs

The first step is to identify the exact purpose of your loan.  A medical emergency will likely require faster disbursement compared to a planned home renovation. Knowing the purpose will help you choose the most suitable loan option.

Purpose Of 2 Lakh Rupees Loan Urgently:

1. Medical Emergencies: Healthcare expenses can be sudden and substantial, leading individuals to take loans to cover medical bills, surgeries, or treatments not covered by insurance.

2. Home Renovation: Upgrading or repairing a home can require a significant amount of money, prompting people to take loans for home improvement projects.

3. Wedding Expenses: Weddings in India are often large-scale and grand events with considerable expenses, leading many to opt for loans to cover the costs of venues, catering, decorations, and attire.

4. Education Expenses: Funding higher education or specialized training courses can be expensive, making loans a common option for covering tuition fees, study materials, and living expenses.

5. Debt Consolidation: People often take loans to consolidate existing debts into a single loan with a potentially lower interest rate, helping to manage or reduce their overall debt burden. This actually helps a lot in credit building.

Now let us understand the rate of interest offered on a personal loan of 2 lakh rupees in India.

Also Read: I Need 20,000 Rupees Loan Urgently!

Top 5 Instant Loan Apps in India (2024)

These top 5-rated instant loan apps in India can get you the cash you need – fast. They also happen to be our lending partners. Here are the top 5 instant loan apps in India:

1. Moneyview: Short on paperwork, big on speed. Get a loan application started in minutes with Moneyview’s user-friendly app.

2. MoneyTap: Need a custom fit? MoneyTap offers flexible loan amounts based on your credit score, so you only borrow what you need.

3 .KreditBee:  Young professional on the go? KreditBee caters to young adults with a quick and easy loan application process.

4. PaySense: All about speed? PaySense is known for its straightforward application and fast loan disbursal, so you get the money you need ASAP.

5. CASHe:  Salaried and in a pinch? CASHe offers quick approvals on short-term loans, perfect for unexpected expenses.

Now let us understand the rate of interest offered on a personal loan of 2 lakh rupees in India.

Interest Rate On 2 Lakh Rupees Loan Urgently

Below is the list of top lenders in India, that offer 2 lakh rupees loan urgently and the rate of interest they offer.

LENDERAPPLICABLE INTEREST RATE
mPokket0% to 48.0% per annum
CASHe2.50% per month
MoneyTap1.08% per month onward
Fibe24.0% to 30.0% per annum
ICICI Bank10.75% to 19.0% per annum
Bajaj Finance11.0% to 39.0% per annum
HDFC Bank10.50% to 24.0% per ammum
Axis Bank10.49% to 22.0% per annum
Kotak Mahindra Bank10.99% per annum onward
IDFC FIRST Bank10.49% to 36.0% per annum

Also, Read: I Need 50000 Rupees Loan Urgently

Factors On Which Interest Rate Of 2 Lakh Rupees Loan Depends

1. Credit Score: Higher credit scores often lead to lower interest rates because they indicate a good repayment history.

2. Income and Job Stability: Steady income and employment history can improve your chances of getting a lower interest rate.

3. Loan Duration: Longer loan terms might come with higher interest rates compared to shorter ones.

4. Interest Rate Type: Fixed interest rates remain the same throughout the loan, while floating rates can change with market conditions. Fixed rates are usually a bit higher.

5. Debt-to-Income Ratio: A lower ratio, indicating that your debts are small relative to your income, could result in a lower interest rate.

6. Market Conditions: Economic trends and policies set by the Reserve Bank of India can affect interest rates.

Interest rates can vary between lenders, so it’s advisable to compare offers and consider your financial stability and credit score to get the best rate. Moving forward, let us look at some of the benefits a personal loan of 2 lakh rupees offers when you apply online.

Also Read: I Need 1000 Rupees Loan Urgently

Benefits of 2 Lakh Rupees Loan Online 

While a personal loan can help bridge a financial gap, there are specific advantages to applying for a 2 lakh rupees loan urgently online in India:

1. Convenience and Speed:  One of the biggest benefits is the ease and speed of the application process. You can apply for a loan from the comfort of your home anytime, without visiting a bank branch. Online applications are typically quicker, with some lenders offering approval within minutes and loan disbursal within 24 hours (subject to eligibility and verification).

