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What is a ₹2 Lakh Personal Loan?
Features of a ₹2 Lakh Personal Loan
Collateral-free Loan
No need to pledge assets; loan approval is based on eligibility.
Flexible Repayment Options
Choose a tenure that suits your financial situation.
Quick Sanction & Disbursal
Get funds quickly to meet urgent financial needs.
Competitive Interest Rates
Enjoy attractive rates that make repayments affordable.
Facility to Add a Co-Applicant
Improve loan eligibility by adding a spouse or family member as a co-applicant.
Interest Rates Available for Personal Loans of ₹2 Lakh
Loans up to 12 months
| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months
| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
How to Apply for a ₹2 Lakh Personal Loan
Assess Your Financial Needs
Determine how much funding is required.
Check Your Loan Eligibility
Use an eligibility calculator to estimate approval chances.
Compare Loan Offers
Check interest rates, tenure, and terms before applying.
Submit Required Documents
Upload necessary KYC and income proof online.
Loan Approval & Disbursement
Once approved, funds are disbursed quickly to your account.
Eligibility Criteria for Personal Loans of ₹2 Lakh
Documents Required for Personal Loans of ₹2 Lakh
- Identity & Address Proof: Aadhaar Card, PAN Card, Passport, Voter ID, or Driving Licence.
- Income Proof : Last 3 months’ salary slips or Form 16 for salaried individuals.
- Bank Statements : Last 6 months’ bank statement where salary is credited.
- Other Income Proof : For self-employed, ITR filings and business registration documents.
Eligibility Criteria for Personal Loans of ₹2 Lakh
- Age : Minimum 21 years, Maximum 60 years (at loan maturity).
- Employment Type : Salaried individuals or self-employed professionals/non-professionals.
- Credit Score : Minimum 750 required for favourable loan terms.
- Income Requirement : Monthly income as per lender’s eligibility criteria.
Fees and Charges for Personal Loans of ₹2 Lakh
| Charge Type | Amount |
|---|---|
| Cheque Return charges | ₹500 + GST per instance |
| Default Penal charges | 3% of the pending amount per month |
| Charges for cancellation of Loan | 4% of loan amount disbursed + applicable taxes |
| CIBIL report retrieval fees | ₹100 + GST per instance |
| Charge for Exchanging PDCs / ECS | ₹750 + GST per instance |
| Loan reschedule charges | ₹5000 + GST per instance |
| Stamp Duty | As per Actual if applicable |
| Insurance Premium | As per Actual, if applicable |
| Pre-closure Quote | ₹1000 + GST per instance |
| Any other charges | As per Actual, if applicable |
| Part - Pre-Payment Charges | Charges:
A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure. |
| Foreclosure Charges |
4% of the Principal outstanding amount + GST
Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal. |
ABC Of Calculators
Your estimated EMI amount
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₹ 0*EMI @ 9% Interest Rate
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BALANCE TRANSFER LOAN
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Reduced Interest Rates. -
Lower Monthly Payments.
TOP UP LOAN
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans,
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs
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Quick sanctions and disbursals
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Customer Satisfaction Stories
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
ABC Of Personal Loan