Find out how much personal loan you could get with a salary of ₹20,000 using simple methods and accurate calculations.
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.
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.
Here are the main features and benefits of a personal loan on a ₹20,000 salary available on Bajaj Markets:
Borrow up to ₹50 Lakhs to meet a wide range of financial needs.
Get personal loans with interest rates starting as low as 9.99% p.a., making them budget-friendly.
Use the loan amount for various purposes like medical emergencies, weddings, travel, education, or debt consolidation.
These loans are unsecured, so you don’t have to pledge any assets.
Choose between a term loan for fixed EMIs or a flexi loan for greater repayment flexibility.
The digital application process ensures your loan request is reviewed and verified quickly and conveniently.
With fewer documents required, applying for a loan for a ₹20,000 salary is simple and hassle-free.
Once your loan is approved, the funds could be transferred to your account in just a few minutes.
Bajaj Markets ensures there are no hidden fees, giving you complete clarity on costs.
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.
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.
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
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.
Before applying for a personal loan, it’s important to ensure you meet the following criteria:
You must be an Indian citizen to be eligible for a personal loan.
Both salaried employees and self-employed individuals can apply, as long as they meet the lender’s criteria.
Applicants should be at least 18 years old at the time of application.
Your monthly income should be at least ₹10,000 to qualify for a personal loan.
A minimum of one year of work experience, whether in a job or business, is usually required.
A credit score of 600 or higher is generally needed to demonstrate creditworthiness and improve your chances of approval.
If you are applying for a personal loan on a salary of ₹20,000 through Bajaj Markets, these documents are required:
You can provide any one of the following documents to verify your identity:
PAN card
Aadhaar card
Voter ID
Passport
Driving licence
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
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
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.
Follow these steps to apply for a personal loan with a ₹20,000 salary on Bajaj Markets:
Begin by clicking on the ‘Check Eligibility’ option
Provide basic personal information in the online application form
Enter the loan amount you need and select your preferred repayment tenure
Submit the completed form for verification
Once submitted, a representative will contact you to guide you through the next steps and complete the process.
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.
A minimum CIBIL score of 600 is generally required to apply for a loan for a salary of ₹20,000.