A ₹2 lakh personal loan can be the ideal financial cushion for a wide range of needs, whether it’s funding a medical procedure, managing education expenses, paying off high-interest debt, or covering a major purchase. In India, personal loans have become one of the most accessible and flexible financing options, especially for individuals looking for convenient, collateral-free loans without going through a lengthy process.

If you’re considering applying for a ₹2 lakh personal loan, it’s important to understand how lenders (Banks & NBFCs) evaluate your personal loan eligibility and how they calculate the loan amount for you.

Whether you’re a salaried professional, self-employed individual, or working in the informal sector, there are lenders that offer customised personal loan options starting from ₹50,000 up to ₹5 lakh, such as DMI Finance. In this blog, we’ll walk you through everything you need to know before applying for a ₹2 lakh loan, including tips on maximising your chances of approval.

Who Should Apply for a ₹2 Lakh Personal Loan?

A ₹2 lakh personal loan is a suitable financing option for individuals seeking mid-sized funding without the need for collateral. Here’s who it’s best suited for:

• Salaried individuals earning ₹25,000 or more per month: Ideal for early-career professionals looking to fund personal goals like higher education, relocation, or lifestyle upgrades, without straining their monthly budget.
• Self-employed professionals or small business owners: Perfect for managing short-term working capital needs, inventory purchases, or seasonal cash flow gaps—especially in fast-paced markets like urban and semi-urban India.
• Individuals facing sudden or planned expenses: A good fit for covering medical emergencies, urgent travel, vehicle repairs, or even home renovation, situations that require quick access to funds without long approval timelines.

If you’re looking for a hassle-free and fast loan solution, DMI Finance offers a ₹2 lakh personal loan with a paperless process, fast approvals, and flexible EMI plans as per your income.

Also read: How much loan can you get on a ₹25000 salary?

Key Benefits of Taking a ₹2 Lakh Personal Loan

When you apply for a ₹2 lakh loan, especially with DMI Finance, you enjoy:

• No collateral required: It’s an unsecured loan. You do not have to provide any collateral to get a 1lakh personal loan.
• Quick disbursal: Often within 24–72 hours after approval.
• Digital loan process: From application to disbursal, you do not need to come out of your comfort zone.
• Paperless process: We verify everything digitally.  

Eligibility Criteria for ₹2 Lakh Personal Loan

Here’s the eligibility criteria of a DMI Finance personal loan of ₹2 lakh.

Criteria	Details
Age	23 to 52 years
Monthly Income	₹25,000 or more
Employment Type	Salaried or Self-employed
Minimum Credit Score	700

Documents Required

To apply for a ₹2 lakh loan, you typically need the following:

• PAN Card
• Aadhaar Card
• Last 3 months’ salary slips or bank statement
• Address proof (utility bill, rental agreement, etc.)

How to Apply for a ₹2 Lakh Personal Loan: Step-by-Step

Applying for a ₹2 personal loan from DMI Finance is as simple. Here’s the process:

1. Download the DMI Finance app from the Play Store or App Store.
2. Open the DMI Finance app and log in using your registered mobile number.
3. Tap on “Apply Personal Loan” to begin your application journey.
4. Enter Personal & Employment Details, including employment type, monthly income, educational qualifications, and residential address.
5. Enter your bank account details to allow DMI Finance to verify your income details securely.
6. Select the loan amount you need and pick a repayment tenure that suits you.
7. Complete the e-KYC process by entering your Aadhaar details.
8. Review your address, then provide your bank account details to enable automatic EMI payments (e-Mandate).
9. Read and accept the loan terms and conditions, and you’re done.

Your application will be submitted for review, and you’ll be notified of approval shortly.

EMI for ₹2 lakh loan

Here’s what your EMI might look like for a ₹2 lakh loan:

Loan Amount	Tenure	Interest Rate	EMI	Total Payable
₹2,00,000	18 months	14.25% p.a.	₹12,406	₹2,23,317

Note: This is a sample calculation. Actuals may vary based on eligibility and lender terms.

Use an EMI Calculator to check your personalised repayment plan.

Why Choose DMI Finance for Your ₹2 Lakh Loan?

Here’s why lakhs of borrowers trust DMI Finance:

• RBI-registered NBFC – ensuring safe and compliant lending
• 100% digital onboarding – apply from the comfort of your home
• No paperwork – quick uploads & KYC
• Loan flexibility – borrow ₹50,000 to ₹5 lakh.
• Transparent terms – no hidden charges

Looking for a fast, secure, and paperless ₹2 lakh personal loan? DMI Finance is just the right partner for your financial needs.

A ₹2 lakh personal loan is well-suited for individuals facing mid-range expenses. It offers a balance between affordability and impact on current debt. With manageable EMIs and flexible tenures, it fits comfortably.

As always, the key lies in evaluating your repayment capacity and choosing a lender that aligns with your needs, not just in terms of loan amount, but also in terms of service, speed, and clarity of terms. If you’re considering applying, check the loan offers from DMI Finance. We offer personal loans of ₹50,000 to ₹5 lakh, with no paperwork and a fast approval process.   

Frequently Asked Questions (FAQs)

1. Can I get a ₹2 lakh loan with a ₹25,000 monthly salary?

Yes, if you meet other criteria such as age, employment, and credit score. DMI Finance offers personal loans to individuals earning ₹25000 per month.

2. What is the interest rate on ₹2 lakh loan?

Rates depend on the lender and the applicant’s credit profile. At DMI Finance, we provide personal loans at 14.25% onwards.

3. Do I need collateral for a ₹2 lakh personal loan?

No, a ₹2 lakh personal loan is usually unsecured, meaning you don’t have to pledge any assets such as property or gold.

4. Can I apply online with Aadhaar and PAN only?

Yes, with DMI Finance, a digital application with Aadhaar and PAN is accepted.

5. Can I prepay a ₹2 lakh personal loan before the tenure ends?

Yes, most lenders allow part-prepayment or full foreclosure. Check the lender’s prepayment charges and period after which a pre-payment is allowed.

6. What is the minimum eligibility for a ₹2 lakh personal loan?

To apply for a ₹2 lakh personal loan, the general criteria are: 

• Aged 23 years or older
• Have a monthly income of ₹25,000 or more
• Be salaried or self-employed
• Hold a valid PAN and Aadhaar card
• Maintain a credit score of 700 or above

Also read: How to maintain a good credit score?

7. How fast can I get ₹2 lakh personal loan online?

After your loan application is approved, you can expect to receive the loan amount within 24 to 72 hours.

8. Can I get a ₹2 lakh loan with no credit history?

Some NBFCs do provide loans to first-time borrowers with thin or no credit history. However, the approval may depend on your income, employer type, and overall risk profile.

9. What is the minimum credit score needed for a ₹2 lakh personal loan?

DMI Finance offers personal loans to individuals having a minimum credit score of 700.

10. What is the EMI for a ₹2 lakh personal loan?

Your EMI depends on the loan tenure and interest rate. For example:

• ₹2 lakh loan at 14.25% interest for 18 months = EMI ₹12,406

11. Can I get a ₹2 lakh personal loan without salary slips?

Some NBFCs and digital lenders offer personal loans with alternate income proofs like bank statements or ITR, especially for self-employed individuals.

12. Is it possible to get a ₹2 lakh loan if I’m self-employed?

Yes, DMI Finance offers personal loans to self-employed individuals.