How to get 2 lakhs immediately?

Here’s a comprehensive guide to obtaining ₹2 lakhs immediately, blending the best suggestions from both approaches, including Vizzve Financials and other options.

Option 1: Apply for a Personal Loan from Vizzve Financials

Steps to Apply:

1. Visit the Vizzve Financials Website or App:
   • Download the Vizzve Financials app from the Play Store or visit their official website.
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2. Register/Login:
   • Use your mobile number to sign up or log in via OTP.
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3. Fill in Your PAN Details:
   • Provide your PAN card details for identity verification.
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4. Enter Bank Details:
   • Submit your active bank account information for direct credit.
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5. Loan Disbursal:
   • Once approved, the loan amount will be credited instantly to your bank account.
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Eligibility Requirements:

• Age: 21–60 years.
• Income: Stable monthly income.
• Documents: PAN card, Aadhaar card, and valid address proof.
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Option 2: Use Credit Card Instant Loans

If you own a credit card, you may be eligible for an instant loan against your credit limit.

Steps:

1. Log in to your credit card app or contact the bank’s customer service.
2. Check your eligibility for a loan against your available credit limit.
3. Approve the terms and get the loan credited instantly.

Pros:

• Quick disbursal, especially if pre-approved.
• No additional documentation needed.
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Cons:

• Higher interest rates and processing fees compared to standard loans.
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Option 3: Use Fintech Loan Apps

Loan apps offer small personal loans with minimal paperwork and instant approval.

Popular Apps:

1. PaySense: Loans up to ₹5 lakhs with easy EMIs.
2. KreditBee: Offers quick loans for first-time borrowers.
3. LazyPay: Small-ticket personal loans with fast disbursal.
4. MoneyTap: Flexible credit lines with limits up to ₹5 lakhs.

Steps:

1. Download the app and sign up.
2. Complete KYC verification using Aadhaar and PAN cards.
3. Submit bank details for disbursal.

Option 4: Gold Loan

Pledge gold jewelry or coins to get an instant loan.

Popular Providers:

• Muthoot Finance, Manappuram Finance, and most banks.
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Advantages:

• Instant disbursal (within 30 minutes to an hour).
• Lower interest rates compared to personal loans.

Option 5: Borrow Against Fixed Deposit or Other Investments

Options:

1. Loan Against Fixed Deposit (FD):
   • Borrow up to 90% of your FD value at lower interest rates.
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2. Loan Against Insurance Policy:
   • Borrow against the surrender value of your life insurance policy.
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3. Loan Against Mutual Funds/Shares:
   • Use securities as collateral for a loan.
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Option 6: Salary Advance Loans

Some fintech platforms or employers provide advance salary loans to salaried individuals.

Examples:

• EarlySalary, CASHe, and employer-partnered loan schemes.
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Option 7: Borrow from Family or Friends

This is a cost-effective option if you can request help from close connections.

Advantages:

• Interest-free or low-interest agreements.
• Flexible repayment terms.
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Option 8: Overdraft or Line of Credit

Banks allow an overdraft facility on savings or current accounts.

• You can withdraw up to ₹2 lakhs, and interest is charged only on the used amount.
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Key Points to Consider Before Borrowing:

1. Compare Interest Rates: Look for the most affordable interest rates to minimize costs.
2. Hidden Fees: Verify any processing fees, prepayment charges, or late payment penalties.
3. Repayment Plan: Choose EMI plans that suit your monthly budget.
4. Credit Score: Maintain a good credit score to ensure quick approvals and favorable terms.