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Personal Loan of ₹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 approval for a loan of ₹2 lakhs - from verification to the approval doesn't take more than a few minutes. Upon approval, the funds are instantly 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.) | 9.99% - 22% |
*considering 11% interest in the below scenarios.
₹2 Lakh Personal Loan EMI
| EMI for 1 year | EMI for 3 year | EMI for 5 year | |
|---|---|---|---|
| Equated Monthly Instalments (EMI in ₹) | 17,676 | 6,548 | 4,348 |
| Principal Amount (₹) | 2,00,000 | 2,00,000 | 2,00,000 |
| Interest Amount (₹) | 12,116 | 35,719 | 60,909 |
| Total Amount Payable (₹) | 2,12,116 | 2,35,719 | 2,60,909 |
Great plans start with well-calculated decisions
Personal Loan EMI Calculator
A Personal Loan EMI calculator is an important tool that helps borrowers know the exact amount they are required to pay as an EMI every month to repay their Personal Loans. The online Personal Loan EMI calculator uses parameters such as loan amount, tenure and interest rate to calculate the EMI details for borrowers who have taken a Personal Loan from a bank or a financial institution or are looking for a Personal Loan.
₹
10K
40L
%
9% 22%
Mos
384
Your EMI*₹ 1,14,678
Get instant funds*Equated Monthly Installment'
Note: To see amortization schedule, please click here.
Total Amount Payable
1,37,621
Personal Loan Eligibility Calculator
A personal loan eligibility calculator comes in handy when you need an instant idea of the maximum amount of loan you are eligible for. Personal loan provides you financial support when life takes an unexpected turn or when you need some extra funds to fulfill your goals and ambitions. Whether planning a wedding or giving your home a new interior, personal loan can ease your financial burden. However, checking all the boxes on the personal loan criteria is crucial to getting your application approved. These criteria determine what amount can be sanctioned to you.
That is where a personal loan eligibility calculator helps you. How, you ask? Let us understand.
You are eligible for up to
₹ 15,00,000
Eligibility criteria to get a Personal Loan of ₹2 Lakhs
For a ₹2 lakhs Personal Loan from Axis Bank, the eligibility criteria are as follows:
Documents Required for ₹2 lakhs Personal Loan
Additional Documents for salaried individuals
How to apply for ₹2 Lakh Personal Loan online at Axis Bank?
Now applying for ₹2 lakhs Personal Loan is made simple with Axis Bank. Just follow the steps mentioned below:
- 01
Click here to start your Axis bank Personal Loan application.
- 02
Key in your contact details, such as your mobile number, and opt to verify either your Date of Birth or PAN.
- 03
Verify your identity by entering the OTP sent to your mobile.
- 04
Get your bank statements for the past six months and your salary slips ready for upload or verify income online.
- 05
Go through the eKYC and Video KYC steps to get instant approval.
- 06
For Aadhaar verification, input the OTP received on your Aadhaar -linked mobile number and submit your information.
- 07
You're then required to fill in additional vital information regarding your salary account, job, and educational background.
- 08
The platform will display the maximum loan amount for which you qualify.
- 09
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.
- 10
Next, reconfirm your work address and validate your official email.
- 11
Click on "continue" followed by "avail now". A confirmation screen will congratulate you and confirm the loan amount you've secured.
- 12
Your loan funds will be transferred to your account in just a few hours.
₹2 Lakhs Personal Loan Fees & Charges
₹2 Lakhs Personal Loan Fees & Charges
Fees and charges to avail of a loan for ₹2 lakhs
| Type of charges | Charges |
|---|---|
| Repayment instruction / Instrument return charges | ₹339/- per instance of dishonour of cheque /SI/ECS/NACH debit instruction + GST as applicable |
| Swap charges (cheque/instrument) | ₹500/- per instance + GST as applicable |
| Penal interest | @24% per annum i.e. 2% per month on the overdue instalment. |
| Duplicate statement issuance charges | ₹250/- per instance per set + GST as applicable. |
| Duplicate amortisation schedule issuance charges | ₹250/- per instance per set + GST as applicable. |
| Credit information companies (CICs) report issuance charges | ₹50 per instance per set + GST as applicable. |
| No dues certificate generation charges (duplicate) | ₹50 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 |
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Important Links
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₹2 Lakhs Personal Loan FAQs
If you apply online, you can get your ₹2 lakhs Personal Loan from Axis Bank processed and approved in just a few hours, provided you meet the eligibility criteria. If you apply offline, it can take up to a few days to get your loan approved.
Yes, you can secure a ₹2 lakhs Personal Loan without providing any collateral. Personal Loans do not require collateral as security. Approval is based on your credit score and income.
For an instant ₹2 lakhs Personal Loan, Axis Bank looks for a credit score of 750 or higher. A higher credit score improves your loan approval chances and may help you secure a lower interest rate.
While minimal documentation is a feature of many fast-processing loans, online, paperless loans are available for existing Axis Bank customers who have Pre-approved Loans as well as users who do not have any existing relationship with Axis Bank. Lenders usually require at least some documentation, such as proof of identity and income, to process your loan application, on a case-to-case basis.
Securing a loan from Axis Bank without proof of income can be challenging since income documents are crucial for assessing your ability to repay the loan. However, if you have a strong banking relationship with Axis Bank, an excellent credit history, or significant financial assets, you can contact the bank. You can verify your income online or upload income documents during the safe and secure online journey.
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