SBI Personal Loan of 2 Lakh

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Written By
Kirti Bansal
Kirti Bansal
Kirti Bansal is an esteemed financial expert and accomplished writer, specializing in a range of financial topics, including Financial Services, Investments, Loan Assessments, Mutual Funds, and Banking. With a wealth of experience in the financial industry, she has earned a reputation as a trusted voice! Her expertise serves as a beacon for those navigating the intricacies of finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

An SBI personal loan of 2 lakh can help meet almost every financial obligation of a borrower. Be it wedding expenses, medical emergencies, children’s education or any other purpose, this unsecured loan provides ready financial assistance. SBI’s personal loans can be comfortably settled using monthly EMIs. 

Personal loan 2 lakh EMIs are influenced by two major factors: loan tenure and interest rate. As the loan tenure increases, monthly EMIs decrease.The 2 lakh loan interest rate for SBI customers starts at 10.55% p.a. 

Let us look at the applicable monthly EMIs on the loan for up to 10 years of tenure. 

Highlights of the SBI 2 Lakh Personal Loan 

An SBI personal loan of 2 lakh is available at the following terms:

Loan Amount  2 lakh
Maximum Loan Tenure Up to 6 years
Rate of Interest (p.a.) 10.55% p.a.
Overdraft Facility  Available
Pre-Approved Facility  Available

2 Lakh Personal Loan EMIs For Upto 10 Years 

A personal loan of 2 lakh from SBI at an interest rate of 10.55% p.a. will result in the following personal loan 2 lakh EMIs.

Loan Tenure Loan Amount Interest Rate (p.a.) EMI
1 Year 2 lakh 10.55% ₹17,634
2 Years  2 lakh 10.55% ₹9,280
3 Years 2 lakh 10.55% ₹6,505
4 Years 2 lakh 10.55% ₹5,126
5 Years 2 lakh 10.55% ₹4,304
6 Years 2 lakh 10.55% ₹3,761
10 Years 2 lakh 10.55% ₹2,704

2 Lakh Personal Loan Offerings from Other Banks & NBFCs

Compare the offerings of SBI personal loan of 2 lakh amount to others available in the market. 

Bank Name Interest Rate (p.a.) Maximum Loan Tenure
Bank of India 10.25% onwards 7 years
Bajaj Finserv 11% onwards 8 years
Axis Bank 10.49% onwards 7 years
HDFC Bank 10.50% onwards 6 years
TATA Capital  10.99% onwards 6 years

SBI’s 2 lakh Personal Loan – Fees and Charges 

Apart from the SBI 2 lakh loan interest rate, a borrower will be required to pay the following charges:

  • A 1.50% Processing Fee plus GST
  • An 18% Goods and Services Tax (GST)
  • Other charges like document verification charges and stamp duty may also be applicable.

SBI’s 2 Lakh Personal Loan – Documentation

Here are the document requirements of an instant 2 lakh loan from SBI.

  1. Loan Application with 2 passport-size photographs
  2. ID Proof: Aadhar Card/ Voter ID/ Driver’s License/ Others
  3. Residence Proof: Utility Bills/ Aadhar Card/ Others
  4. Income Proof: Salary receipts/ Balance Sheet and P&L account/ IT Returns/ Others

SBI 2 Lakh Personal Loan – Eligibility Criteria

The following candidates are eligible for an SBI personal loan of 2 lakh.

  • Eligible Candidates: Self-Employed/ Salaried Individuals/ Govt. Employees/ Pensioners
  • Age Limit: 21- 76 years 
  • Minimum Monthly Income: ₹15,000
  • EMI/NMI Ratio: Less than 50%
  • Nationality: Indian
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