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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.

Interest Rates for a Personal Loan of ₹20 Lakhs

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.

Calculate the EMI for a Personal Loan of ₹20 Lakhs

Loan Amount
Tenure
Months
Rate of Interest
Personal Loan
Your Monthly Personal Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
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Expand Amortization Schedule
Year EMI Principal Interest Balance

EMI for a Personal Loan of ₹20 Lakhs Over Varying Tenures

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.

Eligibility Criteria and Documents Required for a Personal Loan of ₹20 Lakhs

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

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

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. 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.

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 get a ₹20 Lakh personal loan at an interest rate starting from 10.99% 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 10.99% 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.

What is the eligibility criteria for a ₹20 Lakh personal loan?

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.

Can I get a ₹20 Lakh personal loan without any collateral?

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

What is the best bank for a ₹20 Lakh personal loan?

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

Can I apply for 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.

What will happen if I default on my ₹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.

What are the factors that can affect the EMI for 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 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.

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