How to get a personal loan of Rs. 20 lakh for 5 years

Learn how to get quick funds by meeting eligibility and submitting documents. Calculate your Rs. 20 lakh loan EMI for 5 years to manage repayments easily.
Personal loan
5 min read
06-08-2025

Personal loans are a convenient option for those needing quick access to funds. With a loan amount repaid over a fixed tenure, you can easily plan your finances by calculating the Rs. 20 lakh loan EMI for 5 years. Lenders assess eligibility based on credit score, employment history, and income. This flexible financing option can help cover expenses like medical emergencies, education, home improvements, and more, making it a versatile financial solution.

How to get a personal loan of Rs. 20 lakh for 5 years?

Bajaj Finance offers personal loans with minimal eligibility requirements and flexible repayment options of up to 96 months. If you're planning to opt for a Rs. 20 lakh personal loan EMI for 5 years, simply meet the basic eligibility criteria and submit the necessary documents to get started with ease.

What are the eligibility criteria for a personal loan?

Personal loan eligibility criteria vary across different lenders. Nevertheless, if you opt for a Bajaj Finance Personal Loan, you simply need to meet the straightforward eligibility criteria outlined 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 are the documents required for a personal loan?

To ensure a smooth approval process, it is crucial to have all the necessary personal loan documents prepared when applying. Bajaj Finance Personal Loan streamlines the documentation process, requiring the submission of just these documents.

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Utility bill of electricity and piped gas

How to calculate EMIs for a personal loan of Rs. 20 lakh for tenure of 5 years?

Determining your personal loan EMIs involves several factors, including the loan amount, interest rate, and repayment tenure. Manual calculation of these EMIs can be complex and prone to errors. To simplify the process and obtain accurate results instantly, an online EMI calculator is considered an ideal tool. This online calculator not only provides immediate results but also aids in financial planning by offering prior information about your EMI amount. You can use the personal loan EMI calculator on the website of Bajaj Finance and effortlessly calculate your EMIs with just a few clicks. Simply input your loan amount, interest rate, and repayment tenure (in months) to instantly retrieve your loan EMI details.

How to apply for a personal loan of Rs. 20 lakh for 5 years?

Securing funds is facilitated through a straightforward online personal loan application process. To apply for a personal loan of Rs. 20 lakh with a repayment period of 5 years, you can follow these simple steps:

  • Visit the personal loan page and click on 'APPLY.'
  • Enter your 10-digit mobile number and verify it through OTP.
  • Complete the application form by providing essential details.
  • Click on 'PROCEED' to proceed to the loan selection page.
  • Specify the desired loan amount and select from the available personal loan variants – Term, Flexi Term, and Flexi Hybrid Term Loan.
  • Choose your preferred repayment tenure from the available options, ranging from 12 months to 96 months, and proceed by clicking 'PROCEED.'
  • Complete the required KYC requirements and submit your application.

With the personal loan from Bajaj Finance, enjoy quick disbursal and a simple online application process. To get started, just meet the basic eligibility criteria and submit the required documents. You can receive the loan amount within 24 hours* of approval. Planning for a Rs. 20 lakh personal loan EMI for 5 years? Bajaj Finance makes it easy to manage your expenses without delays.

Check other personal loans

Personal Loan of Rs. 20 lakh for 8 years

Personal loan of Rs. 10 lakh for 5 years

Personal Loan of Rs. 3 Lakh for 3 Years

Personal Loan of Rs. 8 lakh for 6 years

Personal Loan of Rs. 25 lakh for 5 years

Personal Loan of Rs. 7 lakh for 7 years

Personal Loan of Rs. 30 lakh for 5 years

Personal loan of Rs. 10 lakh for 6 years

Personal Loan of Rs. 12 lakh for 5 years

Frequently asked questions

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

The EMI for a Rs. 20 lakh loan over 5 years typically ranges from Rs. 42,000 to Rs. 45,000, depending on the interest rate.

How to calculate EMI for a 5 year loan?

You can calculate EMI using an online EMI calculator by entering the loan amount, interest rate, and tenure.

What should be the salary for a 20 lakh loan?

Ideally, a monthly salary of Rs. 85,000 or more is recommended to comfortably repay a Rs. 20 lakh personal loan.

What will be the EMI for 30 lakhs for 5 years?

For a Rs. 30 lakh loan over 5 years, the EMI usually falls between Rs. 63,000 and Rs. 68,000, based on the interest rate.

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

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