20 Lakh Personal Loan
A financial emergency can occur at any time, such as a medical, travel, an unplanned wedding, school/college fee payment, or other expenses. In such situations, a 20 Lakh loan can immediately rescue you. Many lenders in India offer a personal loan of Rs. 20 Lakh loan at interest rates starting from 10% p.a. with repayment tenures up to 5 years. Some lenders may provide up to 7 or 8 years tenure. You can also calculate your 20 Lakh personal loan EMI, using the personal loan EMI calculator.
Best Banks & NBFCs Offering ₹20 Lakh Loan
Below are the top lenders in India that offer personal loan 20 lakhs, along with their personal loan interest rates and other features:
| Bank/NBFC | Loan Amount | Rate of Interest | Processing Fee | Maximum Tenure |
|---|---|---|---|---|
| ICICI Bank | Rs. 50,000 - Rs. 50 Lakhs | 10.85% - 16.65% p.a. | Up to 2% of the loan amount + applicable taxes | 72 months |
| SBI | Rs. 1 Lakh - Rs. 35 Lakhs | 11.45% - 14.60% | Nil till 31st January 2025 | 84 months |
| HDFC Bank | Rs. 50,000 - Rs. 40 Lakhs | 10.85% - 24% p.a. | Up to Rs. 6,500 + GST | 60 months |
| Axis Bank | Rs. 50,000 - Rs. 40 Lakhs | 11.1% - 22% p.a. | Up to 2% of the loan amount + GST | 84 months |
| Yes Bank | Rs. 50,000 - Rs. 50 Lakhs | 11.25% - 21% p.a. | Up to 2.5% of the loan amount | 72 months |
| HSBC | Rs. 75,000 - Rs. 30 Lakhs | 10.15% - 16% p.a. | Up to 2% of the loan amount | 60 months |
| Kotak Mahindra Bank | Rs. 50,000 - Rs. 35 Lakhs | 10.99% - 16.99% p.a. | Up to 5% of the loan amount + taxes | 72 months |
| L&T Finance | Rs. 50,000 - Rs. 30 Lakhs | 11% p.a. onwards | Up to 3% of the loan amount + applicable taxes | 72 months |
| Bajaj Finserv | Rs. 20,000 - Rs. 55 Lakhs | 16% - 31% p.a. | Up to 3.93% of the loan amount | 96 months |
| Tata Capital | Rs. 40,000 - Rs. 35 Lakhs | 11.99% - 29.99% p.a. | Up to 5.5% of the loan amount + GST | 72 months |
| Aditya Birla Capital | Rs. 1 Lakh - Rs. 40 Lakhs | 10% - 32% p.a. | Up to 4% of the loan amount | 84 months |
| ZestMoney | Rs. 5,000 - Rs. 25 Lakhs | 14% p.a. onwards | As applicable | 36 months |
20 Lakh Personal Loan EMI
Here's the EMI calculation for a 20 Lakh personal loan EMI for 10 years at an interest rate of 10% p.a. in a tabular format:
| Loan Amount | Tenure | Monthly EMI (Approx.) |
|---|---|---|
| ₹20 Lakh | 1 year | ₹1,75,832/- |
| ₹20 Lakh | 2 years | ₹92,290/- |
| ₹20 Lakh | 3 years | ₹64,534/- |
| ₹20 Lakh | 4 years | ₹50,724/- |
| ₹20 Lakh | 5 years | ₹42,495/- |
| ₹20 Lakh | 6 years | ₹37,052/- |
| ₹20 Lakh | 7 years | ₹33,202/- |
| ₹20 Lakh | 8 years | ₹30,348/- |
| ₹20 Lakh | 9 years | ₹28,158/- |
| ₹20 Lakh | 10 years | ₹26,430/- |
20 Lakh Personal Loan EMI for 5 Years
Here's the 20 lakh loan EMI for 5 years calculation, including total interest and total repayment, for a ₹20 Lakh personal loan at a 10% interest rate:
- Loan Amount: ₹20,00,000
- Rate of Interest: 10% p.a.
- Loan Tenure: 5 years Loan
- EMI: ₹42,494
- Total Interest: ₹5,49,645
- Total Repayment: ₹25,49,645
20 Lakh Personal Loan EMI for 10 Years
Here's the 20 lakh loan EMI for 10 years calculation, including total interest and total repayment, for a ₹20 Lakh personal loan at a 10% interest rate:
- Loan Amount: ₹20,00,000
- Rate of Interest: 10% p.a.
- Loan Tenure: 10 years
- Loan EMI: ₹26,430
- Total Interest: ₹11,71,618
- Total Repayment: ₹31,71,618
This table shows the monthly EMI, total interest payable, and total repayment amount for a ₹20 Lakh loan with a 10-year tenure at the given interest rate.
20 Lakh Loan EMI Calculator
Lenders use a special formula as mentioned below, to calculate the 20 Lakh loan EMI i.e.:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Where,
- P = Principal loan amount
- N = Loan tenure in months
- R = Monthly interest rate
The EMI depends on the principal loan amount to be availed of, 20 Lakh loan interest per month or annum, and repayment tenure.
