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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
Personal Loan Interest Rates 2025
Institution Interest Rates
HDFC Bank 10.85% – 24.00%
Axis Bank 11% – 24.00%
Bandhan Bank 11.90% Onwards
ICICI Bank 10.85% – 16.25%
DBS Bank 10.99% – 24.00%
Bank of Baroda 11.05% – 18.75%
SBI 11.45% – 14.85%
IndusInd Bank 10.49% – 24.00%
Yes Bank 11.25% – 21.00%
Standard Chartered 11.50% – 24.00%
IDFC First 10.99% – 23.99%
Kotak Mahindra Bank 10.99% – 24.00%
PNB 11.40% – 17.95%
Indian Bank 10.90% – 24.00%

NBFCs Interest rates - Personal loan for Salary of ₹2 Lakh

NBFCs
NBFC Name Interest Rate
InCred Interest Rate 2025 16% – 42%
Finnable Interest Rate 2025 16% – 28%
L&T Finance Interest Rate 2025 11% – 24%
Aditya Birla Interest Rate 2025 10% – 32%
Shriram Finance Interest Rate 2025 11% – 42%
Bajaj Finserv Interest Rate 2025 10.75% – 31%
Piramal Interest Rate 2025 12.99% onwards
Tata Capital Interest Rate 2025 11.99% – 35%
Poonawalla Interest Rate 2025 11.49% – 19%
SMFG Interest Rate 2025 13% – 36%
Axis Finance Interest Rate 2025 13% onwards
Mahindra Finance Interest Rate 2025 12% – 36%
Paysense Interest Rate 2025 16.8% – 33%

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.
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