₹20,000 Personal Loan

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.

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:

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

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:

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.