2. Transparency and Flexibility: Reputable online lenders provide clear information about interest rates, processing fees, and repayment terms upfront. You can compare offers from different lenders easily to find the one with the most competitive rates and terms that suit your budget. Many lenders also offer flexible repayment options, allowing you to choose a loan tenure that aligns with your financial situation.

3. Minimal Documentation: Compared to traditional bank loans, the online application process often requires minimal documentation. 

4. Wider Lender Network: Online platforms can connect you with a wider range of lenders, including NBFCs, which might offer more competitive rates or flexible terms for a 2 lakh rupees loan compared to traditional banks.

Now that you understand the advantages of 2 lakh rupees loan online, let us look at the eligibility criteria, the documents you would require, and the steps to apply!

Also Read: Need 30,000 Rupees Loan Urgently In a Day

Eligibility Criteria For 2 Lakh Rupees Loan

Here’s a simplified rundown of what lenders typically look for when considering a 2 Lakh rupees personal loan application in India:

  • Citizenship: You must be an Indian citizen.
  • Age: The age range can vary, but typically falls between 21 and 58 years old.
  • Employment: You should have a stable job (government or private sector) with a minimum experience (often 3-6 months).
  • Salary: Minimum salary requirements may vary depending on your city tier (higher in Tier-I cities).
  • Bank Account: Your salary should be credited directly into your bank account.

Remember: This is a general overview, and specific eligibility criteria can differ between lenders.

Documents Needed For 2 Lakh Rupees Loan:

1. Identity Proof: Aadhaar, Passport, Voter ID, Driving License, or PAN Card.

2. Address Proof: Aadhaar, Passport, Voter ID, utility bills, or bank statement.

3. Income Proof: Recent salary slips (salaried) or bank statements and Income Tax Returns (self-employed).

4. Employment Proof: Employment certificate/offer letter (salaried) or business continuity proof (self-employed).

5. Others: Passport-size photos and any additional documents as per the loan type or lender’s requirements.

Did you know you can get a personal loan of up to 2 lakh rupees on your Aadhar card? Read our blog on How to Get Rs. 2 lakh Personal Loan on Aadhaar Card?

Before we tell you the steps to apply, let us understand the repayment method for 2 lakh rupees loan.

Also Read: I Need 2000 Rupees Loan Urgently

EMI On 2 Lakh Rupees Loan Urgently

Knowing your EMI (Equated Monthly Installment) is crucial for budgeting your personal loan repayment. While online EMI calculators are available, here’s a quick formula to estimate your EMI for a 2 rupees lakh loan:

EMI = (P x R x (1 + R) ^ N) / ((1 + R) ^ N – 1)

Where:

P = Loan amount (in our case, 2,00,000 rupees)

R = Interest rate per month (We’ll calculate this by dividing the annual interest rate by 12)

N = Loan tenure in months (e.g., 12 months for one year, 24 months for two years, etc.)

Example:

Let’s estimate the EMI for a ₹2 lakh loan at an interest rate of 12% per annum (assuming a fixed rate) for a tenure of 3 years (36 months).

R (monthly interest rate) = 12% per annum / 12 months = 1% per month

P = Rs 2,00,000

N = 36 months

EMI = (Rs 2,00,000 x 0.01 x (1 + 0.01) ^ 36) / ((1 + 0.01) ^ 36 – 1)

EMI ≈ Rs 7,523 (approximately)

Remember: This is an estimated EMI based on a specific interest rate.  Actual EMIs may vary depending on the lender’s interest rate calculation and other loan terms. It’s always recommended to use a reliable EMI calculator or consult the lender directly for the most accurate EMI figures. You can calculate your EMI, by using Credmudra’s online EMI calculator tool for free!

Here’s a quick table showing estimated EMIs for a 2 lakh rupees loan at 12% interest and varying tenures:

Tenure (Years)Tenure (Months)Estimated EMI
112Rs 17,857
224Rs 7,523
336Rs 4,219
448Rs 3,067
560Rs 2,343

Also Read: I Need ₹5000 Rupees Loan Urgently: Quick Guide

How To Apply For 2 Lakh Rupees Loan Urgently?