For example, for a 20 lakh personal loan EMI SBI or other lenders for 5 years tenure at 10% p.a. interest rate, the EMI will be Rs. 42,494. However, a 20 Lakh personal loan EMI for 10 years from SBI or other lenders, at an interest rate of 11% p.a. will be Rs. 27,550.
This calculation can be done in a jiffy using the Personal Loan EMI Calculator available online.
Benefits of 20 Lakh Personal Loan
Following are some of the benefits of a personal loan 20 lakhs:
- The required documents can be uploaded online, making it a paperless loan.
- Pre-approved customers can get a 20,00,000 loan with zero or minimal documents.
- A personal loan is an unsecured credit that does not require any collateral or security.
- You can calculate your EMI instantly using the online 20 Lakh loan EMI calculator.
- Funds are instantly disbursed to your account on approval.
- The processing time for these loans is less than that for regular loans.
- In most cases, you can get a flexible repayment tenure ranging from 12 to 96 months.
- These loans are offered at competitive interest rates starting at 10% p.a.
20 Lakh Personal Loan Eligibility Criteria
To get a personal loan of Rs. 20 Lakhs, you have to meet the following basic eligibility criteria:
- Age: Resident Indians aged above 21 years can apply for a personal loan of Rs. 20 Lakhs.
- Occupation: Most lenders offer personal loans to salaried individuals. However, there are some lenders that offer personal loans for self-employed individuals as well.
- Income: The minimum salary required for these loans Rs. 15,000 per month.
- Credit score: Lenders usually prefer a minimum credit score of around 700 or above to sanction a personal loan of 20 Lakhs.
Documents Required for 20 Lakhs Loan
Below is the list of documents required to apply for a personal loan of Rs. 20 Lakhs:
Documents List for Salaried
- Proof of identity and address: Aadhaar Card/ Passport/ PAN Card/ Voter ID/ Driving License/ Ration Card/ Utility Bills (not older than 3 months)
- Proof of income: Last 6 months’ salary account statements, salary slips of previous months, and ITR/Form 16
Documents List for Self-employed
- Proof of identity and address: Aadhaar Card/ Passport/ PAN Card/ Voter ID/ Driving License/ Ration Card/ Utility Bills (not older than 3 months)
- Proof of income: Last 3 years’ account statements, previous 2 years ITR along with P&L Account Statement, past 2 years' balance sheet ,and income computation
- Business proof: Form 26 AS, Income Tax Challan, or TDS certificate (Form 16A) for income tax declared
How to Apply for a ₹20 Lakh Personal Loan?
I need 20 Lakh rupees urgently - if you are thinking this, below are the steps to apply for a personal loan of Rs. 20 Lakhs online:
- Visit our loan page and select a preferred lending partner based on your requirements.
- Then click the ‘Apply Now’ button and follow the instructions to complete the online application by filling up some basic details.
- After an initial assessment of your loan eligibility, you will be asked to upload some documents for the loan.
- Once your details are verified, the loan application will be approved by the preferred lender and the loan amount will be disbursed to your bank account.
FAQs
Yes, if you meet the eligibility criteria required by the lender, you can easily get a 20 lakh personal loan.
EMI for 20 Lakh personal loan varies depending on the tenure and interest rate applied. For instance, EMI for a 20 lakh loan for 5 years tenure at a 10% p.a. interest rate would be Rs. 42,494.
Yes, SBI offers a personal loan amount of Rs. 1 Lakh to Rs. 35 Lakhs, depending on the borrower’s eligibility.
The EMI for a 20 lakh personal loan in SBI varies based on the applicable interest rate and repayment tenure. For instance, if you take a 20 lakh personal loan for 5 years at an 11.45% p.a. interest rate, the EMI will be Rs. 43,935. However, the 20 lakh loan EMI for a 6-year tenure at 12% p.a. interest rate will be Rs. 39,100.
The minimum salary requirement for a Rs. 20 lakh personal loan is Rs. 15,000 per month.
Monthly EMI payment for a 20 Lakh personal loan varies depending on the tenure and interest rate applied.
20 Lakh personal loan EMI for 5 years tenure varies depending on the interest rate. For example, EMI for a 20 lakh loan for 5 years tenure at 11% p.a. interest rate would be Rs. 43,485.
EMI for a 20 lakh personal loan for 10 years tenure varies depending on the applicable interest rate. For example, EMI for a 20 lakh loan for 10 years tenure at 12% p.a. interest rate would be Rs. 28,694.
EMI for a 20 lakh personal loan for 15 years tenure varies depending on the applicable interest rate. For example, EMI for a 20 lakh loan for 15 years tenure at 11% p.a. interest rate would be Rs. 22,732.
EMI for a 20 lakh personal loan for 20 years tenure varies depending on the applicable interest rate. For example, EMI for a 20 lakh loan for 20 years tenure at a 10% p.a. interest rate would be Rs. 19,300.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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