Features & Benefits of a 2 Lakh Personal Loan
Competitive Interest Rates
Collateral-Free Loan
Paperless Loan Application
Flexible Repayment Option
Instant Disbursal
Interest Rates for INR 2 Lakh Personal Loan
Piramal Finance offers an INR 2 lakh personal loan with attractive interest rates starting at 12.99% p.a. The interest rates are based on age, employment status, and credit score. Let’s learn each of them in detail.
Age:
If you wish to apply for a personal loan for 2 lakhs, you must be between the age of 21 to 60 years. Often, younger applicants are considered more creditworthy to repay a loan and are offered lower interest rates. While on the other hand, older adults between the age of 50 to 60 years may be offered a higher interest rate due to the risk of defaulting on a payment.
Employment Status:
You must have a steady income to be eligible for an INR 2,00,000 personal loan. This will not only help you get the loan but also will help you get a lower interest rate. Most applicants from the government sector, private sector, and PSUs are granted loans faster with lower interest rates because their salaries are credited on time, thus, putting them at a lesser risk of defaulting on their loan repayment.
Credit Score:
Another important factor that helps decide your interest rate is your credit score. If you have a high your credit score, the more creditworthy you would be considered. This could possibly result in a lower interest rate, especially if you have a CIBIL score of 750 or above. However, we, at Piramal Finance, offer applicants loans with competitive interest rates even if they have low credit scores.
Documents Required for Availing of an INR 2,00,000 personal loan
Are you applying for an INR 2 lakh personal loan? Below are some documents you must submit as part of the loan process.
ID Proof:
For your ID proof, you can submit any KYC documents such as an Aadhaar card, PAN card, passport, driving license, voter’s ID, etc.
Address Proof:
For your address proof, you can submit documents like your Aadhaar card, driving license, passport, voter’s ID, etc.
Income Proof:
As a salaried individual, you must provide the bank with some documents such as the bank statement for the last 6 months of your salary account, Form 16, income tax, and a salary certificate or your salary slips for the last 3 months. However, financial statements such as your balance sheet, P/L statement, income tax returns, GST registration certificate, and trade license will be sufficient for self-employed individuals.
Types of Personal Loans:
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Frequently asked questions
The processing time for an INR 2 lakh personal loan from Piramal Finance is approximately 24 hours. The loan is disbursed within 24 hours after the documents are verified.
At Piramal Finance, you can get a 2,00,000 personal loan without collateral.
Your eligibility for an INR 2 lakh personal loan depends on multiple factors like your credit score, age, monthly income, credit repayment history, etc.
Your application for an INR 2,00,000 personal loan will be denied if you don’t submit certain documentation. Most banks would need your photo ID, income proof, and address proof.
You must choose Piramal Finance for an INR 2 lakh personal loan for various reasons. Some of these include:
