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If you are in need of some emergency cash and are short of funds, a personal loan of ₹20 Lakhs can come to your rescue. You can use a personal loan of ₹20 Lakhs however you like as there’s no restrictions on the end-use of these funds. Now, you can get a personal loan of ₹20 Lakhs at competitive interest rates as well as with a flexible loan repayment tenure from Bajaj MARKETS. Read on to know more about them.

Purpose of  ₹20 Lakh Personal Loan

Given that a personal loan of ₹20 Lakhs is not meant for a specific purpose, you can use it for practically anything! As mentioned earlier, there are no restrictions on how you use these funds. If you want to go on a vacation, buy a car, pay off your debts, or simply pay emergency hospital bills, you can use a personal loan of ₹20 Lakhs for the same.

Interest Rates on ₹20 Lakh Personal Loan

The interest rates at which you can avail a personal loan of ₹20 Lakhs from the lending partners of Bajaj MARKETS are as follows:

Lending Partner Name

Starting Interest Rate

Bajaj Finance Limited

14% p.a onwards

Fullerton India

12% p.a onwards

PaySense

14% p.a onwards

Axis Bank

10.49% p.a onwards

Muthoot Finance

13.75% p.a onwards

SBFC Finance Pvt Ltd

14% p.a. onwards

CASHe

27% p.a onwards

Prefr Partners

21% p.a onwards

EarlySalary

24% p.a onwards

KreditBee

14% p.a onwards

Yes Bank

10.70% p.a onwards

InCred

18% p.a onwards

mPokket

24% p.a. onwards

IIFL

16.50% p.a onwards

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

₹20 Lakh Personal Loan Eligibility Criteria

If you want to avail a personal loan of ₹20 Lakhs, you must satisfy the following conditions:

Eligibility Criteria

Particulars

Nationality

You should be an Indian national.

Employment Nature

You should either be a salaried individual working with a reputable private/public firm or you must be a self-employed professional or non-professional.

Age

You must be at least 21 years of age or more.

Minimum Net Monthly Income

You should earn a minimum of ₹25,000 per month. Note that the same can change depending on the city that you are living in.

Minimum Work Experience

You should have at least 2-3 years of work experience.

Credit Score

You should have a credit score of at least 650 or above

How To Apply for ₹20 Lakh Personal Loan?

You must first meet the basic eligibility criteria laid out for a ₹20 Lakh personal loan. Once this is done, all you must do is follow the steps mentioned below.

 

  • Step 1: Find the ‘Apply Now’ button on the Bajaj MARKETS’ personal loan webpage. 

  • Step 2: Fill up the application form online with your professional and personal details.

  • Step 3: Choose the loan amount that you desire from one of our lending partners and add a suitable loan repayment tenure.

  • Step 4: Next, you must provide all the documents required along with the application form for the purpose verification.

  • Step 5: Once your loan application has been approved, the money will be credited into your bank account.

 

Documents Required for ₹20 Lakh Personal Loan

If you want to avail a personal loan of ₹20 Lakhs, you must furnish the following documents:

Documents Required

Particulars

Identity Proof

You will either need to furnish your PAN or Aadhaar card as your identity proof. Alternatively, you can also share your passport, voter’s ID, and driving licence 

Residence Proof

Voter’s ID, Aadhaar card, passport, driving licence, electricity bill, telephone bill

Income Proof

Bank statement, salary slips going back at least 3 months

Photographs

2 passport-size photographs

FAQs on ₹20 Lakh Personal Loan

  • ✔️How can I get a ₹20 Lakh personal loan?

    You can get a ₹20 Lakh instant personal loan from Bajaj MARKETS itself and by simply following a handful of steps. Just help yourself to the application page, feed in your personal and professional details, check your eligibility, pick a lending partner of your choice, fill up the application form with your details, and lastly, submit the documents required. If the application for a ₹20 Lakh personal loan is approved, the lender will credit the money into your account within a day.

  • ✔️What is the EMI on a ₹20 Lakh personal loan?

    Your ₹20 Lakh personal loan EMI amount will depend on factors such as your repayment tenure, interest rate, and personal eligibility. You can avail a ₹20 Lakh personal loan at an interest rate starting from 10.49% at Bajaj MARKETS.

  • ✔️What is the interest rate levied on a ₹20 Lakh personal loan?

    You can get a ₹20 Lakh personal loan starting at just 10.49% p.a. through Bajaj MARKETS. Note that the final interest rate applicable to you will depend on factors such as your eligibility and repayment tenure.

  • ✔️What is the eligibility criteria for a ₹20 Lakh personal loan?

    If you are an Indian salaried/self-employed person who is above 21 years old, earn a minimum of ₹25,000 a month, and have a CIBIL score of 650 or more, you can avail a ₹20 Lakh personal loan.

  • ✔️Can I get a ₹20 Lakh personal loan without any collateral?

    Yes. Since personal loans are unsecured in nature, you can avail a ₹20 Lakh personal loan without pledging any collateral.

  • ✔️What is the best bank for a ₹20 Lakh personal loan?

    The best bank you can get a ₹20 Lakh personal loan from on Bajaj MARKETS is Axis Bank owing to its state-of-the-art service and interest rates, which start at just 10.49% per annum.

  • ✔️What will happen if I default on a ₹20 Lakh personal loan?

    If you default on a ₹20 Lakh personal loan, your CIBIL score will be affected significantly and you will find it difficult to avail credit in the future.

  • ✔️Can I avail a ₹20 Lakh personal loan without any income proof?

    Given that you will need to submit an income proof to prove credibility, you will need to share an income proof to get a ₹20 Lakh personal loan.