A personal loan for ₹20,000 salary is a financing solution tailored to individuals earning ₹20,000 per month. It offers competitive interest rates starting at 9.99% p.a., repayment terms of up to 96 months, and loan amounts as high as ₹50 Lakhs. 

This type of loan may be used to cover a variety of financial requirements, such as medical bills, weddings, or home renovations. With flexible repayment options and an easy-to-navigate application process, Bajaj Markets helps you find lenders and access loans suited to your financial needs.

Personal Loan Lenders Available on Bajaj Markets

Partner Name

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance Limited

10% p.a.

96 months

Up to 3.93% of the loan amount

CASHe

2.79% p.m.

18 months

Up to 5.5% of the personal loan amount + GST

Federal Bank

11% p.a.

48 months

0.70% to 2.80% of the loan amount + 18% GST

Fibe

14% p.a.

36 months

Up to 2% of the loan amount

Finnable

15.95% p.a.

60 months

Up to 3% of total loan amount

IIFL Finance

18% p.a.

42 months

2% to 6% of the loan amount + GST

InCred

16% p.a.

60 months

2%-5% on the sanctioned amount

Kissht

14% p.a.

24 months

3% - 5% of the loan amount

Kotak Mahindra Bank

10.99% p.a.

72 months


Up to 1.10% - 1.50% of the loan amount + GST

KreditBee

14% p.a.

24 months

Up to 3% of the loan amount

L&T Finance

12% p.a.

48 months

Up to 2% of loan amount + GST

MoneyTap

18% p.a.

36 months

5% to 10% of the loan amount

moneyview

1.33% p.m.

60 months

Starting from 2% of the approved loan amount

mPokket

24% p.a.

90 days

₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%)

Muthoot Finance

14.50% p.a.

60 months

2% to 4% of the loan amount

Olyv

18% p.a.

12 months

2% - 12% of the loan amount

PaySense Partners

15% p.a.

60 months

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

Privo

9.99% p.a.

60 months

1%-3% of the loan amount +GST

SMFG India Credit

12% p.a.

60 months

0% - 6% of the loan amount

Upwards

18% p.a.

36 months

Up to 4% of the loan amount

YES BANK

12.50% p.a.

72 months

Up to 2.75% of the loan amount

Zype

18% p.a.

12 months

2% to 6% of the loan amount

*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.

Features and Benefits of Personal Loans on Bajaj Markets

Here are the main features and benefits of a personal loan on a ₹20,000 salary available on Bajaj Markets:

High Loan Amount

Borrow up to ₹50 Lakhs to meet a wide range of financial needs.

Attractive Interest Rates

Get personal loans with interest rates starting as low as 9.99% p.a., making them budget-friendly.

Flexible Usage

Use the loan amount for various purposes like medical emergencies, weddings, travel, education, or debt consolidation.

No Collateral Needed

These loans are unsecured, so you don’t have to pledge any assets.

Loan Options

Choose between a term loan for fixed EMIs or a flexi loan for greater repayment flexibility.

Easy Online Process

The digital application process ensures your loan request is reviewed and verified quickly and conveniently.

Minimal Documentation

With fewer documents required, applying for a loan for a ₹20,000 salary is simple and hassle-free.

Quick Disbursement

Once your loan is approved, the funds could be transferred to your account in just a few minutes.

Transparent Charges

Bajaj Markets ensures there are no hidden fees, giving you complete clarity on costs.

How Much Personal Loan Can I Get on a ₹20,000 Salary

The amount you may borrow with a salary of ₹20,000 depends on your financial profile and the lender’s evaluation methods. Two standard methods are the Multiplier Method and the Fixed Obligation to Income Ratio (FOIR) Method.

Multiplier Method

In this approach, lenders calculate your loan eligibility by multiplying your Net Monthly Income (NMI) by a predetermined factor, typically ranging from 10 to 24. The exact multiplier varies based on the lender's policies and your financial health.

Example Calculation:

  • Monthly Salary (NMI): ₹20,000

  • Assumed Multiplier: 15

  • Eligible Loan Amount: ₹20,000 × 15 = ₹3,00,000

This means, with a ₹20,000 salary and a multiplier of 15, you could be eligible for a personal loan of up to ₹3,00,000.

