₹ 20 Lakh Personal Loan

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.


Apply for a Rs. 20 lakh personal loan online

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.

Eligibility Criteria for Rs. 20 lakh personal loan

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:

  • Age: The application should be aged between 21 years to 65 years at the time of applying for the Rs. 20 lakh loan.
  • Occupation: Salaried/Employed as well as unemployed individuals are eligible for the 20 lakh personal loan. But the financial institutions prefer salaried individuals as they have a stable income. Individuals employed with Government Organisations, Public Sector Undertakings, MNCs and Reputed Private Companies stand a better chance.
  • Credit Score: Your integrity and loan repayment responsibility is gauged by the credit score. The minimum credit score required will be 750. This again depends on the lender you approach for the loan. Some of them accept a score of 700 as well. The chances of loan approval will be brighter if the credit score is on the higher side.
  • Income: Income is the key to your repayment capacity. The minimum monthly income stipulated will be Rs. 25000/- to Rs. 40000/-. The minimum monthly income may vary according to the city of residence in the case of some lenders.

Documents required for 20 lakh Personal Loan

The following are the document required for personal loan application.

  • Address Proof: Aadhar card, Voter’s ID Card, Driving Licence, Passport, Utility bills, etc.
  • Photo ID Proof: Passport, Driving Licence, PAN Card, Aadhar Card, Voter’s Id Card or any other Photo ID document issued by the Government.
  • Income Proof: Salaried individuals will have to submit three months salary slips, IT Returns, Form 16 and pass sheet of salary account for the last six months. Self-employed individuals have to submit an audited balance sheet and profit and loss account for the last two years, IT returns for the last two years, bank account statement for the last one year, along with GST Registration Certificate.
  • Other documents: 2 latest passport size photographs.

Top Banks for Rs. 20 lakh Personal Loan

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 BankRate of Interest
HDFC10.75% p.a.
State Bank of India11.15% p.a.
Punjab National Bank11.40% p.a.
Kotak Bank 10.99% onwards
ICICI Bank10.80% p.a.
HSBC9.99% p.a.

How to apply for an Rs. 20 lakh personal loan?

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.

  • Once you access the lender's website, enter personal details like name, mobile number, email address, contact address, income, loan quantum, city of residence, etc.
  • Upload the required documents like address proof, photo ID proof, income proof, etc.
  • After scrutinising the documents provided and the other information provided, the lender will assess the credit rating.
  • If the credit decision is favourable, then Rs. 20 lakh will be credited to your bank account after the execution of the loan documents.

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.

What to do with an Rs. 20 lakh personal loan?

Rs. 20 lakh loan scheme is versatile as far as the usage is concerned. It can be used for various purposes.

  • Education: If your children intend to pursue higher studies abroad, the expense of which is beyond your reach, you can always fulfil the wish of your children by availing of an Rs. 20 lakh loan. Rs. 20 lakh personal loan EMI will be very affordable as the repayment period will be between 12 months to 60 months. Some of the lenders even provide repayment periods of up to 7 years, which makes it even more affordable.
  • Vacation: You can plan your dream vacation without worrying about the expense with Rs. 20 lakh loan that can be repaid in easy instalments ranging from 12 months to 60 months or even longer depending on the lender you choose.
  • Medical Expenses: If there is an unexpected medical emergency that requires hospitalisation and your financial situation is critical, then you can opt for Rs. 20 lakh personal. With the flexible repayment option, 20 lakhs personal loan EMI will be well within your budget.
  • Remodelling of existing home: Availing a home loan for home improvement will require mortgaging the property. If you already have a home loan, then the best option for home improvement would be a home improvement loan. Otherwise, availing Rs. 20 lakh loan for extension and interior decoration of your existing home will be the ideal option.
  • Debt consolidation: If you have several small loans, especially credit card liabilities, then a 20 lakh loan scheme can be utilised to pay off the credit card liabilities that attract a very high-interest rate.
  • Balance Transfer: If you realise that the interest on your existing personal loan is much higher than the prevailing rate in the market, then you can transfer the existing liability to the lender who is providing the personal loan at a competitive rate to lower your personal loan EMI burden as well as reduce the cost of the loan.

How do I calculate My 20 lakh Personal Loan EMI?

The steps to be followed to calculate your 20 lakh personal loan EMI is very simple.

  • Access the website of the lender. Click on the 20 lakh personal loan EMI calculator available on the dashboard.
  • Enter the loan amount, the applicable rate of interest and the tenure chosen.
  • The EMI as well as the amortisation schedule, will be displayed within seconds.
  • You will also get the details of the total interest payable at the end of the tenure so that you can understand the cost of the loan.

20 lakh Personal Loan EMI for 5 years and 10 years

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 BankInterest RateEMI for 5 YearsEMI for 10 years
SBI10.30% to 15.65%42,79026,764
HDFC10.25% to 16%43,23627,268
PNB9.80% to 14.20%42,29826,209
Citi Bank9.99% onwards42,48426,419
ICICI10.50% to 19%42,98826,987
Kotak Bank11.49% onwards43,47527,539

Looking for Best Personal Loan Offer?

Fill the form by clicking on Apply Now Button and compare latest Interest Rate of all Banks/NFBCs for Instant and Quick Personal Loan Disbursal.

20 lakh Personal Loan FAQs

Which bank is best for a Personal Loan of Rs. 20 Lakh?


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.

I need 20 lakhs urgently, how to get it?


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.

Can I get the lowest interest rate on a 20 Lakh Personal Loan?


The interest rate depends on various factors like credit score, employment, repayment period etc. You can get a better rate if 

  • You maintain the credit score at a higher level.
  • Opt for a lower repayment period.
  • Include a co-applicant.
  • Offer securities that can be easily liquidated like fixed deposit, gold jewellery, LIC, etc.

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.

How to get an Rs.20 lakh loan without income proof?


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.

What is the interest rate for SBI 20 Lakh Loan?


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.

What are the factors that can affect 20 Lakh Personal Loan EMI?


The factors that affect the 20 lakh personal loan EMI are

  • Loan amount: 20 lakh personal loan EMI is directly proportionate to the loan amount. The higher the amount, the higher will be the EMI. The lower the amount, the lower will be the EMI
  • Interest: The rate of interest is the critical factor that determines the personal loan EMI. The higher the interest rate, the higher will be the EMI, and the lower the interest rate, the lower will be the EMI.
  • Tenure: If you choose a longer tenure, you will be paying a lower EMI and vice ver

What will be the EMI for a 20 Lakh Personal Loan?


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.