Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

Personal loans have gained prominence as an efficient financial tool, when you urgently need funds. It could be to meet a personal emergency or even to go on vacation. Personal loans help you meet diverse financial requirements.

 

You can apply for a Rs. 20,000 loan through Bajaj Markets at low interest rates and repay it over a flexible repayment tenure. It is possible to avail these loans with minimal documents and no collateral is required for availing them either.

Purpose of  ₹20,000 Personal Loan

A Rs. 20,000 personal loan can be used to meet a range of needs. Read on below to learn the different purposes for which you could use a Rs. 20,000 loan.

 

1. Travel: Traveling has become a huge necessity in our current hectic lives and work schedules. Getting away from work and traveling to a new place is one of the best ways to unwind. You can use a Rs. 20,000 loan to meet these travel expenses and avoid dipping into your savings.

 

2. Home Improvement: Regardless of whether you want to completely overhaul your home decor or just make a few, tasteful changes, you can use a Rs. 20,000 personal loan for making these changes.

 

3. Marriage: Marriages are often expensive since they tend to be an event you have been planning for years and would want to remember for the rest of your life. Taking a Rs. 20,000 as a wedding loan for meeting these expenses is a practical way to ensure that you are prepared for the expenses that may arise when you set out to achieve the day of your dreams.

 

4. Medical Exigency: Medical emergencies can occur when we least expect them to. As a result, we might not always be prepared to bear the financial burden that comes along with it. A Rs. 20,000 loan urgently availed may ensure that you are able to meet the treatment expenses without having to dip into your savings. 

 

5. Rent Deposit: Moving to a new city is expensive enough without considering the higher cost of living that comes with moving out of your home. In such situations, a rent deposit can often seem like a hefty amount that can be paid easily through a personal loan.

 

6. Festivals:Festivals in India are grand events for families and friends to get together and celebrate. During festivals, people get new clothes and gifts for every member of their family and friend circle. This can become quite an expensive proposition at times but using a personal loan can help you mitigate these expenses. 

 

7. Smartphones: Smartphones are a crucial necessity in our lives today. However, sometimes, they may seem out of reach owing to budget constraints. With a Rs. 20,000 personal loan, however, you can comfortably purchase any of the top phones in the market.

 

8. Home Appliances: Home appliances are electronics that help make our everyday lives easier even as we end up struggling to finish all our domestic chores. With a personal loan of Rs. 20,000 you could easily purchase home appliances that make life easier for you.

Interest Rates for ₹20,000 Personal Loan

Interest rates on any personal loan is based on the borrower’s credit score and their capacity for repayment. If you avail a Rs. 20,000 personal loan, through Bajaj Markets, you can benefit from interest rates starting as low as 10.49%. However, if the borrower’s credit score is too low, they might be subjected to higher interest rates. Some of the interest rates on personal loans offered by various partners on Bajaj MARKETS are listed below. Read through to see which one best fits your needs. 

Lender

Range of Interest Rate

Bajaj Finance Limited

14% onwards

Axis Bank

10.49% onwards

PaySense Partners

14% onwards

EarlySalary

24% onwards

Fullerton India

12% to 36%

CASHe

27% onwards

KreditBee

14% onwards

SBFC Finance Private Limited

14.0% to 19.5%

Muthoot Finance

13.75% onwards

Prefr Partners

21% to 36%

YES Bank

10.70% onwards

InCred

18% 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.

Eligibility Criteria for ₹20,000 Personal Loan

It is important to understand the eligibility criteria to getting a personal loan before you make an application in order to avoid rejection. Read on below to learn the eligibility criteria for availing a Rs. 20,000 loan.

Criterion

Particulars

Nationality

Indian

Nature of Employment

Self-employed or salaried individual

Age

21 years and above

Minimum Net Monthly Income

Rs. 15,000

Minimum Work Experience

2-3 years

Credit Score

600 or higher

For applicants new to credit scoring, NTC score

Above 150 

How to Apply for ₹20,000 Personal Loan?

Applying for a Rs. 20,000 personal loan is an extremely simple and quick process. Read on below to learn how you can get a Rs. 20,000 loan urgently. 

 

1. Head to the lender’s website and fill up the application form with your personal and professional details. 

2. Enter the loan amount you require and select a suitable repayment tenure for instant approval.

3. Furnish all the documents required and submit the form.

4. Your application and documents will be verified, post which the loan amount will be disbursed to your registered bank account.

You can also apply for a Rs. 20,000 loan offline by visiting a branch of the lender and availing and submitting the application form and documents at the office itself. 

Documents Required for ₹20,000 Personal Loan

The documents you are required to submit in order to avail a Rs. 20,000 personal loan are listed below. 

Documents Required

Particulars

Proof of Identity

Aadhaar Card, PAN Card, Voter’s ID, etc.

Proof of Residence

Passport, Aadhaar Card, Utility Bills, etc.

Proof of Income

Salary slips or bank statements from the last 3 months

Photographs

2 passport-sized 

Frequently Asked Questions

  • ✔️How can I get a Rs. 20,000 personal loan without documents?

    The documents listed above are essential to availing a personal loan.

  • ✔️How much credit score do I need for a Rs. 20,000 loan?

    For a Rs. 20,000 personal loan, your credit score must be 650 or higher.

  • ✔️Can I get a personal loan if my salary is Rs. 20,000?

    Yes, anybody earning more than Rs. 15,000 a month can apply for a personal loan.

  • ✔️Can I get a Rs. 20,000 loan without collateral?

    Yes, it is possible to get a Rs. 20,000 personal loan without collateral. 

  • ✔️Which is the best bank for a Rs. 20,000 personal loan?

    The choice of lender can differ across individuals and it is best to go with one that best meets your requirements after checking particulars like repayment tenure, interest rate, etc.