Up to ₹75.00 Lakh
9.98% - 24.00%
1 - 5 Years
₹Up to 4%
Interest Rate on ₹2 Lakh Personal Loan
The interest rate for a ₹2 lakh personal loan typically ranges from 9.98% to 24% p.a., depending on your eligibility. Your credit score, income, job profile, and chosen loan tenure play a key role in determining the exact rate offered by lenders.
Fees and Charges You Should Know Before Applying
When taking a ₹2 lakh personal loan, apart from interest, you may incur the following fees:
| Fee/Charge | Details |
|---|---|
| Processing Fee | Up to 4% of the loan amount |
| Prepayment/Foreclosure | Up to 5% of the outstanding balance |
| Late EMI Payment Charges | 1% – 2% per month on overdue EMI |
| Stamp Duty Charges | As per actuals |
Note: Charges may vary across lenders. Always confirm before applying.
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EMI & Interest Breakdown for ₹2 Lakh Personal Loan (Up to 5 Years)
Estimated EMIs for a ₹2 lakh loan at 11% p.a. interest:
| Tenure | EMI | Total Interest | Total Payable |
|---|---|---|---|
|
1 Year |
₹17,676 |
₹12,116 |
₹2,12,116 |
|
2 Years |
₹9,322 |
₹23,718 |
₹2,23,718 |
|
3 Years |
₹6,548 |
₹35,719 |
₹2,35,719 |
|
4 Years |
₹5,169 |
₹48,117 |
₹2,48,117 |
|
5 Years |
₹4,348 |
₹60,909 |
₹2,60,909 |
Tip: Shorter tenure = higher EMIs but lower total interest; longer tenure = lower EMIs but higher interest cost.
Eligibility Criteria for ₹2 Lakh Personal Loan
Check if you meet the basic requirements before applying:
- Age: 21 – 60 years
- Credit Score: 750+ preferred
- Income:
- Salaried: Minimum ₹15,000/month
- Self-Employed: Minimum ₹3 lakh/year
- Work Stability: At least 1 year in current job or business
Keep these ready for a hassle-free application:
- Identity Proof: Aadhaar, PAN, Passport, or Voter ID
- Address Proof: Aadhaar, Utility Bill, or Passport
- Income Proof:
- Salaried: Last 3 months’ salary slips
- Self-Employed: ITR of last 1–2 years
- Bank Statements: Last 6 months
- Photographs: Passport-size photos
Apply for Best 2 Lakh Personal Loan with MybankingTips
Apply NowTips to Get a Lower Interest Rate on Your Personal Loan
- Maintain a Good Credit Score
Your credit score is one of the most important factors for lenders. A higher score increases your chances of getting a lower interest rate.
- Choose a Shorter Tenure
While longer tenures reduce monthly EMIs, they increase the total interest paid. Opting for a shorter tenure can significantly lower the overall interest, provided your monthly budget allows it.
- Compare and Apply
Always compare interest rates across multiple lenders before applying to find the best deal.
- Maintain a Good Repayment History
Lenders prefer borrowers with a clean repayment record. Paying credit card bills on time and clearing existing loans can help secure a lower interest rate
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