Documents Required for ₹2 Lakh Personal Loan for Salaried Individuals
For a salaried person applying for a ₹2 Lakh personal loan, the typical documents required are:
- Identity Proof: Aadhar Card, Passport, Voter ID, or Driver's License, PAN Card.
- Address Proof: Utility Bill, Aadhar Card, Passport, or Ration Card.
- Income Proof: Last 3 to 6 months' salary slips and Bank statements for the last 6 months. to 1 year
- Form 16 or Income Tax Returns (ITR) for the last 2 years.
- Employment Proof: Offer letter or employment contract (if recently employed) or joining letter and office ID card
- Photographs: Passport-sized photographs (usually 2-3).
- KYC of Co Applicant: Aadhar Card and Pan Card
Documents Required for ₹2 Lakh Personal Loan for Self-Employed Individuals
- Identity Proof: Aadhar Card, Passport, Voter ID, or Driver's License, PAN Card.
- Address Proof: Utility Bill, Aadhar Card, Passport, or Rent Agreement.
- Income Proof: Last 2-3 years' Income Tax Returns (ITR).
- Profit and Loss statement & Balance Sheet (audited).
- Bank statements for the last 6 months.
- GST Returns (if available).
- Business Proof: Business registration documents (e.g., GST certificate, partnership deed).
- Company/Business existence proof: Last 2-3 years trade license.
- Photographs: Passport-sized photographs (usually 2-3).
- KYC of Co Applicant: Aadhar Card and Pan Card
₹2 Lakh Personal Loan Example
| Particulars | Amount (₹) |
|---|
| Loan Amount | 2,00,000 |
| Processing Fee (2%) | 4,000 |
| GST on Processing Fee (18%) | 720 |
| Total Processing Fee (including GST) | 4,720 |
| Effective Loan Amount (after Processing Fee + GST) | 1,95,280 |
| Interest Rate (Annual) | 10.25% |
| Tenure | 36 months |
Now, based on these calculations, the effective loan amount you’ll receive after deductions is ₹1,95,280. The monthly EMI will be based on the principal of ₹2,00,000 and interest rate of 10.25%, spread across 36 months.
To calculate the exact EMI, we can use the formula for EMI calculation, but typically, the lender provides this information after processing the loan application.
How to Apply for ₹2 Lakh Instant Personal Loan
Applying for a personal loan is simple and quick. Follow these easy steps to apply:
- Download the App or Apply Online: You can download our app or directly apply online through our website to begin the loan process.
- Fill Out the Application: Provide basic personal details, employment information, income, and details about any existing debts or obligations.
- Review the Terms: Carefully review the loan terms, including interest rates, fees, and the repayment schedule. Our interest rates and repayment terms are among the lowest compared to other small credit loan apps.
- Receive Funds: Once your loan is approved, the funds will be deposited directly into your bank account, often within just a few hours.
Start your application today and get the financial assistance you need instantly!