Applying for 2 lakh rupees loan online is a very simple process. Below are the basic general steps you can follow to get a 2 lakh rupees loan:

Step 1: Compare Loan Options:

Research different lenders and compare their interest rates, processing fees, and repayment terms. Utilize online loan comparison websites or visit individual lender’s websites. You can apply through Credmudra, as we are experts when it comes to loan match-making. We will match you with the lenders most suitable for you based on your requirements. The process is quite easy, and we will ensure the amount gets disbursed in your bank account very securely and smoothly. 

Step 2: Choose Your Lender: 

Select a reputable lender with competitive rates and terms that suit your needs. Ensure the lender is registered with the RBI for secure transactions.

Step 3: Check Your Eligibility and Gather Documents: 

Check if you are eligible for the loan, and you have all the necessary documents before applying for a loan.

Step 4: Initiate Online Application:

Visit the chosen lender’s website and navigate to the personal loan application section.

  • Fill Out the Application: Provide accurate information as requested, including loan amount, purpose (optional), employment details, and income details.
  • Upload Documents: Upload scanned copies of the required documents through the lender’s online portal.
  • Submit Application: Review your application thoroughly before submitting it electronically.
  • Verification and Approval: The lender will verify your details and creditworthiness. Approval timelines can vary but might be as quick as within minutes for some lenders.

Step 5: Loan Disbursement: 

If approved, the loan amount will be credited directly to your bank account within 24 hours if you have applied through Credmudra.

Now before you take up any loan, we have some tips for you that can help you out.

Also, Read: I Need a 3000 Rupees Loan Urgently

Tips for Securing 2 Lakh Rupees Loan:

1. Improve Your Credit Score (if time permits): Timely payments on existing debts and maintaining a low credit utilization ratio can significantly improve your score and potentially qualify you for a lower interest rate.

2. Gather Necessary Documents: Having documents like ID proof, address proof, income proof, and ITR (Income Tax Returns) readily available can expedite the loan processing.

3. Beware of Loan Scams: Be wary of lenders with unrealistic terms or upfront fees before loan disbursal. Always check the lender’s legitimacy with regulatory bodies like the RBI.

Getting a personal loan can be a solution during unexpected financial needs. By understanding your options, comparing loan terms, and making informed decisions, you can find the most suitable loan and navigate this potentially stressful situation effectively. Remember, consulting a registered financial advisor can provide personalized recommendations based on your specific circumstances. Don’t hesitate to seek professional help to ensure you make the best financial choice for your needs. We hope this blog could be of some help to you, let us know your feedback in the comments section below!

Also, Read: What is Emergency Loan: A Comprehensive Guide

FAQs:

1. What Would be the EMI for A Loan Amount of 2 Lakh?

The EMI for a loan of 2 lakh varies based on the tenure of the loan. For a 2-year term, the EMI is approximately ₹9,414. If the tenure is extended to 3 years, the EMI reduces to about ₹6,642. For a 4-year period, the EMI is estimated at ₹5,266, and for a 5-year duration, it further decreases to around ₹4,448. Please note that these figures are indicative, and the actual EMI may differ based on the interest rate and other financial parameters.

2. What is the Method for Obtaining An Instant Loan of 2000 Rupees?

You can secure an instant loan of 2000 rupees through digital lending platforms, such as mPocket, Paysense etc. These platforms offer a rapid application process, enabling you to obtain approval and disbursal of the personal loan within minutes. If you want to get matched with your right lender, apply through Credmudra.

3. What is the Fastest Way to Get A Loan?

To get a loan swiftly, visit the website of a bank or financial institution to assess your eligibility for a personal loan, as well as to understand the applicable interest rate and the expected EMI. You can then apply for the loan online. Upon approval of your loan application, the funds will be promptly transferred to your bank account.

4. Is it Possible to Get a 2 Lakh Rupees Loan without Showing Proof of Income?

No, you cannot get a 2 lakh rupee loan without showing proof of income. Lenders require documents like bank statements or salary slips to verify your income.

5. Can I Get A Personal Loan of 2 Lakh Rupees Urgently, Even if My Credit Score is 690?

Yes, with a credit score of 690, obtaining a personal loan is feasible. Credmudra can help you find the right lender for such loans.

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