₹20,000 Personal Loan

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.

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:

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 fees and charges when getting an instant personal loan. Here are the details:

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

You can calculate your personal loan EMI with the following formula.

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 = Repayment tenure in months

Example: You have taken a personal loan of ₹20,000 at an interest rate of 14% p.a. for 6 months from Bajaj Markets. In this case, the EMI will be ₹3,471 the total interest will amount to ₹825. Therefore, the total amount payable will be ₹20,825.

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

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

Making EMI payments on time helps improve your credit score, demonstrating 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 is how it can be utilised:

• Medical Emergencies

Medical expenses can arise without warning. This loan can help cover consultation fees, medicines, and diagnostic tests, ensuring 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 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. This loan can support these expenses efficiently.