In today's fast-paced world, where everything is available online, applying for a personal loan has become extremely easy. Personal loans can be used for various purposes, such as funding your child's education, taking a vacation, or even consolidating your debts. If you are looking to obtain a significant amount of personal loan by applying online, then you have come to the right place.
In this article, we will guide you through the process of applying for a 2 lakhs personal loan online in India.
Steps to take before applying for a 2 lakhs personal loan online
The following steps will ensure that your online application for a personal loan of INR 2 lakhs is successful.
Step 1: Check your eligibility
Before you start the application process, you need to check if you are eligible for a personal loan. The eligibility criteria vary from lender to lender, but some of the common criteria are as follows.
- You should be between 21 and 60 years old, although if you are applying online from moneyview, the upper age limit is 57 years.
- You should be a resident of India and furnish documents as address proof
- You should have a regular source of income and provide documents like ITR, salary account statement, etc., as income proof
- Your credit score should be good and conform to the requirements of the lender.
You can check your eligibility for a personal loan by visiting the lender's website and filling in your details in the eligibility calculator.
Step 2: Compare lenders
There are various lenders in India that offer personal loans.
These include traditional banks such as HDFC Bank, ICICI Bank, and Axis Bank, as well as non-banking finance companies (NBFCs) such as moneyview, Bajaj Finserv, and Tata Capital.
It is important to compare the lenders and their offerings before you apply for a personal loan.
Factors to consider while comparing lenders include the interest rate on loans, processing fees, repayment tenure, and prepayment charges.
Step 3: Apply for the loan
Once you have chosen the lender, you can apply for a personal loan by visiting their website.
You will need to fill in your personal and financial details, such as your name, age, income, employment details, and PAN number.
You will also need to upload your identity proof, address proof, and income proof documents.
Although you can take an unsecured personal loan for a variety of reasons, certain lender applications or websites might ask you to highlight the reason for taking the loan.
Step 4: Get approval and disbursement
After you have submitted your application, the lender will review it and check your credit score and other KYC details.
If you meet the eligibility criteria and your credit score is good, the lender will approve your loan.
The loan amount will be disbursed to your bank account within a few days. However, there are certain private lenders that offer same-day personal loans as well.
Benefits of applying for a personal loan online
You will experience multiple upsides of applying for a personal loan online. These are mentioned below.
● Convenience:
You can apply for a personal loan from the comfort of your home or office, without having to visit the lender's branch.
● Easy documentation:
You can upload your documents online, which saves time and effort.
● Quick disbursement:
Online personal loan applications are processed faster, and the loan amount is disbursed within a few hours to a few days.
● Transparency:
Online lenders offer transparent loan terms and conditions, and you can compare the offerings of different lenders before applying for a loan.
Financial organizations that offer online personal loans in India
There are multiple financial organizations in India that offer significantly higher amounts of online personal loans like INR 2 lakhs.
Let us take a look at some of the traditional banks and non-banking finance companies that offer such loans.
HDFC Bank
HDFC Bank is one of the leading banks in India that offers personal loans.
The bank offers personal loans up to INR 40 lakhs, with flexible repayment tenure of up to 60 months.
The interest rates start from 10.50% per annum, and the processing fee is up to 2.50% of the loan amount.
ICICI Bank
ICICI Bank is a leading private bank in India that offers personal loans.
The bank offers personal loans up to INR 25 lakhs, with flexible repayment tenure of up to 60 months.
The interest rates start from 10.50% per annum, and the processing fee is up to 2.25% of the loan amount.
Axis Bank
Axis Bank is a private sector bank in India that offers personal loans with a wide range of features and benefits.
Axis Bank offers personal loans up to INR 15 lakhs, with a repayment tenure of up to 60 months. The interest rates start from 12% per annum, and the processing fee is up to 2% of the loan amount.
Bajaj Finserv
Bajaj Finserv is a non-banking finance company that offers personal loans with flexible repayment tenure of up to 60 months.
The company offers personal loans up to INR 25 lakhs, with interest rates starting from 12.99% per annum.
The processing fee is up to 4.13% of the loan amount.
moneyview
moneyview is a digital lending platform that offers personal loans starting from INR 5000 up to INR 5 lakhs.
The company offers instant loan approval and disbursal within 24 hours.
The repayment tenure for personal loans ranges from 3 months to 5 years, with interest rates starting from 1.33% per month.
Tips for applying for a personal loan online
1. Check your credit score:
Your credit score is an important factor that lenders consider while approving your loan application. Make sure to check your credit score before applying for a personal loan online.
You can get a free credit report from credit bureaus like CIBIL, Experian, or Equifax.
2. Research the lender:
It is important to research the lender and read the terms and conditions carefully before applying for a personal loan.
Check the interest rates, processing fees, prepayment charges, and other charges associated with the loan. Make sure to choose a lender that offers a transparent loan process.
3. Compare loan offers:
It is always a good idea to compare loan offers from different lenders before applying for a personal loan. This will help you choose the best loan offer that suits your needs and budget.
4. Keep your documents ready:
Make sure to keep all the necessary documents such as identity proof, address proof, and income proof ready before applying for a personal loan online. This will help you save time and ensure a smooth loan application process.
5. Apply for the right loan amount:
It is important to apply for the right loan amount that you can afford to repay. Do not apply for a loan amount that is more than your actual requirement, as this may lead to repayment difficulties in the future.
If you are applying for an online personal loan of INR 2 lakhs, it should imply that you have a monetary requirement of the same.
Don’t apply for a higher loan amount than you require because that will create unnecessary troubles.
Benefits of applying for online personal loan from non-banking finance companies (NBFCs)
Apart from traditional banks, there are many non-banking finance companies (NBFCs) that offer personal loans in India.
These NBFCs offer major perks, especially in the unsecured personal loan sector.
- Faster loan approval: NBFCs offer faster loan approval and disbursal compared to traditional banks. You can get your loan approved and disbursed within a few hours to a few days.
- Minimal documentation: NBFCs offer minimal documentation for personal loans. You can easily upload your documents online and get your loan approved.
- Lower interest rates: NBFCs offer lower interest rates compared to traditional banks, making them a preferred choice for personal loans.
- Flexible repayment tenure: NBFCs offer flexible repayment tenure for personal loans, allowing you to repay the loan amount over a longer period.
Conclusion
In conclusion, applying for a personal loan starting from INR 1 lakhs upto 40 lakhs has become an easy and hassle-free process in India.
By following the tips mentioned above, you can ensure a smooth loan application process and get your loan approved quickly, even when it is a hefty amount.