How to Get 2 Lakh Personal Loan

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Conveniently avail of an INR 2 Lakh Loan from digibank by DBS

Key Takeaways

• Personal Loans empower you to take care of unannounced contingencies.
• You can avail of an INR 2 Lakh Personal Loan with minimal to no documentation.
• Banks offer flexible Personal Loan tenures making EMI repayment affordable.
• Bank customers applying for Personal Loans can get instant loan disbursals.
• You can use the personal loan amount to fund expenses with no end-use restrictions.

Are you facing a medical emergency? Do you perhaps wish to take on a home renovation project or fulfil that long-awaited dream of taking off on your dream vacation? Are you thinking, ‘I need 2 Lakh Rupees Loan urgently’? If your answer to any of these questions is yes, then a Personal Loan is what you need. Now you can also secure smaller amount Personal Loans seamless and effortlessly. Fund your more immediate expenses with paperless and hassle-free Personal Loans. Keep reading to find out how.

How To Get 2 Lakh Personal Loan

Personal Loans are unsecured loans that do not require collateral as assurance. Banks sanction Personal Loans after verifying your credit report and other fundamental factors such as your age, income, and loan repayment capacity. You can get an INR 2 Lakh Personal Loan for financing smaller expenditures.

Eligibility Criteria

Most banks consider Personal Loan applications of borrowers who receive a monthly income from a fixed source. You can be a salaried employee or a self-employed individual, but you should be able to prove that you have some sort of employment that pays you a monthly income. The minimum age requirement is usually 21 years until 60 years at the time of final EMI repayment. Additionally, you must possess a good credit score of 600+ points. Check your eligibility with a Personal Loan EMI Calculator.

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Reasons to Opt for A Personal Loan

• You need not provide collateral for obtaining a 2 lakh Loan scheme Personal Loan. Banks will approve the loan based on your credit score in addition to other factors mentioned above.
• The primary documents required for a Personal Loan include scanned copies of ID, address, and income proofs documents along with a scanned copy of your PAN Card. As a loyal customer, you may also qualify for paperless pre-approved loans with expedited loan disbursals.
• Personal Loan interest rates remain fixed throughout the repayment tenure. Make sure that you check all costs such as the processing fee, late payment penalties etc.
• Once approved, the bank disburses the loan amount to your savings account almost immediately.
• Banks do not set conditions for usage of the loan amount, and you can use the money to pay for all kinds of expenses, no questions asked.
• You can optimise the 2 Lakh loan Equated Monthly Instalments (EMI) by selecting a loan tenure ranging from 1 to 5 years.
• Some banks also offer a 2-day freelook period in which you can cancel the loan after disbursement, provided you place the cancellation request within 48 hours. If you place the cancellation request, the bank reverses the transaction, but you have to forego the loan processing fee.

Conclusion

Use the INR 2 lakh Personal Loan to fund your necessary expenses. With a good credit score, your chance of obtaining a Personal Loan increases manifolds. You can also check your loan eligibility and possible EMI amounts with online Eligibility and EMI calculators.

Download the digibank mobile app on your smartphone. Launch the app and click on the "Get Personal Loan" link on the login page.

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*Disclaimer: This article is for information only. We recommend you get in touch with your income tax advisor or CA for expert advice.