Personal Loan For Rs. 20,000 Salary

Personal Loan For Rs. 20,000 Salary

Individuals with a Rs. 20,000 monthly salary can avail of a personal loan based on creditworthiness, and eligibility criteria. Check your eligibility in just 2 steps.
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Loan Types

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FAQs

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Rs. 40000 - Rs. 55 lakh

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

Getting a personal loan when you earn Rs. 20,000 per month is not only possible but also quick and convenient with today's online application processes. If you earn Rs. 20,000 per month, you can easily qualify for a personal loan specifically designed for your salary range, complete with fast approval and quick disbursal.


A personal loan can be a lifesaver for urgent needs like unexpected medical expenses, family wedding costs, your own or your child's education fees, or consolidating multiple high-interest debts into one manageable payment. With flexible EMI options and minimal paperwork requirements, it's the simplest way to manage your financial requirements without stress.


✅ Check your pre-approved loan offer with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.


Why this matters for Rs. 20,000 salary earners: You don't need a high salary to access quality financial products. Smart lenders understand that responsible borrowers come from all income levels, and steady income is often more important than the amount.

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Features and benefits of personal loan for Rs. 20,000 salary

  • Quick approval

    Get an instant personal loan approval designed specifically for Rs. 20,000 salary earners with flexible terms and lightning-quick approval processes. Modern lenders use automated systems to assess your application rapidly, often providing decisions within minutes rather than days.

  • Hassle-free documentation

    Simple paperwork ensures that application for a personal loan is easy.

  • Transfers within 24 hours*

    Access the funds in your bank account within 24 hours* of approval.

  • Adjustable tenor

    Choose the repayment period best suited for you, ranging up to 96 months.

  • No guarantee required

    The loan approval is fast and does not require any collateral or guarantor.

  • No extra charges

    Bajaj Finserv Personal Loan has no hidden charges involved. Read all terms and conditions to make an informed decision.

  • Pre-approved loan offers

    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.

  • Easy online access

    Virtual access to your loan account through My Account simplifies tracking statements, EMIs, and other loan details.

To maximise your chances of securing a loan and getting the best terms possible, it's essential to maintain a good credit score and ensure all required documents are readily available. Lenders typically assess your income stability, credit history, and existing financial obligations when evaluating applications.


Key preparation steps:

  • Credit score improvement: Pay all existing EMIs and credit card bills on time
  • Income stability: Stay in your current job for at least 6-12 months before applying
  • Document organization: Keep salary slips, bank statements, and ID proofs current and ready
  • Debt management: Reduce existing debt obligations to improve your debt-to-income ratio

By using an EMI calculator, you can estimate monthly payments accurately, helping you choose the right loan amount and tenure that fits comfortably within your Rs. 20,000 budget. This planning tool prevents over-borrowing and ensures sustainable repayment.


Overall, a personal loan at this salary level can be a valuable financial tool when managed wisely and used for genuine needs rather than lifestyle expenses.

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Eligibility criteria for personal loan for salary less than Rs. 20,000

You can easily get the funds you need with the below criteria:

  • Eligibility criteria

    • Nationality: Indian
    • Age: 21 years to 80 years.
    • Employed with: Public, private, or MNC.
    • CIBIL Score: 685 or higher.
    • Customer profile: Self-employed or Salaried

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

  • Documents required

    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/ NREGA job card
    • PAN card
    • Employee ID card
    • Salary slips of the last 3 months
    • Bank account statements of the previous 3 months
    • Piped gas bill
    • Pension order
    • Letter of Allotment of Accommodation Issued by Employer
    • Property / Municipal tax receipt
    • Utility bill
    • Phone bill
    • Real-time image / photograph
    • Ration card


     

    Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 

Interest rates and charges applicable on a personal loan for Rs. 20,000 salary

Always review the Bajaj Finance loan interest rate before applying. For details, visit the personal loan interest rate page.

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How to apply for a personal loan with a salary less than Rs. 20,000

Step-by-step guide to apply for a personal loan

    1. Click on ‘CHECK ELIGIBILITY’ on this page.
    2. Enter your 10-digit mobile number and the OTP sent to your phone.
    3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
    4. Now, click on ‘PROCEED’ to visit the loan selection page.
    5. Enter the offer or loan amount that you need. Choose from our personal loan variants.
    6. Choose the repayment tenure and click on ‘PROCEED’.
    7. Complete your KYC and submit your application.

    Our representative will contact you for further steps.

Purpose of Rs. 20,000 Personal Loan

  • Educational expenses
    A Rs. 20000 loan can help cover admission fees, exam charges, or basic study material during urgent academic needs.
  • Medical emergencies
    An instant personal loan of Rs. 20000 ensures quick access to funds for emergency treatment, tests, or medicines without delay.
  • Utility bills and rent
    Use the amount to manage month-end expenses like rent, electricity, or phone bills during short-term cash crunches.
  • Travel or relocation
    Whether it's a last-minute trip or shifting to a new city, Rs. 20,000 can help manage initial travel or moving costs easily.

Use the Personal Loan Eligibility Calculator to see if you qualify.
 

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term 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 24 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 31% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000
  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999
  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999
  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999
  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999
  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999
  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999
  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999
  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi facility charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.
Principal Holiday Facility Fees
  • Up to Rs.1999/- for loan amount less than Rs.2,00,000
  • Up to Rs.3999/- for loan amount from Rs. 200000 to Rs.399999
  • Up to Rs.5999/- for loan amount from Rs. 400000 to Rs.599999
  • Up to Rs.7,999/- for loan amount from Rs. 600000 to Rs.999999
  • Up to Rs.8,999/- for loan amount from Rs.10,00,000 to Rs. 1499999
  • Up to Rs. 9999/- for loan amount from Rs. 15,00,000 to Rs.19,99999
  • Up to Rs.10,999/- for loan amount from RS. 20,00,000 to RS.2499999
  • Up to Rs.11,999/- for loan amount from RS.25,00,000 to RS. 29,99999
  • Up to Rs. 12,999/- for loan amount of Rs.30,00,000 and above

Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount

*(Loan amount includes approved loan amount, Insurance Premium & VAS Charges)

Bounce charges

Up to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Pre-payment 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 Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part pre-payment

  • Term Loan: 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 Loan (Flexi Dropline) and Flexi Hybrid.

*Foreclosure will be processed post clearance of first EMI

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 Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

Broken period interest / Pre-monthly Instalment interest

Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:


EMI Date : 2nd

Scenario 1: If Loan is disbursed on 1st or post 10th of the month:

For Term Loan: BPI amount will be capitalised, i.e added to Principal amount on Due date / Deducted from disbursement
For Flexi Loans: BPI amount will be capitalised, i.e added to Principal amount on Due date / Added to first instalment

Scenario 2: If Loan is disbursed between 3rd and 10th of the month:
First instalment will consist of interest for actual number of days

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

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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*.