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Apply for a ₹2 lakh personal loan using FIRSTmoney

Financial shortfalls can arise anytime, and personal loans can prove to be a lifeline in such situations. Whether it is to cover medical expenses, home renovation costs, or planning an important trip, your search for a ₹2 lakh personal loan ends here; FIRSTmoney smart personal loan from IDFC FIRST Bank offers quick access to credit limits of up to ₹10 lakh with flexibility to withdraw funds in one go or in tranches. You can use any amount up to the approved credit limit multiple times and repay the outstanding dues in easy equated monthly instalments (EMIs) or pay in full without incurring any foreclosure charges. Read on for more

Benefits of a ₹2 lakh personal loan using FIRSTmoney

Apply 2 lakh loan online Apply 2 lakh loan online

100% Digital Journey

With FIRSTmoney experience a complete digital journey with zero paperwork. You customise your loan as per your financial requirement along the application process. Simply scan the QR code and get going.

2 lakh loan with zero foreclosure charges 2 lakh loan with zero foreclosure charges

Foreclosure benefits

Foreclosure charges are not a concern with FIRSTmoney. You can use the ₹2 lakh personal loan and repay the used funds in full anytime without incurring a foreclosure charge. The repaid amount will reflect in your accessible credit limit once successfully paid.

2 lakh loan amount flexibility 2 lakh loan amount flexibility

Personal loan amount flexibility

Enjoy the flexibility to withdraw funds as and when needed. You can access any amount starting from ₹5,000 up to your approved limit. Depending on your requirements, withdraw funds in one go or in tranches.

Multiple withdrawals upto 2 lakh Multiple withdrawals upto 2 lakh

Multiple withdrawals

With FIRSTmoney, access funds whenever needed without reapplying for a new loan. Withdraw money anytime and repay at your convenience.

Flexible 2 lakh loan repayment options Flexible 2 lakh loan repayment options

Flexible loan repayment options

Get the flexibility to choose a customisable loan EMI plan that suits your requirements. Opt for any tenure ranging between two months to 60 months to repay your loan without financial stress.

Swift disbursal of 2 lakh loan Swift disbursal of 2 lakh loan

Swift disbursal

Enjoy a completely paperless application process. The advanced technology behind FIRSTmoney makes it easy to access a ₹2 lakh personal loan instantly with a completely online process.

Eligibility Criteria for a ₹2 lakh personal loan

CIBIL score for 2 lakh loan CIBIL score for 2 lakh loan

CIBIL score: To obtain the FIRSTmoney smart personal loan credit limit, applicants need to have a good credit record and a CIBIL score of 730 and above.

Employment criteria for 2 lakh loan Employment criteria for 2 lakh loan

Employment: FIRSTmoney smart personal loan credit limits are available to salaried and self-employed individuals

Age criteria for 2 lakh loan Age criteria for 2 lakh loan

Age: Anyone aged between 21 to 60 years can apply for this line of credit.

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documents required for a ₹2 Lakh personal loan

Video KYC for 2 lakh loan Video KYC for 2 lakh loan

No more lengthy documentation with FIRSTmoney smart loans. You can save your time and effort to focus on other things. To apply for a ₹3 lakh personal loan from FIRSTmoney, all you need is to display your physical PAN card at the time of video KYC.

No more lengthy documentation with FIRSTmoney smart loans. You can save your time and effort to focus on other things. To apply for a ₹3 lakh personal loan from FIRSTmoney, all you need is to display your physical PAN card at the time of video KYC.

How can you calculate your 2 lakh personal loan EMI?

For calculating the EMI for a ₹2 lakh personal loan, the reducing balance calculation method is commonly employed. This technique determines interest based on the remaining loan balance. While the EMI remains constant throughout repayment, the portion allotted to principal repayment grows while the interest component diminishes over time. Read on for more

How to apply for a ₹2 lakh personal loan?

Scan the QR code to apply for a 2 lakh personal loan.

Step 1

Start by scanning the QR code or clicking loan from your smartphone.

Register with your mobile number.

Step 2

Register using your mobile number and confirm basic/personal details to check your eligibility.

Confirm basic details to check your 2 lakh loan eligibility.

Step 3

Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms.

Choose your loan preferences and link your bank account

Step 4

Link your bank account where you wish the funds to be disbursed.

Once verified, receive the 2 lakh loan amount in your account within 24 hours

Step 5

Complete the video KYC verification process with your physical PAN card.

Once your credit limit is approved, you can start using the funds as per your needs and withdraw ₹2 lakh in parts or in one go.
 

Frequently asked questions

How is the interest rate for a ₹2 lakh personal loan determined?

Interest rates for a ₹2 lakh personal loan are determined based on factors such as your credit score, income stability, employment history, and the policies of the bank. 

Which documents are required for a ₹2 lakh personal loan application?

Commonly required documents for a ₹2 lakh personal loan application include proof of identity (Aadhaar card, passport, or PAN card), proof of address (utility bills, rental agreement), income proof (salary slips, bank statements), employment proof (offer letter, employment ID), and passport-sized photographs. However, with FIRSTmoney, you can apply for a ₹2 lakh loan only using your PAN card during the video KYC process.

How can I check my eligibility for a ₹2 lakh personal loan?

You can check your eligibility for a ₹2 lakh personal loan in the eligibility section of the official portal. For FIRSTmoney, basic eligibility requirements are a credit score of 750 or above, a stable salaried or self-employed income, and the age bracket between 21 to 60 years. 

Can I get loan amounts above ₹2 lakh with FIRSTmoney?

Yes, FIRSTmoney offers credit limits of up to ₹10 lakh, subject to the eligibility criteria. Contact IDFC FIRST Bank for specific details on loan amounts and eligibility requirements.

How to get ₹2 lakh loan in one day?

FIRSTmoney Credit limit/ smart personal loan offers instant loan approval within the same day. In case you need quick funds to meet your urgent requirements, it is one of the most suitable personal loan options. 

What is the monthly interest on ₹2 lakh personal loan?

The monthly interest on a ₹2 lakh personal loan depends on the applicable interest rate and the loan tenure. You can use the online IDFC FIRST Bank EMI calculator to estimate the monthly interest component based on the chosen interest rate and loan duration.

How much money can I withdraw from the FIRSTmoney Credit limit/ smart personal loan?

You can withdraw any amount above ₹5,000 up to your approved limit from the FIRSTmoney Credit limit/ smart personal loan. Additionally, you get the flexibility to access funds multiple times meaning, you can draw funds in one go or in parts basis your requirements.  

What does foreclosure charge mean?

Foreclosure charge refers to the fee charged by a bank if you choose to repay the entire loan amount before the end of the loan tenure. This charge is typically expressed as a percentage of the outstanding loan amount and may vary among lenders. However, the FIRSTmoney smart loan gives you the flexibility to repay the amount in full before maturity without any foreclosure charges. This, in turn, helps you close your loan and eliminate financial liabilities early. 

What is considered a good CIBIL score to apply for a ₹2 lakh personal loan?

A CIBIL score of 750 and above is generally considered to be good when applying for a ₹2 lakh personal loan. However, a higher score typically increases the likelihood of loan approval and favourable interest rates.

More FAQs

2 lakh Personal Loan Fees and Charges 2 lakh Personal Loan Fees and Charges

Fees & Charges

Enjoy pocket-friendly interest rates