How to get a personal loan of Rs. 20 lakh for 8 years

Fulfil our simple eligibility criteria and submit the required documents to get a high-value personal loan.
How to get a personal loan of Rs. 20 lakh for 8 years
5 min read
6 February 2024

Personal loans are a go-to-choice for individuals seeking quick access to funds to manage planned and unplanned expenses. This financial option provides a lump sum amount that can be repaid over a set period of time. Normally, lenders assess your eligibility for a personal loan by examining factors like your credit score, work history, and income. These funds will provide you with the flexibility to manage diverse expenses, ranging from medical emergencies and educational pursuits to home renovations and beyond.

How to get a personal loan of Rs. 20 lakh for 8 years?

Bajaj Finance provides personal loans with simple eligibility criteria and a long repayment period of up to 96 months. Meeting the necessary eligibility criteria and submitting the required documents makes it easy for you to obtain a personal loan of Rs. 20 lakh for a duration of 8 years.

What are the eligibility criteria for a personal loan?

The eligibility criteria for personal loans differ among various lenders. However, in the case of a Bajaj Finance Personal Loan, you only need to fulfil the simple eligibility criteria listed 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?

For a seamless approval process, it is essential to have all the required documents ready when applying for a personal loan. Bajaj Finance Personal Loan simplifies the paperwork process, as you are required to submit only 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 8 years?

Calculating your personal loan EMIs involves considering various factors such as the loan amount, interest rate, and repayment tenure. Manual computation of these EMIs can be intricate 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 assists in financial planning as you know your EMI amount in advance. You can use the personal loan EMI calculator on the website of Bajaj Finance to effortlessly calculate your EMIs with just a few clicks. All you need to do is enter your loan amount, interest rate, and repayment tenure (in months) to get error-free results instantly.

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

Availing of a Bajaj Finance Personal Loan is made easy through a simple online application process. To apply for a personal loan of Rs. 20 lakh with a repayment period of 8 years, you can follow these simple steps:

  • Go to the personal loan page and click on 'APPLY.'
  • Enter your 10-digit mobile number and complete the verification with the OTP.
  • Complete the application form by providing the required details.
  • Click on 'PROCEED' to proceed to the loan selection page.
  • Mention the desired loan amount and select from the 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.'
  • Share the required KYC requirements and submit your application.

Choose Bajaj Finance Personal Loans and get funds easily by fulfilling the simple eligibility criteria and submitting just a handful of documents. Apply online to get the funds you need within just 24 hours* of approval and manage your expenses with ease.

Apply for our Personal Loan.

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