How To Get Rs. 20 Lakh Personal Loan?

Read on to know the reliable method to get Rs. 20 lakh loan instantly, know the eligibility criteria, and the process to access the funds you need immediately.
How To Get Rs. 20 Lakh Personal Loan?
5 min read
29 January 2024

Individuals seeking instant funds often find personal loans to be the ideal choice. These loans offer monetary flexibility, providing a lump sum for diverse purposes. Typically unsecured, a personal loan comes with fixed interest rates and predetermined repayment terms. Lenders assess eligibility criteria such as credit score, employment history, and income before approving requests. Borrowed funds can be applied to various needs, including medical emergencies, educational expenses, or other substantial financial obligations.

What are the eligibility criteria for a Rs. 20 lakh loan?

The eligibility criteria for a personal loan differ from lender to lender. You can qualify for a Bajaj Finance Personal Loan once you meet the five simple eligibility criteria mentioned below:

  • Nationality: India
  • Age: 21 years to 80 years*.
  • Employed with: Public, private, or MNC.
  • CIBIL Score: 685 or higher.
  • Monthly salary: Starting Rs. 25,001, based on the city you live in.

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

What documents are required for a Rs. 20 lakh personal loan?

The documentation requirements for a personal loan can vary from lender to lender. Below are the documents that are required to be submitted when applying for a Bajaj Finance Personal Loan:

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months

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

For swift access to a fund of Rs. 20 lakh, consider applying for a personal loan through Bajaj Finance Limited. Meet the simple eligibility requirements, submit necessary documents like ID, address proof, and income details, and finalise the personal loan application on our website or mobile app. Ensuring accuracy in the information provided is vital for expediting the approval process. Bajaj Finance Personal Loans are known for their efficient and prompt disbursal procedures. You can initiate the application for a Bajaj Finance Personal Loan by adhering to these straightforward steps:

  • Visit the personal loan page and click on ‘APPLY’
  • Enter your 10-digit mobile number and OTP.
  • Fill in the application form with your basic details.
  • Now, click on ‘PROCEED’ to visit the loan selection page.
  • Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  • Choose the repayment tenure – you can select tenure options of 6 months to 96 months and click on ‘PROCEED’.
  • Complete your KYC and submit your application.

Bajaj Finance Limited provides a smooth process, delivering substantial loan amounts swiftly, ensuring immediate access to funds in your account. Benefit from flexibility with our adjustable EMI options, paired with appealing interest rates on personal loans designed to accommodate diverse financial requirements.

Borrowers can get a personal loan of up to Rs. 40 lakh, which can be utilised for a range of expenses like health care, wedding costs, educational expenses, and house improvements. Avail of funds with minimal documentation and get the funds that you need within 24 hours* of approval. Apply now for the best personal loan deal.

Apply for our Personal Loan.

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

Can I get a personal loan of Rs. 20 lakh?

Yes, you can get a personal loan of Rs. 20 lakh, subject to eligibility criteria like income, credit history, and repayment capacity, as per the lender's policies.

How much personal loan can I get if my salary is Rs. 20000?

With a salary of Rs. 20,000, the personal loan amount you can get varies among lenders, typically ranging from Rs. 1 lakh to Rs. 5 lakh.

What is the EMI for Rs. 20 lakh?

The EMI for a Rs. 20 lakh personal loan depends on the loan tenure and interest rate. Utilize online EMI calculators or consult with lenders for accurate calculations.

Can I get a personal loan if my salary is Rs. 25k salary?

You may be eligible for a personal loan with a salary of Rs. 25,000, subject to fulfilling other eligibility criteria set by the lender, such as credit history and employment stability.

What is the EMI for Rs. 20 lakh personal loan for 5 years?

The EMI for a Rs. 20 lakh personal loan for 5 years depends on the interest rate offered by the lender. Use online calculators or consult with lenders for precise calculations.

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