₹20 Lakh Personal Loan


Looking for ways to fund your wedding or turn your home renovation dreams into reality? Wondering how to secure ₹20 Lakhs for such important milestones? Well, a ₹20 lakh personal loan can be the perfect fit for your financing needs.

Buddy Loan simplifies the process of obtaining a personal loan, offering a seamless application experience. The best part is that you have the freedom to use the funds for any purpose. It’s time to take charge of your finances and pay off your obligations with ease through manageable EMIs on your 20 lakh loan.

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What can you use a ₹20 lakh personal loan for?

An instant loan of ₹20 lakhs can serve as a versatile financial tool, offering you the freedom to use the funds for various purposes. Here are some common uses for a ₹20 lakh loan:

  • Home Improvement: Whether it's structural repairs, interior works, or home renovation, a 20 Lakh personal loan is ideal for homeowners seeking to furnish and enhance their dream home. Say goodbye to worries about contractor payments, material purchases, or hiring interior designers.
  • Wedding Expenses: Embrace the grandeur of weddings with 20 Lakh Personal Loan by your side. From booking the perfect venue to purchasing jewellery and covering all functions' costs, a personal loan lifts the burden off your shoulders.
  • Education Support: Your child's education is important, especially when it involves studying abroad or facing expensive college fees. A personal loan of 20 Lakhs empowers you to fund your child's educational aspirations or invest in their learning journey.
  • Dream Vacation: Don't let financial constraints hold you back from your dream vacation. With a travel personal loan, you can fly to your favorite destination worry-free, covering expenses for flights, accommodations, shopping, and more.
  • Medical Emergencies: During times of medical emergency, an instant loan of 20 Lakhs provides swift disbursement and easy repayment options, allowing you to focus on your family's well-being while leaving worries about funds.

20 Lakhs Personal Loan Interest Rates & Charges

The interest rates for a personal loan depend on various factors such as monthly income, credit score, job profile, etc. Here are the interest rates and charges for a ₹20 lakh personal loan:

Interest Rate 11.99%. p.a. onwards
Processing Fee 2% - 4% of the loan amount
Loan Tenure Up to 5 years
Note: The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Eligibility for 20 Lakhs Personal Loan

The eligibility criteria for Rs. 20 Lakh personal loan vary from lender to lender. Hence, it is essential to check if you meet the necessary criteria before applying for a personal loan. Here is a list of common eligibility requirements that you need to consider:

Can I get a personal loan of ₹20 lakhs if I have a credit score below 750?

A credit score below 750 is considered a bit low by some lenders in India, and it might impact your ability to secure a large personal loan of ₹20 lakhs. Credit scores are crucial factors that lenders use to assess your creditworthiness and your ability to repay the loan.

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Bank-Wise Personal Loan for ₹20 Lakhs

The majority of banks offer competitive interest rates for personal loans. And comparing the interest rates helps you make an informed decision about your lender. Here is a list of interest rates for ₹20 Lakh personal loan from top banks:

Top Banks Interest Rates (p.a.)
State Bank of India 11% onwards
HDFC 10.50% onwards
Kotak Mahindra Bank 10.99% onwards
Axis Bank 10.49% onwards

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Note-The interest rates mentioned are subject to change. Do visit the website for more information.

20 Lakh Personal Loan EMI Calculator

If you are planning to avail of a 20 Lakh instant loan, it's crucial to assess your Equated Monthly Instalment (EMI) beforehand to ensure it fits within your repayment capacity.

Evaluating your EMI becomes effortless with a Rs.20 Lakh Personal Loan EMI Calculator. By simply entering the loan amount, interest rate, and loan tenure, the calculator will provide you with precise monthly installments. This tool enables you to easily determine the loan amount you'll need to pay each month.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

₹20 Lakhs Personal Loan EMI for up to 5 years

Here's a table showing 20 Lakh personal loan EMI at an interest rate of 10.49% p.a. for tenures ranging from 1 to 5 years:

Tenure (in years) Loan Amount (Rs) Interest Rate (%) p.a. EMI (Approx.) (Rs)
1 20,00,000 10.49 1,76,287
2 20,00,000 10.49 92,742
3 20,00,000 10.49 64,995
4 20,00,000 10.49 51,197
5 20,00,000 10.49 42,977

Documents Required for 20 Lakhs Personal Loan

After meeting the eligibility criteria, you will be required to submit the necessary documents for the loan approval process. Below is a list of documents required for a ₹20 lakh personal loan:

  • Identity Proof: This may include a PAN Card, passport, driving license, Aadhar card, voter's ID card, or any other valid identification document.
  • Address Proof: You can submit Aadhar card, driving license, voter's ID card, passport, or any other acceptable proof of address.
  • Income Proof: You will need to provide your last 2 months' salary slips, Form 16, Income Tax Returns, and 6 months' bank statements from the salary account.
  • Photographs:Two recent passport-size photographs must be submitted along with the loan application.

Features & Benefits of 20 Lakh Personal Loan

Here is a list of features and benefits that you can enjoy when you apply for a personal loan of 20 Lakhs.

High Loan Amount

Get your 20 lakhloan
approved within minutes.

No Collateral

Get your loan amount
without pleading your assets.

Lowest Interest Rates

Interest rates starting at
just 11.99% p.a.

Versatile Loan

Utiloize the loan for a
variety of purposes.

Flexible Repayment

Choose your repayment
tenure up to 5 years.

Zero Charges

Zero hidden charges and
penalties.

Apply for a Personal loan now!

Steps to Apply Online for Instant 20 Lakh Personal Loan with Buddy Loan

Follow these steps to apply for a ₹20 lakh personal loan on Buddy Loan:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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Frequently Asked Questions on ₹20 Lakh Personal Loan

‌It is challenging to get a ₹20 Lakh loan without income proof. Lenders typically require income verification for such significant loan amounts.

You can apply for an instant Rs.20 Lakh loan online through various financial institutions or banking apps. Ensure you meet the eligibility criteria and provide the required documents.

The EMI for a ₹20 Lakh personal loan depends on the loan tenure and interest rate. Use a personal loan EMI calculator to get an accurate estimate.

The minimum credit score required for a personal loan of 20 lakhs is generally around 750 or higher.

It is highly unlikely to get a ₹20 lakh loan without submitting the required documents. Lenders need proper documentation for verification and loan approval.

It is difficult for a student to get a personal loan of ₹20 lakhs without a stable income source or a co-signer with a good credit history.

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