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

Read our detailed guide to know how to get quick funds by fulfilling the eligibility criteria and submitting the required documents.
Personal loan
5 min read
6 February 2024

Personal loans emerge as an ideal choice for individuals in search of swift access to financial resources. This financial solution offers a lump-sum amount that can be repaid over a predetermined period. Typically, lenders evaluate your eligibility for a personal loan by considering factors such as your credit score, employment track record, and income. The flexibility of these funds allows you to address various expenses, including medical emergencies, educational pursuits, home renovations, and more.

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

Bajaj Finance offers personal loans that come with a straightforward eligibility requirement and a long repayment tenure of up to 96 months. You can easily secure a personal loan of Rs. 20 lakh for 5 years by fulfilling the required eligibility criteria and required documents.

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.
  • Choose your preferred repayment tenure from the available options, ranging from 6 months to 96 months, and proceed by clicking 'PROCEED.'
  • Complete the required KYC requirements and submit your application.

With Bajaj Finance Personal Loan, benefit from features such as quick disbursal and hassle-free online application. All you have to do is meet the eligibility criteria and submit the required documents to get a loan amount within 24 hours* of approval and manage your expenses without any delay.

Apply for our Personal Loan.

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