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₹20 Lakh Personal Loan

You can get a personal ₹20 Lakh loan on Bajaj Markets with no restrictions on its end-use. 

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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. 

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Your Personal Loan EMI
₹ 17,583
Total Interest Amount
₹ 10,998
Principal Amount
₹ 2,00,000
Total Payable Amount
₹ 2,10,998
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
Months drop-down-img
  • Years
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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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Overview

A ₹20 Lakh personal loan is a reliable option for managing large expenses or urgent financial requirements. It carries no restrictions on end use. You can utilise it for medical emergencies, business investments, weddings, or home renovation without pledging any assets.

For instance, a ₹20 Lakh loan with a 5-year tenure at 10% per annum interest results in an EMI of approximately ₹42,494. The total interest paid over the tenure would be nearly ₹5,49,645.

Opting for a 7-year tenure reduces the EMI to approx. ₹33,202, but increases the total interest to approximately ₹7,88,998.

This loan provides flexible repayment options and prompt disbursal. With minimal documentation and straightforward eligibility criteria, you can access the required funds on time without disrupting your savings.

Compare ₹20 Lakhs Personal Loan Interest Rates by Various Banks & NBFCs

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

Max. Loan Amount

Min. Interest Rate

Max. Tenure

Processing Fee

Bajaj Finance

₹55 Lakhs

10.00% p.a.

96 months

Up to 3.93% of the loan amount (Inclusive of applicable taxes)

Kotak Mahindra Bank

₹40 Lakhs

10.99% p.a.

72 months

Up to 1.50% of the loan amount + GST

SMFG India Credit

₹25 Lakhs

12.00% p.a.

60 months

0% to 6% of the loan amount

YES BANK

₹50 Lakhs

12.50% p.a.

72 months

1.15% to 2.75% of the loan amount

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

₹20 Lakh Personal Loan EMI for Different Tenures

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

Interest Rate

Total Interest Payable

Total Repayment Cost

₹20 Lakh Loan for 1 Year  

₹1,75,831

10% p.a. 

₹1,09,981

₹21,09,981

₹20 Lakh Loan for 3 Years 

₹64,534

10% p.a. 

₹3,23,237

₹23,23,237

₹20 Lakh Loan for 5 Years  

₹42,494

10% p.a. 

₹5,49,645

₹25,49,645

₹20 Lakh Loan for 8 Years  

₹30,348

10% p.a. 

₹9,13,439

₹29,13,439

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

₹20 Lakh Personal Loan: Fees and Charges

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

Fees and Charges

Details

Processing Fees

Up to 6% of the loan amount

Foreclosure Fees

Up to 7% 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.

How to Calculate Your Personal Loan EMI

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.

Eligibility & Documents for a Personal Loan of ₹20 Lakhs

If you are planning to apply for a personal loan of ₹20 lakhs, here are the eligibility conditions you need to fulfil:

  • You must be an Indian citizen

  • Both salaried and self-employed individuals are eligible

  • You should be 18 years or above

  • Should have a monthly income of at least ₹10,000

  • A minimum of 1 year of continuous work experience is required

  • A CIBIL score of 750 or above is typically needed for approval

Here is a list of documents you may need to submit when applying for a ₹20 Lakh personal loan:

Identity Proof (any one):

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

Address Proof (any one):

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

  • Electricity Bill

  • Telephone Bill

Income Proof

  • Bank statements or salary slips for the last 3 months

How to Apply for a ₹20 Lakh Personal Loan

Here are the steps to apply for a personal loan. 

  • Click on ‘Apply for a personal loan’

  • Enter your personal details

  • Enter the required loan amount and chosen tenure 

  • Submit the application form 

After the submission of application, a representative of the lender will contact you to verify your application and instruct on the further steps. 

Amortisation Table for a Personal Loan of ₹20 Lakhs

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.

Impact of Pre- and Post-personal Loan Approval on CIBIL Score

When you apply for a personal loan, a good CIBIL score, typically over 750, 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.

Uses of a ₹20 Lakh Personal Loan

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. 

Other Instant Personal Loan Options

Disclaimer

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 apply for a ₹20 Lakh personal loan from Bajaj Markets in a few simple steps:

  1. Enter your details and check eligibility

  2. Select a lending partner that fits your needs

  3. Fill out the application form with personal and loan details

  4. Upload required documents

  5. Get loan approval and receive the amount in your bank account within a few 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. on Bajaj Markets.

You can get a ₹20 Lakh personal loan starting at just 10% p.a. on Bajaj Markets. Note that the final interest rate applicable to you will depend on factors such as your eligibility and repayment tenure.

The eligibility criteria for a ₹20 Lakh personal loan:

  • Your age should be at least 18 years

  • Must be a salaried employee or self-employed professional

  • Must be an Indian citizen.

  • Should have a good credit score, usually 750 or above

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 at 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 Lakh 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 750 or higher. Typically, a CIBIL score between 700 and 750 offers more favourable loan terms, providing you with greater flexibility.

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