Estimated Personal Loan Eligibility for Salaries up to ₹20,000 Using the Multiplier Method

Here is a table showing estimated personal loan amounts based on monthly salaries up to ₹20,000 using the multiplier method:

Monthly Income (₹)

Estimated Loan Amount (₹)

₹10,000

₹1.50 Lakhs

₹11,000

₹1.65 Lakhs

₹12,000

₹1.80 Lakhs

₹13,000

₹1.95 Lakhs

₹14,000

₹2.10 Lakhs

₹15,000

₹2.25 Lakhs

₹16,000

₹2.40 Lakhs

₹17,000

₹2.55 Lakhs

₹18,000

₹2.70 Lakhs

₹19,000

₹2.85 Lakhs

₹20,000

₹3.00 Lakhs

Key Notes:

  • Loan amounts are calculated using a multiplier of 15 times the monthly income

  • This assumes there are no existing financial liabilities or ongoing loan repayments

Fixed Obligation to Income Ratio (FOIR) Method

The FOIR method assesses your loan eligibility based on your existing financial obligations relative to your income. Lenders prefer that a borrower's total monthly obligations, including the new loan EMI, do not exceed a certain percentage of their NMI, commonly around 50-55%.

Example Calculation:

  • Monthly Salary (NMI): ₹20,000

  • Maximum Allowable Obligations (50% of NMI): ₹20,000 × 50% = ₹10,000

  • Existing Monthly Obligations: ₹3,000

  • Available for New Loan EMI: ₹10,000 - ₹3,000 = ₹7,000

Based on the available amount for the new loan EMI, lenders will determine the loan amount you are eligible for, considering the interest rate and loan tenure.

Other Factors Influencing Eligibility and Personal Loan Amount for ₹20,000 Salary

Before applying for a personal loan, it’s important to ensure you meet the following criteria:

Indian Citizenship

You must be an Indian citizen to be eligible for a personal loan.

Employment Type

Both salaried employees and self-employed individuals can apply, as long as they meet the lender’s criteria.

Age Requirement

Applicants should be at least 18 years old at the time of application.

Minimum Income

Your monthly income should be at least ₹10,000 to qualify for a personal loan.

Work Experience

A minimum of one year of work experience, whether in a job or business, is usually required.

CIBIL Score

A credit score of 600 or higher is generally needed to demonstrate creditworthiness and improve your chances of approval.

Documents Required for ₹20,000 Salary Personal Loan on Bajaj Markets

If you are applying for a personal loan on a salary of ₹20,000 through Bajaj Markets, these documents are required:

Identity Proof

You can provide any one of the following documents to verify your identity:

  • PAN card

  • Aadhaar card

  • Voter ID

  • Passport

  • Driving licence

Address Proof

Submit any one of these documents as proof of your current address:

  • Voter ID

  • Aadhaar card

  • Passport

  • Driving licence

  • Recent electricity bill

  • Recent telephone bill

Income Proof

To verify your income, you need to provide:

  • Salary slips for the last three months

  • Bank statements showing salary credits for the last three months

Photographs

  • Two recent passport-size photographs are mandatory

Submitting these documents will help ensure your instant personal loan for ₹20,000 salary is processed quickly and without delays.

How to Apply for a Personal Loan with ₹20,000 Salary on Bajaj Markets

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

  1. Begin by clicking on the ‘Check Eligibility’ option

  2. Provide basic personal information in the online application form

  3. Enter the loan amount you need and select your preferred repayment tenure

  4. Submit the completed form for verification

Once submitted, a representative will contact you to guide you through the next steps and complete the process.

Frequently Asked Questions

What is the maximum amount of personal loan one can get on a ₹20,000 salary?

You could qualify for a personal loan of up to ₹50 Lakhs with a ₹20,000 salary, depending on lender’s policies, your credit score, and existing financial obligations.

What is the CIBIL score required for a personal loan with a ₹20,000 salary?

A minimum CIBIL score of 600 is generally required to apply for a loan for a salary of ₹20,000.

Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now
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