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Personal Loan of ₹20 Lakhs

Get a ₹20 Lakh personal loan with minimal paperwork and fast approval and manage your financial requirements without delays!

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You can get a personal ₹20 Lakh loan on Bajaj Markets with no restrictions on its end-use. This can help you tackle emergencies or fulfil your aspirations easily. You can get a ₹20 Lakh personal loan at low interest rates starting from 10% p.a. 

You can also choose a repayment tenure of up to 96 months and repay the loan comfortably at your convenience. The smooth application process and quick disbursal further enhance your borrowing experience.

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Your Personal Loan EMI
₹ 17,583
Total Interest Amount
₹ 10,998
Principal Amount
₹ 200,000
Total Payable Amount
₹ 210,998
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
- +
Min value reached
Max value reached
Instant Approval

You can also make instant comparisons between loan offers from over 20 personal loan providers on Bajaj Markets.

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You can also evaluate the total interest amount and overall payable amount for better financial planning and budgeting.

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Various banks and financial institutions offer a personal loan of ₹20 Lakh at competitive interest rates and a tenure of up to 96 months. Below is a list of Bajaj Markets partner lenders offering personal loans, along with their interest rates and repayment tenures. 

Lender 

Maximum Tenure

Min. Interest Rate 

Bajaj Finance

96 months 

10.00% p.a.

Kotak Mahindra Bank

72 months

10.99% p.a.

SMFG India Credit

60 months

12.00% p.a.

YES BANK

72 months

12.50% p.a.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

If you are opting for a personal loan of ₹20 Lakhs with an interest rate of 10%, your repayment amount will vary as per the chosen tenure. Here is a breakdown of EMIs for a ₹20 Lakh personal loan for various tenures:

Tenure 

EMI Amount 

Total Interest Payable 

Total Repayment Cost

1 year (12 months)

₹1,75,832

₹1,09,981

₹21,09,981

3 years (36 months)

₹64,534

₹3,23,237

₹23,23,237

5 years (60 months)

₹42,494

₹5,49,645

₹25,49,645

8 years (96 months)

₹30,348

₹9,13,440

₹29,13,440

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Other than the interest payable, you will incur additional costs when getting a personal loan VIA Bajaj Markets. They include: 

Fees and charges 

Details 

Processing Fees

Up to 6% of the loan amount

Foreclosure Fees

Up to7% on the outstanding loan amount

Part-payment Charges

Up to 25% of principal outstanding

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

You can either calculate your personal loan EMI using an online calculator or use the manual formula. 

Here is how you can calculate it manually:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Where:

  • P = Loan amount

  • R = Monthly interest rate (Annual interest rate/12/100)

  • N = Loan tenure in months

Consider the following example:

If you take a personal loan of ₹20 Lakhs at an interest rate of 10% p.a. for 50 months, the monthly EMI will be ₹49,074. This will come with a total interest payable of ₹4,53,721, and the total payable amount will become ₹24,53,721.

If you take a personal loan of ₹20 Lakhs at an interest rate of 10% p.a. for a 6-month term, your monthly repayment dues will be as follows. 

Month 

Payable Amount 

Principal 

Interest 

Balance

Month 1

₹3,43,123

₹3,26,456

₹16,667

₹16,73,544

Month 2

₹3,43,123

₹3,29,177

₹13,946

₹13,44,367

Month 3

₹3,43,123

₹3,31,920

₹11,203

₹10,12,448

Month 4

₹3,43,123

₹3,34,686

₹8,437

₹6,77,762

Month 5

₹3,43,123

₹3,37,475

₹5,648

₹3,40,287

Month 6

₹3,43,123

₹3,40,287

₹2,836

₹0

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

When you apply for a personal loan, a good CIBIL score, typically over 685, is required. Your CIBIL score impacts both pre-approval and post-approval of the loan. Here is how: 

  • Pre-approval

Lenders check your credit history through a hard enquiry before approving your loan. This can temporarily lower your credit score, but the effect is short-lived. A poor score at this stage can impact your loan approval. 

  • Post-approval

Once your loan is approved, your timely repayments influence your CIBIL score. Paying on time keeps your score stable. However, missing or defaulting on EMIs can harm your credit score after approval. 

With a personal loan of ₹20 Lakhs, you can manage expenses like medical needs, purchasing or renovating a house, or buying a vehicle. Here are some uses:

  • Emergency Funding

You can use funds to cover emergency expenses such as medical needs, home repairs, and medical bills. This option does not require any collateral, making it accessible during urgent situations.

  • Debt Repayment

If you have existing debts or significant financial obligations, a personal loan can help you manage them. It allows you to pay off loans with high interest rates, reducing your financial burden.

  • Home Renovation

Personal loans can provide the necessary funds for home renovation projects. Whether it’s updating your kitchen or adding an extension, this loan helps finance improvements.

  • Home Down Payment

You can use ₹20 Lakhs from a personal loan to assist with a home down payment. This is especially helpful when banks offer 80% of the home value through a home loan, making the personal loan helpful.

  • Education

Personal loan funds can be used to support your children’s higher education. This includes tuition fees, accommodation, and other expenses related to their studies.

  • Wedding Expenses

Planning a wedding can be expensive, but a personal loan can cover the costs. This loan helps you manage the financial strain of hosting a large wedding.

  • Traveling

Use a personal loan to fund your dream vacation or holiday. Whether you plan to travel domestically or internationally, the loan can make it financially manageable.

  • Buying a Vehicle

With ₹20 Lakhs, you can buy your dream vehicle without making an upfront payment. This option gives you the flexibility to pay in instalments, making it more accessible. 

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

Frequently Asked Questions

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 by simply following a few steps. Enter your details, check your eligibility, and choose a lending partner that suits you. 

Next, 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 couple of business days.

Your ₹20 Lakh personal loan EMI amount will depend on factors such as your repayment tenure, interest rate, and personal loan eligibility. You can get a ₹20 Lakh personal loan at an interest rate starting from 10% p.a. at Bajaj Markets.

You can get a ₹20 Lakh personal loan starting at just 10% 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.

If you are an Indian salaried/self-employed person who is above 18 years old, you can apply for a ₹20 Lakh personal loan. To further qualify for the loan, you must have a CIBIL score of 685 or more.

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

Several leading financial institutions offer personal loans of ₹20 Lakhs on Bajaj Markets Explore options from top lenders known for competitive interest rates, quick disbursal, and flexible tenures.

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.

The loan amount, interest rate, and tenure have a direct impact on the EMI of your personal loan of ₹20 Lakhs. You can use a ₹20 Lakhs personal loan EMI calculator to try various combinations of these loan terms to check how they affect the instalment amount of the loan.

Defaulting on a loan leads to penalty charges and a drop in your credit score, making future loan or credit card approvals difficult. Prolonged defaults may result in legal action. 

Loan terms, including EMI, depend on factors like your credit score, income, debt-to-income ratio, and repayment history, which is why monitoring them is essential.

For a ₹20 Lakh personal loan from Bajaj Markets, you need to have a minimum CIBIL score of 685 or higher. Typically, a CIBIL score between 700 and 750 offers more favourable loan terms, providing you with greater flexibility. 

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