₹20 Lakh Personal Loan

A ₹20 Lakh personal loan is a reliable option for managing large expenses or urgent financial requirements. It carries no restrictions on end use. You can utilise it for medical emergencies, business investments, weddings, or home renovation without pledging any assets.

For instance, a ₹20 Lakh loan with a 5-year tenure at 10% per annum interest results in an EMI of approximately ₹42,494. The total interest paid over the tenure would be nearly ₹5,49,645.

Opting for a 7-year tenure reduces the EMI to approx. ₹33,202, but increases the total interest to approximately ₹7,88,998.

This loan provides flexible repayment options and prompt disbursal. With minimal documentation and straightforward eligibility criteria, you can access the required funds on time without disrupting your savings.

Various banks and financial institutions offer a personal loan of ₹20 Lakh at competitive interest rates and a tenure of up to 96 months. Below is a list of Bajaj Markets partner lenders offering personal loans, along with their interest rates and repayment tenures. 

If you are opting for a personal loan of ₹20 Lakhs with an interest rate of 10%, your repayment amount will vary as per the chosen tenure. Here is a breakdown of EMIs for a ₹20 Lakh personal loan for various tenures:

Other than the interest payable, you will incur additional costs when getting a personal loan on Bajaj Markets. They include: 

You can either calculate your personal loan EMI using an online calculator or use the manual formula. Here is how you can calculate it manually:

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 = Loan tenure in months

Consider the following example.

If you take a personal loan of ₹20 Lakhs at an interest rate of 10% p.a. for 50 months, the monthly EMI will be ₹49,074. This will come with a total interest payable of ₹4,53,721, and the total payable amount will become ₹24,53,721.

If you are planning to apply for a personal loan of ₹20 Lakhs, here are the eligibility conditions you need to fulfil:

1. You must be an Indian citizen

2. Both salaried and self-employed individuals are eligible

3. You should be 18 years or above

4. Should have a monthly income of at least ₹10,000

5. A minimum of 1 year of continuous work experience is required

6. A recommended CIBIL score for ₹20 Lakh personal loan is usually 750 or more. Remember to check your CIBIL score online for updates in an instant.

Here is a list of documents you may need to submit when applying for a ₹20 Lakh personal loan:

Here are the steps to apply for a personal loan. 

1. Click here to visit the loan application page

2. Choose your current occupation from the provided drop-down menu

3. Type in your phone number and PIN code of your residential address

4. Carefully go through the terms and conditions and accept them

5. Click the ‘Proceed’ button to head to the next steps

6. Enter your professional and personal details such as your full name, gender, email ID, PAN number, date of birth, net monthly pay, category and name of your employer, mode of salary credit (Cash or Bank)

7. Click the ‘Submit’ button to progress to the further steps

8. Explore the available offers according to your eligibility

9. Select your preferred loan option and type in your repayment tenure of choice

10. Once everything is filled in, submit the application

After the submission of application, a representative of the lender will contact you to verify your application and instruct on the further steps. 

If you take a personal loan of ₹20 Lakhs at an interest rate of 10% p.a. for a 6-month term, your monthly repayment dues will be as follows. 

When you apply for a personal loan, a good CIBIL score, typically over 750, is required. Your CIBIL score impacts both pre-approval and post-approval of the loan. Here is how: 

Pre-approval

Lenders check your credit history through a hard enquiry before approving your loan. This can temporarily lower your credit score, but the effect is short-lived. A poor score at this stage can impact your loan approval. 

Post-approval

Once your loan is approved, your timely repayments influence your CIBIL score. Paying on time keeps your score stable. However, missing or defaulting on EMIs can harm your credit score after approval.

With a personal loan of ₹20 Lakhs, you can manage expenses like medical needs, purchasing or renovating a house, or buying a vehicle. Here are some uses:

Emergency Funding

You can use funds to cover emergency expenses such as medical needs, home repairs, and medical bills. This option does not require any collateral, making it accessible during urgent situations.

Debt Repayment

If you have existing debts or significant financial obligations, a personal loan can help you manage them. It allows you to pay off loans with high interest rates, reducing your financial burden.

Home Renovation

Personal loans can provide the necessary funds for home renovation projects. Whether it’s updating your kitchen or adding an extension, this loan helps finance improvements.

Home Down Payment

You can use ₹20 Lakhs from a personal loan to assist with a home down payment. This is especially helpful when banks offer 80% of the home value through a home loan, making the personal loan helpful.

Education

Personal loan funds can be used to support your children’s higher education. This includes tuition fees, accommodation, and other expenses related to their studies.

Wedding Expenses

Planning a wedding can be expensive, but a personal loan can cover the costs. This loan helps you manage the financial strain of hosting a large wedding.

Traveling

Use a personal loan to fund your dream vacation or holiday. Whether you plan to travel domestically or internationally, the loan can make it financially manageable.

Buying a Vehicle

With ₹20 Lakhs, you can buy your dream vehicle without making an upfront payment. This option gives you the flexibility to pay in instalments, making it more accessible. 

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.