Get Rs. 20 lakh personal loans online

Get Rs. 20 lakh personal loans online

Get a personal loan Rs. 20 lakhs at 10% to 30.5% p.a., with a tenure of 12 months–108 months and a minimum CIBIL Score of 650. Apply online using your mobile number and OTP for disbursal in as little as 24 hours, subject to eligibility.
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Loan Types

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Calculator

FAQs

FAQs

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Rs. 40,000 - Rs. 55 lakh

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

 
 

In Summary 


A personal loan Rs. 20 lakhs can help meet planned or urgent financial needs, with flexible repayment options and an online application process. Bajaj Finance offers personal loans at 10%–30.5% p.a., subject to eligibility.


  • You can avail of a personal loan of up to Rs. 20 lakh, subject to meeting the applicable eligibility criteria.
  • Personal loan interest rates range from 10% to 30.5% p.a., depending on the applicant’s profile.
  • The processing fee can be up to 4.13% of the loan amount, including applicable taxes.
  • Repayment loan tenures range from 12 months to 108 months, allowing borrowers to select a suitable repayment period.
  • A minimum CIBIL Score of 650 is required to qualify, subject to other eligibility conditions.

Bajaj Finance offers a 20 lakh personal loan to help you meet major planned or unexpected expenses, such as weddings, education, medical needs, travel, or debt consolidation. A Rs. 20 lakh loan provides access to substantial funds with flexible repayment options, minimal documentation, and an online application process, subject to eligibility and applicable terms. You can apply online using your mobile number and OTP and complete the process conveniently from home.


✅ 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 personal loan documents.

  • 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 108 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 you pay for a personal loan of Rs. 20 lakh?

The EMI for a Rs. 20 lakh personal loan varies based on the applicable interest rate and repayment tenure. At an interest rate of 13%, the approximate EMI for different tenures is shown below. You can use a personal loan EMI calculator to estimate your monthly repayment for different loan amounts, rates, and tenures.


Loan Amount Interest Rate (%)TenureApproximate EMI at 13% interest rate
Rs. 20 lakh13%2 years95,084
Rs.20 lakh13%3 years67,388
Rs. 20 lakh13%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

    You can qualify for a personal loan for Rs. 20 lakh by meeting the applicable age, employment, income, and credit score requirements set by Bajaj Finance.

    Eligibility criterionRequirement
    NationalityIndian
    Age21 years to 80 years
    Employment typeSelf-employed or Salaried
    Employer categoryPublic sector, private company, or MNC
    Minimum CIBIL Score650 or higher

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


    Meeting these criteria does not guarantee approval, as the final decision depends on the lender’s assessment of your profile and repayment capacity. You can check your eligibility and apply online using your mobile number and OTP, subject to applicable terms.

  • Documents required for a personal loan of Rs. 20 lakh

    The documents required for a Rs. 20 lakh personal loan generally include KYC, income, employment, banking, and address proofs. Bajaj Finance may require the following documents based on your profile and application requirements.


    Document categoryAccepted documents
    KYC, identity and addressAadhaar, passport, voter’s ID, driving licence, NPR letter, NREGA job card
    Income proofSalary slips for the last 3 months or ITR
    Bank statementsBank account statements for the last 3 months
    Additional address proofUtility bill, piped gas bill, municipal tax receipt, property tax receipt, employer allotment letter, pension order
    Other documentsOther documents
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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. Check loan eligibility – Visit our personal loan page, enter the loan amount you need, select the repayment period, and click on "CHECK LOAN OFFER" to check your loan eligibility.
  2. Enter personal details – Provide your personal, financial, and employment details to receive a personalised loan offer.
  3. Review your loan offer – Check your offer details and adjust the loan amount or repayment tenure, if required.
  4. Complete KYC verification – Verify your identity and bank details to proceed with your application.
  5. Speak to a loan specialist – Once your application is submitted, an executive will contact you with the next steps.

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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Get personal loan in your city:


 

Personal loan in DelhiPersonal loan in MumbaiPersonal loan in PunePersonal loan in Hyderabad
Personal loan in KolkataPersonal loan in JaipurPersonal loan in NoidaPersonal loan in Chennai
Personal loan in BangalorePersonal loan in AhmedabadPersonal loan in ChandigarhPersonal loan in Lucknow

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What can you use Rs. 20 lakh personal loan for?

A Rs. 20 lakh personal loan can be used for a wide range of planned and unexpected personal expenses, giving you flexibility to address different financial needs.


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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline 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 36 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 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (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) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • 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 0.472% (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

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

Overview

Eligibility

How to get a personal loan of Rs. 20 lakh?

Here’s a step-by-step guide to applying for a personal loan of Rs. 20 lakh:

  • Enter the personal, financial and employment details in the online loan application form
  • Choose the loan amount and the repayment tenor
  • Submit all the relevant documents to the representative
  • Once approved, you will get the loan amount credited to your account

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.

The EMI of a personal loan varies on the interest rate and loan repayment tenure. To calculate the EMI amount, use the Bajaj Finance Personal Loan EMI Calculator and get results instantly. Let’s take an example to get a clear understanding. If your lender imposes an interest rate of 15% on your personal loan of Rs. 20 lakh over a tenor of five years, you need to pay Rs. 47,580 as a monthly instalment.

The EMI for a Rs. 20 lakh personal loan for 10 years depends on the interest rate offered by the lender. For example, at an interest rate of 12% p.a., the approximate EMI would be Rs. 28,694 per month. A longer tenure can reduce the monthly EMI but may increase the total interest payable over the loan term.

Yes, you can generally prepay a Rs. 20 lakh personal loan, subject to the lender's terms and applicable charges. Prepayment can help reduce the outstanding principal and overall interest burden. Before making a prepayment, check the applicable foreclosure or part-prepayment charges, lock-in conditions and other terms mentioned in your loan agreement.

A CIBIL Score of 750 or above is generally considered favourable when applying for a Rs. 20 lakh personal loan. However, lenders also assess your income, employment profile, existing financial obligations, repayment history and other eligibility criteria before approving the loan and determining the applicable terms.

Yes, you may be able to get a Rs. 20 lakh personal loan without submitting salary slips if the lender accepts alternative income documents. Depending on your employment profile, these may include bank statements, Form 16 or other income-related records. The lender may also consider your credit history and repayment capacity.

Useful tips for managing a Rs. 20 lakh personal loan include paying EMIs on time, maintaining a sufficient balance in your repayment account, avoiding unnecessary new debt and monitoring your credit profile. You can also consider part-prepayment when financially feasible to potentially reduce the outstanding principal and overall interest burden.

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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