Personal Loan for ₹2 Lakhs Salary
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Maximize your financial potential! Explore personal loan options tailored for a ₹2 lakhs salary. Flexible terms and competitive rates await you.
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How to get a Personal Loan for a Monthly Salary of ₹ 2 Lakhs
If you’re earning a monthly salary of ₹2 Lakhs, you’re in a strong position to secure a good loan. You are in a great place to bargain with the lenders for the best returns. Banks and NBFCs typically offer pre-approved loans to people with such salary. However, for some reasons, if their loans get rejected, you can contact us, we can negotiate with the banks to get you the best deal.
Methods to Calculate Personal Loan Eligibility
Generally, banks and financial institutions generally use the Fixed Obligations to Income Ratio (FOIR) and the Multiplier Method to determine the amount you qualify for.
For a person who is earning a monthly salary of ₹ 2 Lakhs, he may obtain a personal loan ranging from ₹20 lakhs to ₹70 lakhs, depending on various factors like credit history, his repaying ability, and the banks’ terms
- Fixed Obligations to Income Ratio (FOIR): FOIR is a critical tool used by lenders to assess your repayment capacity. This method calculates your existing financial obligations, such as EMIs, rent, and other fixed expenses, against your income. Ideally, banks prefer a FOIR between 40%- 50%. It is advised to keep it around 30% which indicates that bank will trust you to pay your dues much better
- Multiplier Method: The Multiplier Method is another popular method where banks apply a specific multiplier to your monthly salary typically between 15 to 40 times of your monthly salary. Using a multiplier of 30, you could be eligible for a loan of ₹60 lakhs (₹200,000 x 30).
Key Features and Services of Personal Loan for ₹200,000 Salary
- High Loan Amount: Get loans upto ₹70 lakhs based on eligibility.
- Fast Disbursal: Get funds credited to your account within 24-48 hours post-approval.
- No Collateral: You do not need to provide any collateral for this loan amount
- Competitive Interest Rates: The interest rates for personal loan begin at 10.49%. Get the loan at an affordable interest rate
- Flexible Repayment Options: Tenure from 1 to 7 years
- Easy Documentation: Simple and straightforward documentation process.
Bank Interest rates - Personal loan for Salary of ₹2 Lakh
Banks
| Institution | Interest rates | Loan amount |
| DBS bank | From 10.99% | Upto 15 Lakhs |
| HDFC | From 10.5% | Upto 40 Lakhs |
| Axis Bank | From 10.49%` | Upto 40 Lakhs |
| ICICI bank | 10.75%-19% | Upto 40 Lakhs |
| Bank of Baroda | 10.75% – 18.5% | Upto 5 Lakhs |
| SBI | From 11% | Upto 30 Lakhs |
| IndusInd | From 10.49% | Upto 50 Lakhs |
| Yes Bank | From 10.99% | Upto 40 Lakhs |
| Standard Chartered | From 11.5% | Upto 50 lakhs |
| IDFC | From 10.49% | Upto 50 Lakhs |
| Kotak Mahindra | From 10.99% | Upto 40 Lakhs |
| PNB | From 11.40% | Upto 20 Lakhs |
| Bandhan bank | From 11.55% | Upto 25 Lakhs |
NBFCs Interest rates - Personal loan for Salary of ₹2 Lakh
NBFCs
| Institution | Interest rates | Loan amount |
| Piramal Finance | From 12.99% | Upto 35 Lakhs |
| Shriram Finance | From 14% | Upto 35 Lakhs |
| Tata Capital | From 10.99% | Upto 35 Lakhs |
| InCred | From 18% | Upto 3 Lakhs |
| Finnable | From 16% | Upto 10 Lakhs |
| PaySense | From 16.8% | Upto 5 Lakhs |
| Poonawalla | From 9.99% | Upto 30 Lakhs |
| Fullerton | From 11.99% | Upto 25 Lakhs |
| LendingKart | From 12% | Upto 3 Lakhs |
| Axis Finance | From 13% | Upto 25 Lakhs |
| L&T Finance | From 12% | Upto 7 Lakhs |
| Mahindra Finance | From 10.99% | Upto 10 Lakhs |
| Aditya Birla | From 11.99% | Upto 50 Lakhs |
| Bajaj Finance | From 11% | Upto 50 Lakhs |
Eligibility Criteria for Personal Loan for ₹200,000 Salary
- Minimum Age: 21 years
- Maximum Age: 60 years (depending on the bank)
- Employment Status: Full-time salaried employees with a steady income. Rs. 200000 in this case
- Work Experience: Minimum of 3 years of work experience, with at least 1 years in the current job.
- Credit Score: A credit score of 750 or above is preferred for higher loan approval chances.
- Residency: Must be a resident of India.
Documents Required for Personal Loan for ₹2 Lakhs Salary
- Identity Proof: Aadhaar Card, PAN Card, Passport, or Voter ID.
- Address Proof: Utility bill, rental agreement, or passport.
- Income Proof: Latest 3 months’ salary slips, bank statements, and Form 16 or ITR.
- Employment Proof: Employment ID card or a letter from the employer.
- Photographs: Recent passport-sized photographs.
How to Apply for a Personal Loan for ₹2 Lakhs Salary
Applying for a personal loan with a ₹200,000 salary is a straightforward process:
- Check Eligibility: Use an online personal loan eligibility calculator from Fincover to know whether you are eligible or not
- Submit Application: Complete the application form, enter the details correctly as in your proofs
- Upload Documents: Upload or submit the required documents, including identity, address, and income proofs
- Compare Lenders: Review various lenders based on interest rates, processing fees, and other terms.
- Verification Process: The lender will verify the provided details.
- Loan Approval & Disbursal: After successful verification, the loan amount will be approved based on your eligibility and the funds will be credited to your account in 24-48 hours
How to secure the best deal for a Personal Loan for a salary of 2 lakhs?
- As mentioned, for a person who is earning a monthly salary of Rs. 2 Lakhs, he/she can expect a loan from 20 lakhs to 7 lakhs, provided he has a demonstrated ability of good repayment and a good credit score.
- It is best advised to optimize your debt-to-income ratio. Prioritize paying your existing loans as quickly as possible to improve your creditworthiness and show to lenders that you handle debts effectively,
- Lenders are more likely to offer personal loans to candidates for specific purposes like home renovation or a major event in their marriage like wedding, so it is important from the borrower to demonstrate a clear need for funds
- Shop around various loan quotes in our site. Fincover, India’s leading online financial marketplace, offers a platform which functions as a loan aggregator through which users can compare loan quotes from various lenders.
Personal Loans by Banks
NBFCs
- Rs.50 lakh Personal Loan
- Rs.40 lakh Personal Loan
- Rs.30 lakh Personal Loan
- Rs.25 lakh Personal Loan
- Rs.20 lakh Personal Loan
- Rs.15 lakh Personal Loan
- Rs.10 lakh Personal Loan
- Rs.5 lakh Personal Loan
- Rs.4 lakh Personal Loan
- Rs.3 lakh Personal Loan
- Rs.2 lakh Personal Loan
- Rs.1 lakh Personal Loan
- Rs.50,000 Personal Loan
- Personal loan for salaried
- Personal loan for self-employed
- PL for IT Professionals
- Personal Loan for CA
- Personal Loan For Marriage
- Personal Loan For Women
- Personal Loan for Pensioners
- PL for Defence Personnel
- Personal Loan for Low Salary
- PL for Home Renovation
- PL for Medical Emergency
- Personal Loan for NRI
- Personal Loan for CA
