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Finance

Is It Possible To Get an Online 2 Lakh Loan In India?

Savings for futuristic planning is the best way to lead a happy and stress-free life. In the case of an unprecedented emergency or need for financial support, these savings can help you tackle situations easily. But not always will an individual be able to stand up to this concept and have enough to meet the needs. In such cases, he looks for a lender who can provide him with the requirement. In this digital era, an individual can quickly get Personal Loans online within a few hours.

When an individual is forced into the need for extra funds at an unexpected point in his life, most banks come forward to help. They offer Personal Loans at substantially lower interest rates when looking for an amount like ₹2lakhs. The best way to source the fund is by online applying for a Personal Loan. To check Personal Loan eligibility and other important details, please read on.

Features of a ₹2 lakhs Online Personal Loan:

  • Paperless Documentation

The entire application, approval, and loan disbursal process happen online. No paperwork is involved, and even required documentation is submitted online.

  • Immediate Disbursal

Personal Loans online come with the added advantage of immediate disbursal of funds. The application and approval process is straightforward and fast; thus, the loan amount gets disbursed within 24-48 hours. It makes it the best choice for emergencies.

  • No Collateral

The most important feature of this Personal Loan is that one does not need to give any collateral for Private Loan eligibility. These loans are available without the requirement of collateral, so people can benefit the best from this option.

  • Repayment Tenure

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The individual seeking a Personal Loan gets ample time to repay the loan, i.e., over 60 months. It enables the borrower to be less worried about immediate repayment.

  • No Hidden Charges

These loans come with no hidden charges. It is most common in the case of part of full prepayment of the loan. If individual wishes to close the loan before the agreed tenure, they can do so freely without paying any hidden charges to the bank.

Online Application for ₹2lakhs Personal Loans:

A borrower wishing to source funds through online Personal Loans can do so by logging into the lender’s website. Explained below is the procedure to apply for it online:

  • Visit the online application page of the loan provider and enter your contact details like mobile number and email ID

  • Duly fill in the address details and PAN number

  • Enter your status of employment, whether salaried or self-employed

  • Scan and upload digital copies of all required address and ID proof documents

  • Specify the amount of loan you want to apply for and the expected tenure for repayment

  • Click submit, and the representative will get in touch with you regarding your eligibility

  • Post application, the concerned team will assess your application and approve the loan amount within a few minutes

  • Once the loan gets approved, your loan amount will get credited to your bank account within a few minutes or 48 hours

Personal Loan Eligibility:

  • An individual applying for a Personal Loan must be between 22-58 years of age.

  • The applicant must be an Indian citizen, either salaried or self-employed

  • Applicants must have a monthly income of ₹20,000 or more

  • The individual must have a good credit score to qualify for Personal Loans

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Conclusion

Life is full of surprises and unexpected situations. You might not know when you will be in immediate need of money, whether for a medical emergency, wedding expenses, house repairs, or renovations. Personal Loans can be the simplest way to meet those financial needs and come with added benefits. However, one must act with diligence as a loan comes with the responsibility of repayment.

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