What is the EMI for 2 Lakh Personal Loan?

If you borrow Rs 2 lakh from the Indian Bank under their personal loan offering, your monthly EMI (Equated Monthly Installment) depends on two major variables. It includes the interest rate they’re offered and the tenure (loan duration) you choose. Coming back to your query, what is the EMI for 2 lakh personal loan? On average, it starts around Rs. 4,200 per month.

What will be the EMI for 2 Lakh Personal Loan?

For example, if you take Rs. 2 lakh at 10.99 % for a 5-year (60-month) tenure, you’ll pay an EMI of approximately Rs. 4,347 per month.

1. For a shorter tenure of 3 years (36 months) at the same interest, the EMI is around Rs. 6,546/month. 

2. If you pick a longer tenure of 6 years (72 months) at 10.99 %, the EMI drops to about Rs. 3,805/month.

These numbers illustrate the trade-off: longer tenure → lower EMI, but higher total interest paid over the life of the loan. Shorter tenure means higher monthly payment, but lower total cost. The bank provides an online EMI calculator that uses the formula:

EMI Amount = P x R x (1+R)^N / [(1+R)^N-1]

where P is principal, r is the interest rate, and N is the number of months.

Consider processing fees, pre-payment charges, and other fees that affect the overall cost. I will suggest you use the online personal loan EMI calculator to get the exact value. I hope you found this helpful.

Nearly all banks and NBFCs in India offer personal loans up to Rs 2 lakh. For tenures of up to five years, the interest rates on a personal loan of Rs 2 lakh begin at 10.49% p.a. However, certain public sector banks may provide Rs 2 lakh loans with longer terms and cheaper interest rates. Before taking a loan, you must check what is the EMI for 2 lakh personal loan? So, it depends on the tenure of your loan and the interest rate.

What will be the EMI for 2 Lakh Personal Loan?

The EMI for a Rs.2 lakh personal loan depends on three key factors, which are loan tenure, interest rate and, of-course your loan tenure. The loan tenure generally ranges from 1 to 5 years. As Jiyash mentioned, you can find out your monthly EMI using the formula:

EMI = [P x R x (1+R) ^N]/ [(1+R) ^N-1]

Let’s take an example. Suppose you took a loan of Rs.2,00,000 at 12% p.a. interest rate for a tenure of 3 years (36 months). Using the formula, your EMI is approximately Rs.6,650.

For precise calculations tailored to your specific terms, you can use online EMI calculators provided by banks or financial institutions. I hope you found this helpful.

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Hi Ranjeet. The bank's interest rate and the tenure of the loan will determine the EMI for 2 lakh personal loan. You have to understand that different banks have different interest rates for personal loans. 4 months ago, my father took a loan of 2 lakhs with Axis Bank at 11% p.a. for 3 years via NoBroker. He had to pay Rs 6,548 as an EMI per month.

What will be the EMI for 2 Lakh Personal Loan?

As mentioned by Jiyash, to calculate the EMI of 2 lakh personal loan, you can use the below formula:

An EMI for a 2 lakh personal loan with a three-year term at 11% interest rate will be:

Moreover, the EMI amount would rise in accordance with a higher interest rate or a shorter tenure.

Documents Required for Rs 2 Lakh Personal Loan

The following is the list of documents that my father required to submit to complete the application process:

• Bank statements from the last three months.

• The three latest payslips alongside the latest Form 16.

• KYC documents - Passport or Driving License or PAN Card

I hope you get an idea of what is the EMI for 2 lakh loan.

The interest rate of the bank and the duration of the loan are two of the criteria that will be used to compute the EMI for 2 lakh personal loan. I took out a 2 lakh personal loan for 5 years with ICICI Bank via NoBroker last month, which had an interest rate of 10.65% p.a. The EMI I had to pay every month was about Rs. 4,314. 

EMI for Personal Loan of Rs 2 lakh for Tenures of 1-5 years

I have shared the EMI amount on Rs 2 lakh personal loan for up to 5 years at a 10.65% p.a rate of interest in the below table:

• P - principal amount

• R - rate of interest

• N - period (in months)

Features of Personal Loan 2 Lakh EMI

• If you apply for a personal loan with NoBroker, the loan acceptance and documentation process is completely hassle-free. 

• Also, there is an easy eligibility requirement.

• After the loan application is thoroughly reviewed, the loan amount will be transferred to your bank account within 24 hours of approval.  

• You can get competitive interest rates along with flexible repayment tenure for Rs 2 lakh loan.

• When it comes to informing its clients about costs and upfront expenses, NoBroker has a completely transparent process. 

I hope you found this answer helpful. ?