Personal Loan of ₹20,000

A loan of ₹20,000 can be quite useful when planning a trip or in case of urgent repairs. You can easily apply for a ₹20,000 loan on Bajaj Markets and get low interest rates starting from 14% p.a. 

Repay the loan over a flexible repayment tenure ranging up to 60 months. You can get the loan online with minimal documentation and no collateral requirements. Lenders like CASHe, mPokket, and Privo enable you to borrow the amount for a shorter tenure of up to a few months.

Here is a list of all the lenders that offer personal loans of ₹20,000 on Bajaj Markets:

*Disclaimer: The rates mentioned are subject to change at the lender’s discretion. Check with your lender before making any financial decision.

Let’s check the EMI you need to pay for a personal loan of ₹20,000. For this, let’s consider an example. Assume you took a personal loan of ₹20,000 at an interest rate of 14% p.a. The following table shows how a change in tenure will affect your EMIs and overall loan costs.

*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

As seen in the table above, the interest charges surge with the increase in tenure. Meanwhile, the EMI amount reduces. This means that with a longer loan term, you can enjoy lower EMIs, but the total repayment costs rise drastically. Thus, it is important to select a loan tenure that best suits your preferences and financial situation.

The eligibility criteria you need to fulfil for a personal loan of ₹20,000 are as follows:

• You should be an Indian citizen

• You can be either a salaried or self-employed person

• Your age should be over 21 years

• You must have a stable source of income

• You must have a CIBIL Score of at least 600

These requirements may vary from one lender to another. Thus, check the criteria set by your chosen lender before applying for the loan.

Alongside meeting these requirements, you usually need to submit the documents listed below:

• Identification proof: Any one of the following

  • Voter ID

  • PAN card

  • Aadhaar card, etc.

• Residential proof: Any one of the following

  • Utility bills

  • Aadhaar card

  • Passport, etc.

• Income proof: Any one of the following

  • Bank statements of the last 3 months

  • Salary slips of the last 3 months (for salaried applicants)

• 2 passport-size photographs

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.