Whenever there is a sudden emergence of a cash crunch, and you have various financial requirements, whether for household needs, emergencies or others, one can choose a personal loan as one of the best ways. A 2 lakh personal loan is there for such requirements that is beneficial for multiple reasons. It is available with instant approval, fast disbursal, without collateral, and competitive repayment. However, you can ensure all these features when you have a good credit score and a reliable source of income, i.e., a higher income. In that case, the lender approves your short term personal loan with a formal document verification, where you can send a soft copy of your documents. The steps that will make your loan approval and disbursal easy are as follows.
Steps to Apply for 2 Lakh Personal Loan
- Decide your loan amount, which might be based on your income
- Go to the application page by clicking Apply now
- Check the “terms and conditions” and repayment policy
- Fill in all the details like name, loan amount, and contact details
- Upload your required documents mainly Aadhar, PAN, salary slip, etc.
- Get the approval and disbursal shortly
- Use your amount easily as per your requirements
- Repay as per your selected tenure
Features and Benefits of 2 Lakh Personal Loan
Approved shortly
When you have a good credit score and higher income, the loan amount is approved in a few hours because lenders can be assured about repayment as per your capability.
Fast Disbursal
Once it is approved, the loan amount is disbursed into your account directly, and it will be disbursed shortly. Because the loan amount after approval is disbursed.
Easy Repayment
The repayment can be done as per the selected tenure because you can get the tenure as per your salary date. It will make your repayment easy.
Competitive Interest
As per your higher credit score, you can get the better option, especially while getting a competitive interest. You will be able to negotiate for a lower interest.
No collateral required
There is no need for collateral for the approval of a 2 lakh personal loan because it is approved based on your credit score and income.
Multiple usage
It is free from any restriction, as there are multiple uses of the instant personal loan online. Therefore, you can use the loan amount for multiple usage.
Eligibility Criteria for 2 Lakh Personal Loan
Before applying for a personal loan you must check all the eligibility criteria so that you can get the loan without any difficulties. However, multiple factors affect the eligibility criteria, and these are as follows.
Age | It should be above eighteen and up to sixty-five years old |
Credit score | Must be above 700. Based on income, a lower credit score can also be considered. |
Income | Your monthly income must be at least 30000 per month |
Documents | Aadhar, PAN, Salary slip, rent agreement, utility bills, and other required documents. |
Nationality | The customers must be an Indian |
Conclusion
If you already have all the eligibility and want to get an instant personal loan for multiple financial requirements, you can get an instant loan without any difficulties. It will help you have an instant cash arrangement because a 2 lakh personal loan is available without any difficulties. If your documents are complete and your income is higher, you can get the loan in a few hours. In some cases, especially while going for the physical document verification, it can take a few hours, but you will get the loan easily. So, for your instant financial needs, apply now without any difficulties.
FAQs About 2 Lakh Personal Loan
Anyone having a good credit score and income with all the documents are eligible for the personal loan.
As per the eligibility, i.e., if your documents are complete and your are eligible, it is approved in a few hours.
Not at all. It’s an unsecured loan which is approved based on your income only. There is no need for collateral.
You can use it for any purpose because there are no restrictions on the usage of the personal loan.
You can choose the tenure as per your salary date. However, for the short term loan, there are one time repayment options.
