Personal Loan of Rs. 20 lakh

Personal Loan of Rs. 20 lakh

Check your eligibility for personal loan of Rs. 20 lakh with just your phone and OTP. Our loan comes with quick approval, flexible tenure, and competitive interest rates.
Loan Types

Loan Types

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Calculator

FAQs

FAQs

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Rs. 40000 - Rs. 55 lakh

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Enter mobile and OTP | Apply online | Get money in a day*

In today’s fast-paced world, financial needs can arise unexpectedly, requiring quick and reliable solutions. Whether it is funding a dream wedding, consolidating debt, or managing medical emergencies, a personal loan can be the perfect financial tool to meet such demands. Bajaj Finserv Personal Loans offer a seamless borrowing experience, allowing you to avail high loan amounts with minimal hassle.


If you are looking to secure a Rs. 20 lakh loan, this comprehensive guide will walk you through the features, benefits, eligibility criteria, and application process to help you make an informed decision.


✅ Check your pre-approved loan offer with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.

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Features and benefits of personal loan for Rs. 20 lakh

  • Unsecured loans

    Avail of our personal loans without pledging any assets as security or collateral for the loan.

  • Same-day approvals*

    Get near-instant approval by meeting the eligibility criteria and filling out an easy application form online.

  • Pre-approved loan offer

    You can check if you have a pre-approved offer for a personal loan with just your phone number and OTP – no need to visit the branch.

  • Money in account within 24 hours*

    Your bank account will be credited with your loan amount within 24 hours* of approval, or in some cases, on the same day—ideal for urgent business or personal needs.

  • Minimal documentation

    Apply for the loan easily by submitting only essential documentation.

  • Online loan management

    Track payments and manage your loan, all from the comfort of your home and completely online.

  • Convenient repayment tenures

    Manage your loan easily with flexible repayment options ranging from 12 months to 96 months, allowing you to choose EMIs that fit your income cycle and budget. Use our Personal Loan EMI Calculator to see different EMI options.

  • Flexi loans

    Make multiple withdrawals from a dropline limit and pay interest only on the withdrawn funds, with our Flexi loans.

Simplify borrowing by applying for a hassle-free personal loan with Bajaj Finance. Your convenience and comfort are the foremost factors on our minds. That is why we provide flexible loan terms with competitive personal loan interest rates.

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How much EMI will I need to pay for a personal loan of Rs. 20 lakh?

The EMI you pay depends on the interest rate, tenure, and the EMI amount. For example, below are the approximate EMI options for a Rs. 20 lakh loan at an interest rate of 13% across different tenures.
 


TenureApproximate EMI at 13% interest rate
2 years95,084
3 years67,388
5 years45,506
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Eligibility criteria of Rs. 20 lakh personal loan

You can easily get the funds you need with the below criteria:

  • Eligibility criteria

    • Nationality: Indian
    • Age: 21 years to 80 years.
    • Employed with: Public, private, or MNC.
    • CIBIL Score: 650 or higher.
    • Customer profile: Self-employed or Salaried

    *You should be 80 years or younger, at the end of the loan tenure.


    To know how much you can qualify for, use the Personal Loan Eligibility Calculator.

Fees and charges for Rs. 20 lakh loan

When you opt for a Bajaj Finserv Personal Loan Rs. 20 lakh, you benefit from nominal fees and transparent terms. All costs, including the personal loan interest rate, are clearly outlined to ensure complete clarity. This helps you plan your finances better and repay your loan without any hidden surprises.

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How to apply for a personal loan of Rs. 20 lakh?

Step-by-step guide to apply for a personal loan

  1. Click on ‘CHECK ELIGIBILITY’ on this page.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the offer or loan amount that you need. Choose from our personal loan variants.
  6. Choose the repayment tenure and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will contact you for further steps. Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 


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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 24 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 31% p.a. 

Processing fees 

Up to 3.93% of the loan amount (inclusive of applicable taxes). 

Flexi Facility Charge

 

 Term Loan – Not applicable

Flexi Loans – Up to Rs 1,999 to Rs 12,999/- (Inclusive of applicable taxes)

Will be deducted upfront from loan amount.

Bounce charges 

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) Dishonor of any payment instrument; or (ii) Non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

• Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.
• Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.
• Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the Dropline limit as per the repayment schedule as on the date of full prepayment.

Part-prepayment

• Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

• Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state) 

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges 

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Term Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit during Initial Tenure. Up to 0.295% (Inclusive of applicable taxes) of Dropline limit during Subsequent Tenure

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000