On Bajaj Markets, get a personal loan of ₹20 Lakhs at interest rates starting from 10.99% p.a.
You can get a personal loan of ₹20 Lakhs on Bajaj Markets with no restrictions on its end-use. This can help you tackle emergencies or fulfil your aspirations quite easily. You can get a personal loan of ₹20 Lakhs at low interest rates starting from 10.99% p.a. Also, you can 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.
On Bajaj Markets, compare the interest rates and loan offers from multiple lenders to make an informed decision. Some financial institutions that provide a personal loan of ₹20 Lakhs are as follows:
Lenders |
Starting Interest Rate |
Kotak Mahindra Bank |
10.99% p.a. |
Bajaj Finance |
11.00% p.a. |
SMFG India Credit |
12.00% p.a. |
YES BANK |
12.50% p.a. |
*Disclaimer: The rates are subject to change at the lender’s discretion.
Choosing the right tenure is critical to manage your budget and manage your loan repayment. The repayment period has a major impact on not just the EMIs, but also the total repayment costs. Let’s take a look at the following example to understand how.
Assume that you took a loan of ₹20 Lakhs at an interest rate of 10.99% p.a. Here’s how the tenure will affect the loan EMIs:
Tenure |
EMI Amount |
Total Interest Payable |
Total Repayment Cost |
12 months |
₹1,76,753.99 |
₹1,21,047.86 |
₹21,21,047.86 |
24 months |
₹93,206.39 |
₹2,36,953.39 |
₹22,36,953.39 |
36 months |
₹65,467.96 |
₹3,56,846.68 |
₹23,56,846.68 |
48 months |
₹51,681.33 |
₹4,80,703.99 |
₹24,80,703.99 |
60 months |
₹43,474.87 |
₹6,08,492.36 |
₹26,08,492.36 |
72 months |
₹38,057.92 |
₹7,40,169.88 |
₹27,40,169.88 |
84 months |
₹34,234.36 |
₹8,75,686.07 |
₹28,75,686.07 |
96 months |
₹31,406.07 |
₹10,14,982.24 |
₹30,14,982.24 |
*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.
As visible in the above example, as the loan tenure increases, so does the interest charge. This leads to an overall surge in the total repayment cost of the loan. However, the instalment amount was considerably reduced. So, compare the various tenure options to identify the repayment period that suits your needs and preferences.
If you want to get a personal loan of ₹20 Lakhs, you must satisfy the following conditions:
Nationality: Indian
Employment type: Salaried, self-employed professional, or self-employed non-professional
Age: 18 years or more
Minimum monthly income: ₹15,000
Minimum work experience: 2-3 years
Credit score: 750 or more
Additionally, you need to furnish the following documents when applying for a personal loan:
Identity Proof: Any one of the following documents
PAN card
Aadhaar card
Passport
Voter ID
Driving licence
Residential Proof: Any one of the following documents
Voter ID
Aadhaar card
Passport
Driving licence
Electricity bill
Telephone bill
Income Proof:
Bank statement
Salary slips of the previous 3 months
|
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.
You can get a ₹20 Lakh instant personal loan from Bajaj Markets itself by simply following a few 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 couple of business days.
Your ₹20 Lakh personal loan EMI amount will depend on factors such as your repayment tenure, interest rate, and personal eligibility. You can get a ₹20 Lakh personal loan at an interest rate starting from 10.99% at Bajaj Markets.
You can get a ₹20 Lakh personal loan starting at just 10.99% 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 earn at least ₹25,000 a month, and have a CIBIL score of 750 or more.
Yes. Since personal loans are unsecured in nature, you can get a ₹20 Lakh personal loan without pledging any collateral.
Some of the top lenders that offer a personal loan of ₹20 Lakhs on Bajaj Markets include:
Kotak Mahindra Bank
Bajaj Finance
SMFG India Credit
YES BANK
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.
In case of default, you will be required to pay a penalty charge on your pending dues, as determined by the lender. Meanwhile, your credit score is also negatively impacted by this, which can make it difficult for you to get a new loan or credit card in the future. If the default continues for an extended period, the lender can take legal action against you.
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 personal loan EMI calculator to try various combinations of these loan terms to check how they affect the instalment amount of the loan.
These loan terms are determined on the basis of your debt-to-income ratio, credit score, income, repayment history, etc. Keep an eye on these factors as they influence the loan terms offered and thus the EMI you need to pay.