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.
Calculate EMI for ₹20 Lakh Personal Loan
| Year | Principal | Interest | Balance |
|---|
Interest Rates on ₹20 Lakh Personal Loan
|
Our Partners
|
Maximum Loan Tenure
|
Maximum Loan Amount
|
Minimum Interest Rate
|
|
|---|---|---|---|---|
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Bajaj Finance Limited |
6 years |
₹35 Lakhs |
11% p.a. |
|
Kotak Mahindra Bank |
5 years |
₹25 Lakhs |
10.99% p.a. |
|
SMFG India Credit |
5 years |
₹25 Lakhs |
12% p.a. |
|
YES BANK |
6 years |
₹50 Lakhs |
10.99% p.a. |
|
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.
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.
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 |
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.
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 |
Also Check Other Instant Personal Loan Options |
|
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.
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