BAJAJ FINSERV DIRECT LIMITED

₹20,000 Personal Loan

Get a ₹20,000 personal loan with instant approval and flexible repayment options. Compare interest rates and lenders on Bajaj Markets to find the best deal. 

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A ₹20,000 personal loan provides financial support for needs like travel plans or urgent expenses. 

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Your Personal Loan EMI
₹ 1,796
Total Interest Amount
₹ 1,549
Principal Amount
₹ 20,000
Total Payable Amount
₹ 21,549
Loan Amount i
Interest Rate
- +
Min value reached
Max value reached
Tenure
- +
Min value reached
Max value reached

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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A personal loan of ₹20,000 is ideal for managing everyday finances or covering small yet urgent expenses. You can use the loan amount for repairing a broken appliance, funding education, or meeting medical costs. With easy EMIs and quick approvals, secure the required funds without undergoing lengthy procedures.

For instance, for a ₹20,000 personal loan at an annual interest rate of 10% with a loan tenure of 12 months, the EMI would be approximately ₹1,757. The total interest payable would be ₹1,084, bringing the total repayment amount to ₹21,084.

This type of loan suits salaried individuals who require short-term financial support. You benefit from low interest rates, flexible repayment tenures, and minimal documentation. You need to manage your expenses efficiently without placing additional strain on your finances.

On Bajaj Markets, multiple lenders provide ₹20,000 personal loans without collateral. Refer to the table below for details on maximum tenure and minimum interest rates before applying.

Lender

Max. Loan Amount

Min. Interest Rate

Max. Repayment Tenure

Processing Fee

Kissht

₹4 Lakhs

14% p.a.

24 Months

3% to 5% of the loan amount

KreditBee

₹5 Lakhs

14% p.a.

24 Months

Up to 3% of the loan amount

PaySense Partners

₹5 Lakhs

14% p.a.

60 Months

2% to 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Finnable

₹10 Lakhs

15.95% p.a.

60 Months

Up to 3% of the loan amount

InCred

₹10 Lakhs

16% p.a.

60 Months

2% to 5% of the sanctioned amount

MoneyTap

₹5 Lakhs

18% p.a.

36 Months

5% to 10% of the loan amount

Olyv

₹1 Lakh

18% p.a.

12 Months

2% to 12% of the loan amount

Zype

₹5 Lakhs

18% p.a.

12 Months

2% to 6% of the loan amount

mPokket

₹45,000

24% p.a.

3 Months

₹50 to ₹200 + 18% GST (maximum APR of 48%)

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

When you take a personal loan of ₹20,000 at an annual interest rate of 14%, the EMI will depend on the chosen repayment tenure. To assist in planning, here are the EMIs, total interest, and overall repayment amount across different tenures:

Tenure

EMI Amount

Interest Rate

Total Interest Payable

Total Repayment Cost

₹20,000 Loan for 1 Year

₹1,796

14% p.a.

₹1,549

₹21,549

₹20,000 Loan for 2 Years

₹960

14% p.a.

₹3,046

₹23,046

₹20,000 Loan for 3 Years

₹684

14% p.a.

₹4,608

₹24,608

₹20,000 Loan for 5 Years

₹465

14% p.a.

₹7,922

₹27,922

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

You will incur some additional charges when getting an instant personal loan. Here are the details:

Fees and Charges

Details

Processing Fees

Up to 12% of the loan amount 

Foreclosure Charges

Up to 5% of the amount  

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

You can calculate your personal loan EMI using the following formula:

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

Where:

  • P = Principal loan amount

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

  • N = Loan tenure in months

For example, if you have taken a personal loan of ₹20,000 at an interest rate of 14% p.a. for 6 months from Bajaj Markets. Based on these details, the EMI will be ₹3,471 the total interest will amount to ₹825. Therefore, the total amount payable will be ₹20,825.

To apply for a ₹20,000 personal loan, you need to meet certain eligibility criteria. Although specific requirements may differ depending on the lender, the following are the commonly expected factors:

  • You should be an Indian citizen 

  • You should be salaried or self-employed 

  • Your minimum age limit must be 18 years or older 

  • You must have a minimum monthly income of ₹10,000  

  • You must have a minimum of 1 year of work experience 

  • CIBIL score should be 600 or more

Some lenders offer digital approval with minimal paperwork. However, the following documents are commonly required:

Identity Proof (Any one of the following):

  • PAN card

  • Aadhaar card

  • Voter ID

  • Passport

  • Driving licence

Address Proof (Any one of the following):

  • Voter ID

  • Aadhaar card

  • Passport

  • Driving licence

  • Electricity bill

  • Telephone bill

Income Proof (Any one of the following):

  • Bank statements

  • Salary slips of the last 3 months

Please note that the required documents may vary depending on the lender. It is advisable to verify the exact list with your chosen financial institution before submitting your application.

