Interest rates vary across lenders based on creditworthiness, income, and repayment history. Below are the interest rate ranges for ₹2 lakhs loans from top financial institutions:
Lender
Annual Interest Rate
Lender
Annual Interest Rate
LTFS
12% to 25% p.a
PREFR
17% to 30% p.a
Aditya Birla
14% to 30% p.a
RING
23% to 33% p.a
FIBE
20% to 30% p.a
CASHE
14% to 30% p.a
NIRO
13% to 30% p.a
Bajaj Finserv
Starts at 10.5% p.a
InCred Finance
14% to 39%
Tenure and Loan Amount
The loan tenure for ₹2 lakhs personal loans ranges from 3 months to 60 months, depending on the lender.
Below is the complete information on lender-wise loan amounts, tenure and interest rates for personal loans offered by our lending partners
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Lender Name
Interest rates (Min-Max)
Tenure (Min -Max)
Amount (Min -Max)
LTFS
12% to 25% p.a
12 to 48 months
₹50,000 to 10 lakhs
Aditya Birla
14% to 30% p.a
18 to 36 months
₹50,000 to 5 lakhs
FIBE
20% to 30% p.a
3 to 36 months
₹8,000 to 5 lakhs
NIRO
13% to 30% p.a
6 to 60 months
₹20,000 to 5 lakhs
PREFR
17% to 30% p.a
12 to 36 months
₹50,000 to 3 lakhs
RING
23% to 33% p.a
9 to 24 months
₹30,000 to 1 lakh
CASHE
14% to 30% p.a
6 to 18 months
₹30,000 to 4 lakhs
Bajaj Finserv
Starts at 10.5% p.a
12 to 96 months
₹2,00,000 to 50 lakhs
InCred Finance
14% to 39% p.a
12 to 60 months
₹50,000 to 10 lakhs
Eligibility Criteria
To apply for a ₹2 lakhs personal loan, you must meet the following conditions:
age
Applicants should be between 21 and 60 years old.
Employment
Both salaried individuals and self-employed professionals are eligible.
Income
Applicants must meet the lender’s minimum income requirements.
Credit Score
A good credit score i.e. one above 750 increases the chances of loan approval.
For business loan, the business vintage should be a minimum 2 years and applicant must be between 23 -70 years of age.
Evaluate prepayment options to reduce interest burden.
FAQs
Can I get a ₹2 lakh personal loan instantly?
Yes, some lenders offer instant loans with digital processing, subject to eligibility.
What is the minimum salary required for a ₹2 lakh personal loan?
Most lenders require a minimum salary of ₹20,000 to ₹25,000 per month.
Can I prepay my ₹2 lakh loan early?
Yes, but some lenders may charge a prepayment fee.
How can I check my loan eligibility?
Use an online eligibility calculator by entering your income, employment details, and credit score.
How can I get ₹2 lakh immediately without a salary?
If you don’t have a fixed salary, you can still get a ₹2 lakh personal loan by applying as a self-employed individual or showing alternate income sources such as:
Freelance income or business revenue
Rental income
Fixed deposit or investments as proof of financial stability
A guarantor or co-applicant with a stable income
Some lenders offer loans to students, homemakers, and unemployed individuals if they have strong creditworthiness or financial backing.
Can students apply for a ₹2 lakh loan?
Students can apply with a co-applicant, such as a parent or guardian.
Can I get a ₹2 lakh loan without a credit score?
Some lenders offer loans to individuals with no credit history, but interest rates may be higher.
How long does it take to receive a ₹2 lakh loan?
Most lenders disburse the loan within 24 to 48 hours after approval.
Can I get a ₹2 lakh loan if I have an existing loan?
Yes, but lenders will evaluate your repayment capacity before approving another loan.
Can I take two personal loans together?
Yes, you can take multiple loans at the same time, provided you meet the lender’s eligibility criteria. Lenders check:
Your debt-to-income (DTI) ratio, which should generally be below 50% of your monthly income
Your credit score (750+ preferred
Your repayment history and existing EMIs
Taking multiple loans may impact your credit score and increase financial burden, so it’s advisable to plan repayments wisely.
What happens if I miss an EMI payment?
Missing an EMI payment can result in:
Penalties
Higher interest rates
Negative impact on your credit score
Can I get a ₹2 lakh loan with a guarantor?
Some lenders may allow a guarantor for applicants with lower credit scores or unstable income.
Can I get a ₹2 lakh loan with a low credit score?
Yes, but a low credit score reduces approval chances or may lead to higher interest rates. To improve eligibility:
Show alternate income sources
Apply with a co-applicant or guarantor
Opt for secured loans (against FD, gold, or property)
Is collateral required for a ₹2 lakh loan?
No, personal loans are unsecured loans, so you don’t need collateral. However, secured loan options (like gold loans or fixed deposit-backed loans) may offer lower interest rates. Apply today for a ₹2 lakh personal loan and meet your financial needs with ease!
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I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
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The overall experience with Moneycontrol was really good. I applied for an online personal loan and the service was very quick. The entire process was fast and smooth, and the loan was sanctioned without any hassles.
Parineeta Mukherjee
I would like to thank Moneycontrol, few days back I met with an accident and I didn’t have much money to pay in one go. So, I took an instant cash advance from Moneycontrol. They helped me to clear all the medical bills in just 10 mins!
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