A step-by-step guide to get Rs 2 lakh loan immediately

You may face an emergency anytime and when something unexpected happens, having quick access to cash can make a huge difference. Whether it’s an urgent medical bill, a home repair that can't wait, or similar other large expenses, arranging money quickly could be a challenge.

The complete digital lending process provided by most of the banks and non-banking financial companies (NBFCs) these days could be helpful in getting a quick loan. You can avail personal loans up to Rs 5 lakhs through most of the instant loan apps.

Forget the long queues and paperwork, now you can get even a Rs 2 Lakh loan instantly, all with just a few clicks.

What is an instant loan?

An instant personal loan is a quick and hassle-free way to borrow money without waiting for days to get approved. These loans are usually processed and disbursed in a matter of minutes, offering financial relief during urgent situations. The best part? You can apply for an instant loan online, eliminating the need for time-consuming paperwork and long approval processes.

You can get access to 100% digital personal loans up to Rs. 15 lakhs with Moneycontrol. Partnering with five lenders, Moneycontrol ensures a seamless loan application experience with no paperwork, low processing fees and quick disbursal directly to your bank account.

The entire process needs just three simple steps — enter your details, complete KYC and set up your EMI repayment plan. With interest rates starting at 12% per annum and no hidden charges, you can get the financial support you need with complete transparency.

How to get Rs 2 lakh instant personal loan

Step 1: Meet the eligibility criteria

Before you can apply for an instant personal loan, it’s important to ensure you meet the eligibility criteria set by lenders. The typical eligibility requirements for a Rs 2 lakh instant personal loan include:

• Age: You must be between 21 and 60 years old.


• Nationality: You need to be a citizen of India.


• Income: You should have a stable source of income for at least six months, whether you’re employed or self-employed.


• Credit Score: A good credit score (usually 750 or above) will improve your chances of getting approval.

Step 2: Apply for an online loan

Moneycontrol offers fast access to personal loans up to Rs. 15 lakhs. Just follow these steps:

1. Fill the application form: Provide accurate personal details, including your contact information, income details, and employment status.


2. Complete KYC: Upload documents such as your PAN card, Aadhaar card, address proof, and income proof. This step ensures your identity is verified securely.


3. Set-up EMI repayment plan: Choose the loan tenure and EMI amount that suits your budget. Be sure to select an EMI plan that you can comfortably repay.

Step 3: Get your funds instantly

Once your application is submitted, it will be processed by the lender, and approval is typically received within minutes. If everything is in order, the loan amount is disbursed directly into your bank account, usually through an electronic transfer or UPI.

Get Instant Loan Up To Rs.15L

What can be the purpose of a loan of Rs 2 lakh?

An instant personal loan of Rs 2 lakhs can be used for a wide range of purposes. Some of the most common reasons people apply for this type of loan include:

• Medical expenses: Whether it’s an unexpected hospitalisation or surgery, a personal loan can help you cover urgent medical costs.


• Home renovations: If your home needs repairs or improvements, a Rs 2 lakh loan can help you fund the project without delay.


• Debt consolidation: If you have multiple debts with high-interest rates, consolidating them into one loan with a lower interest rate can help you manage repayments better.


• Weddings and events: Whether it's a wedding or a special event, a loan can help you manage the costs associated with such celebrations.


• Vacation or large purchases: Some individuals may use a personal loan to fund their dream vacation or purchase a car or other expensive item.

What are the benefits of getting an instant loan online?

There are numerous benefits to opting for an instant loan online:

• Quick approval and disbursal: With an online loan application, you don’t need to wait days or weeks for approval. It happens in minutes.


• Convenience: You can apply for the loan from the comfort of your home, without the need to visit a branch or submit piles of paperwork.


• Transparency: With financial services platforms like Moneycontrol, you can access clear terms and conditions, ensuring you’re aware of the interest rates and repayment schedules before you proceed.

Documents needed for a loan of Rs 2 lakhs

Here are the documents you’ll generally need to submit when applying for a Rs 2 lakh personal loan:

For salaried employees:

• Proof of identity: PAN card, Aadhaar card, Passport, or Driver's Licence.


• Proof of address: Utility bill, Passport, or Aadhaar card.


• Income proof: Salary slips for the last three months, bank statements for six months, and Form 16.


• Employment proof: Appointment letter or employment certificate from your current employer.

For Self-Employed Individuals:

• Proof of identity: PAN card, Aadhaar card, or Passport.


• Proof of address: Utility bills or property documents.


• Income proof: Bank statements for the last six months, and ITR for the last two years.


• Business proof: GST registration, business licence, or shop establishment certificate.

If you are applying through an online personal loan app you will generally need minimal documentation and zero paperwork. However, keeping the above-mentioned documents is helpful for a quick and hassle-free application process.

In conclusion, whether you're facing an emergency or have a planned large expense, applying for an instant loan online for Rs. 2 lakhs is a convenient solution. Platforms like Moneycontrol make it easier to access the funds up to Rs. 15L with minimal hassle. Always ensure you understand the loan terms, eligibility criteria and repayment plans before applying.