Applying for a loan online via these simple steps:

  1. Click on ‘Apply for a Personal Loan

  2. Fill in your basic personal information in the online application form

  3. Specify the desired loan amount and choose your preferred repayment tenure

  4. Submit the form for verification

Once your application is submitted, a representative will contact you to proceed with the next steps.

Taking a loan of ₹20,000 at an interest rate of 14% for a tenure of 6 months results in the following amortisation breakdown:

Month

Payable Amount

Principal

Interest

Balance

Month 1

3,471

3,237

233

16,763

Month 2

3,471

3,275

196

13,487

Month 3

3,471

3,313

157

10,174

Month 4

3,471

3,352

119

6,822

Month 5

3,471

3,391

80

3,431

Month 6

3,471

3,431

40

0

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

Your CIBIL score, ranging from 300 to 900, indicates your creditworthiness and affects your loan eligibility. Taking a personal loan can influence this score in different ways.

  • Pre-approval Impact

Applying for a personal loan requires the issuer to check your credit report through a hard inquiry. This may cause a slight, temporary reduction in your CIBIL score.

  • Post-approval Impact

Making EMI payments on time helps improve your credit score, showing responsible debt management. A higher score increases the likelihood of better loan offers in the future.

A ₹20,000 personal loan provides a convenient way to manage planned and unexpected expenses. Here are some common uses:

  • Medical Emergencies

Medical expenses can arise without warning. This loan can help cover consultation fees, medicines, and diagnostic tests. It ensures timely treatment without financial strain.

  • Home Repairs

Plumbing leaks, electrical faults, or roof damage require immediate attention. A personal loan allows you to fund these repairs without disturbing your monthly budget.

  • Education Expenses

Tuition fees, books, and skill development courses require financial commitment. This loan ensures that education or career advancement is not delayed due to insufficient funds.

  • Smartphone Purchase

Upgrading to a new smartphone is necessary for better performance and connectivity. A ₹20,000 loan provides the funds to purchase a budget-friendly phone without an immediate financial burden.

  • Renovation or Relocation

Moving to a new city or upgrading living space involves costs such as painting, minor repairs, and new furniture. A ₹20,000 personal loan can support these expenses efficiently.

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

20000 Rupees Personal Loan
How can I get a ₹20,000 personal loan without documents?

It is essential to complete the required documentation to apply for the loan. The documents help lenders verify your identity, address, income, and other details.

For taking a ₹20,000 personal loan from lenders available on Bajaj Markets, your credit score must ideally be 600 or higher.

Yes, you can get a personal loan if your minimum income is ₹10,000 per month. You can apply for the personal loan on Bajaj Markets.

Yes, you can secure a ₹20,000 personal loan without any collateral. Lenders on Bajaj Markets offer personal loans without collateral.

Lenders like Finnable, Kissht, KreditBee, etc., can be a great choice. Check the interest rates, tenure, and other terms offered by various lenders on Bajaj Markets.

A personal loan may be disbursed to your account within a few minutes. However, this is subject to the approval of your loan application.

The EMI for a personal loan of ₹20,000 depends on the interest rate and loan tenure. For example, at a 14% annual interest rate:

  • 6 months – ₹3,471 per month

  • 12 months – ₹1,796 per month

  • 24 months – ₹960 per month

On Bajaj Markets, you can apply for a personal loan of ₹20,000 at interest rates starting as low as 14% p.a.

On Bajaj Markets, you can choose a tenure ranging from 3 months to 96 months when applying for a personal loan.

Before applying for a personal loan on Bajaj Markets, ensure you meet the following eligibility criteria:

  • You should be an Indian citizen 

  • You should be salaried or self-employed 

  • Your minimum age limit must be 18 years or older 

  • You must have a minimum monthly income of ₹10,000  

  • You must have a minimum of 1 year of work experience

  • CIBIL score should be 600 or more

Follow these simple steps to apply for a personal loan of ₹20,000 on Bajaj Markets:

  1. Click on the ‘Apply for a personal loan’ option on this page

  2. Provide your personal details

  3. Choose a lender from the list provided

  4. Enter the preferred tenure and the required loan amount

  5. Recheck the information entered and submit the application

Following this, a representative will reach out to you for further proceedings.

If you need ₹20,000 urgently, consider getting a personal loan through Bajaj Markets. After applying, your request will be processed quickly, allowing you access to the funds within some time.

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