A financial crisis is something that appears without a knock. If you have ample backup funds, you can pretty well deal with the situation. What happens when you are not prepared? Personal loans are the saviour at such times. You can avail of Rs. 20 lakh personal loan with simple documentation and eligibility criteria. Rs. 20 lakh personal loan EMI is affordable, and the unsecured loan is provided at affordable interest rates and a quick turnaround time.
All the financial institutions accept applications for Rs. 20 lakh personal loan online. You even have the provision of applying for the loan offline by visiting the nearest branch if you are not comfortable with the online process. But when the volume of the personal loan is as high as Rs. 20 lakhs, the financial institutions may insist on personal dialogue with you before considering the loan application.
The online process becomes simple if you apply through MyMoneyMantra. Instructions regarding online personal loan applications will be available on the website. Simply follow the instructions to obtain the Rs. 20 lakh loan instantly.
Fulfil the eligibility criteria stipulated, which is the basic requirement to qualify for the Rs. 20 lakh loan scheme.
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The first step towards a favourable credit decision in respect of Rs. 20 lakh personal loan application is to satisfy the eligibility criteria stipulated. The criteria are different for different financial institutions. But the general criteria are as given below:
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The following are the document required for personal loan application.
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Below is a list of top banks that provide 20 lakh personal loans at competitive interest rates. The interest charged will depend on your credit score, income, employment type, and relationship with the lender.
|Name of the Bank||Rate of Interest|
|State Bank of India||11% p.a.|
|Punjab National Bank||11.40% p.a.|
|Kotak Bank||10.99% onwards|
|ICICI Bank||10.75% p.a.|
|Citi Bank||10.75% onwards|
Also, check Personal Loan for Women & their Interest Rates.
Follow the instructions are given below to apply for a quick Rs. 20 lakh personal loan. Almost all financial institutions provide the option for online application of Rs. 20 lakh loan. You can visit the official website of the preferred lender and complete the steps given below for Rs. 20 lakh to land in your bank account instantly.
To make the whole process seamless and quick, you can apply for the loan through MyMoneyMantra. You will get uninterrupted assistance from the expert credit team of MyMoneyMantra throughout the loan process till the loan amount is credited to your account.
Additional Info: Check Consumer Durable Loan and apply.
Rs. 20 lakh loan scheme is versatile as far as the usage is concerned. It can be used for various purposes.
Additional Info: Looking Best Banks for Personal Loan? Check Eligibility & Apply.
The steps to be followed to calculate your 20 lakh personal loan EMI is very simple.
The table below provides 20 lakhs personal loan EMI for 5 years and 20 lakh personal loan EMI for 10 years at different interest rates of various banks.
|Name of the Bank||Interest Rate||EMI for 5 Years||EMI for 10 years|
|SBI||10.30% to 15.65%||42,790||26,764|
|HDFC||10.25% to 16%||43,236||27,268|
|PNB||9.80% to 14.20%||42,298||26,209|
|Citi Bank||9.99% onwards||42,484||26,419|
|ICICI||10.50% to 19%||42,988||26,987|
|Kotak Bank||11.49% onwards||43,475||27,539|
Now get IDFC First Bank personal loan of Rs. 1 Lakh to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
There are several players in the market offering personal loans at competitive interest rates and service charges. The eligibility criteria also differ from lender to lender. You can approach loan aggregators like MyMoneyMantra, who will provide you with collated information about the deals available in the market. You can choose the bank that best suits your requirement and provides a deal that fits your pocket.
Some of the top banks providing personal loans at competitive rates are SBI, Punjab National Bank, Kotak Bank, Citi Bank, ICICI Bank, HSBC, HDFC, etc.
You can apply for a 20 lakh personal loan online by filling a simple online application and uploading the required documents. Before applying for the loan, do a comparative study of the different personal loan deals available and choose the one that is the best for you in terms of interest rate, repayment option and other applicable charges.
You will have to comply with the eligibility criteria and provide the complete list of documents to qualify for the loan. Since personal loans are unsecured loans, no collateral security will be required. If the loan is approved, the amount will be credited to your bank account within no time.
The interest rate depends on various factors like credit score, employment, repayment period etc. You can get a better rate if
If you are a salaried individual employed with State/Central Government Department, Public Sector Undertakings, MNCs or Reputed Firms and your salary account is maintained with the lender, you can always negotiate for a better interest rate. Self-employed individuals with a long-standing relationship with the lender also have the privilege of negotiation of interest.
Personal loans are normally unsecured loans, i.e., no security is required for these loans. But if you do not possess proof for regular income, then the alternative would be offering securities like fixed deposits or gold jewellery.
If you have a good relationship with the lender and the transactions in the savings or current account maintained are satisfactory, you will be able to obtain a 20 lakh loan without income proof.
The rate of interest for an SBI 20 lakh loan is 10.30% to 15.65% p.a. The interest applied will depend on the credit score, internal credit rating, the repayment period and the loan scheme chosen out of the various personal loan schemes.
The factors that affect the 20 lakh personal loan EMI are
The EMI for a personal loan will largely depend on the rate of interest and the loan tenure chosen. For instance, if the interest rate if 9.60% and the tenure chosen is ten years, then the EMI will be Rs. 2599. If for the same interest rate the tenure chosen is five years, then the EMI will be Rs. 4210.