Personal Loan of Rs. 2 Lakh
Many times in life, you might find yourself just a step away from incredible opportunities. This gap can be narrowed with a bit of financial aid. Whether you want to refurbish your home, plan your wedding or go on a dream holiday,
a Personal Loan can be extremely helpful.
The entire process of getting a loan approval of Rs 2 lakh loan, from verification to the approval of your loan doesn't take more than a few minutes. Upon approval, the funds are promptly transferred to your bank account within a few
hours.
You also have the option to choose a repayment plan that aligns with your financial situation, making it easier for you to manage your loan.
2 Lakh Personal Loan EMI for 1 Year
Let us calculate ₹2 lakh personal loan EMI with the following details.
| Loan Amount (₹)
| 2,00,000 |
| Interest Rate (p.a.)
| 10.75% - 22% |
*considering 11% interest in the below scenarios.
Personal Loan of 2 Lakh EMI for 1 year will be:
| Equated Monthly Instalments (EMI in ₹) | 17,676 |
|---|
| Principal Amount (₹) | 2,00,000 |
| Interest Amount (₹) | 12,116 |
| Total Amount Payable (₹) | 2,12,116 |
2 Lakh Personal Loan EMI for 3 Years
For a 3-year tenure, a personal loan of 2 lakh will have an EMI of:
| Equated Monthly Instalments (EMI in ₹) | 6,548 |
|---|
| Principal Amount (₹) | 2,00,000 |
| Interest Amount (₹) | 35,719 |
| Total Amount Payable (₹) | 2,35,719 |
2 Lakh Personal Loan EMI for 5 Years
Check the table below to know ₹2 lakh personal loan EMI for 5 years.
| Equated Monthly Instalments (EMI in ₹) | 4,348 |
|---|
| Principal Amount (₹) | 2,00,000 |
| Interest Amount (₹) | 60,909 |
| Total Amount Payable (₹) | 2,60,909 |
How to apply for 2 Lakh Personal Loan online at Axis Bank?
- click here to start your Axis bank Personal Loan application.
- Key in your contact details, such as your mobile number, and opt to verify either your Date of Birth or PAN.
- Verify your identity by entering the OTP sent to your mobile.
- Get your bank statements for the past six months and your salary slips ready for upload or verify income online
- Go through the eKYC and Video KYC steps to get instant approval.
- For Aadhaar verification, input the OTP received on your Aadhaar -linked mobile number and submit your information.
- You're then required to fill in additional vital information regarding your salary account, job, and educational background.
- The platform will display the maximum loan amount for which you qualify.
- Adjust the slider or manually enter Rs 2,00,000 as your desired loan amount, and choose your loan duration. You'll be shown the interest rates and the 2 lakh Personal Loan EMI details.
- Next, reconfirm your work address and validate your official email.
- Click on "continue" followed by "avail now". A confirmation screen will congratulate you and confirm the loan amount you've secured.
- Your loan funds will be transferred to your account in just a few hours.
Eligibility Criteria to get Personal Loan of Rs 2 Lakh
For a Rs 2 lakh Personal Loan from Axis Bank, the eligibility criteria are as follows:
- The applicant should be within the age range of 21 to 60 years.
- Existing Axis Bank customers should have a minimum monthly income of Rs 15,000 while a non-Axis Bank customer needs a minimum monthly income of Rs 25,000
- This loan option is exclusively available to individuals who are salaried employees.
- A CIBIL score of 720-750 is required to qualify.
Documents Required for Rs 2 Lakh Personal Loan
- Bank statements from the last three months.
- The three most recent payslips alongside the latest Form 16.
- One of the following KYC documents is needed:
- Passport
- Driving Licence
- PAN Card
Additional Documents for Salaried Individuals
- Proof of employment: This could be an offer letter from your job, an employee ID, or a salary slip.
Rs 2 Lakh Personal Loan Fees & Charges
Fees and Charges to avail a loan for Rs 2,00,000
| Type of Charges
| Charges |
|---|
| Repayment instruction / Instrument return charges | Rs 339/- per instance of dishonour of cheque /SI/ECS/NACH debit instruction + GST as applicable |
| Swap charges (Cheque/Instrument) | Rs 500/- per instance + GST as applicable |
| Penal Interest | @24% per annum i.e. 2% per month on the overdue instalment. |
| Duplicate statement issuance charges | Rs 250/- per instance per set + GST as applicable. |
| Duplicate Amortisation schedule issuance charges | Rs 250/- per instance per set + GST as applicable. |
| Credit Information Companies (CICs) Report Issuance Charges | Rs 50/- per instance per set + GST as applicable. |
| No Dues Certificate generation charges (Duplicate) | Rs50 per instance per set + GST as applicable. |
| Stamp Duty Charges | As per State Stamp Act |
| Part Payment / Pre-Payment Charges | 5% + GST (as applicable) For loans disbursed 4th October, 2023 onwards: Fee for more than 36 months, 2% fee is applicable otherwise 3% |
| Processing fee charges | up to 2% of the loan amount + GST as applicable |
