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₹20 Lakh Personal Loan

Apply for ₹20 Lakh Personal Loan

Last Updated 27th May 2022

  • A ₹20 lakh personal loan can be used to fund your child’s education or planning a dream wedding.
  • Applying for a ₹ 20 lakh loan with MyLoanCare will help you select the best personal loan offers.
Rate 10.25% p.a Check Best Offers
Profession Salaried employees and Self-employed professionals
Minimum Income
  • ₹ 5 Lakh gross annual receipts for self-employed
  • ₹ 25,000 per month for professionals
Age 18 to 65 years
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Voucher

Get ₹ 20 Lakhs Personal Loan Online

A personal loan is an appropriate solution to cover up your individual expenses. You can apply for personal loans online or visit the bank in person to get the loan approved in real-time. The bank goes through essential documents, credit score and your income before approving the requested loan amount. Based on the interest rate and tenure, EMI for personal loan of ₹ 20 lakhs can be different for the different borrowers. Top lenders like SBI provide instant online personal loan schemes, such as Xpress Credit for salary account holders to help you get ₹ 20 lakhs personal loans online in no-time. You can apply for a ₹ 20 lakh personal loan online and can complete the procedure entirely digitally. The KYC documentation can be done online as well.

Eligibility Criteria for Personal Loan of ₹ 20 Lakh

Here is a detailed list of eligibility criteria for a ₹ 20 lakh loan.

  • Age:The applicants’ age acts as a determining factor for personal loan approvals. The appropriate age is between 18 to 65 years.
  • Credit Score: A Credit Score is a three-digit number, depicting your potential to repay a borrowed loan amount. You require a good credit score above 650 to apply for a ₹ 20 lakh personal loan.
  • Minimum Income: Indian banks generally prefer salaried employees with a minimum monthly take-home salary of ₹ 25,000 Some banks also offer loans to self-employed applicants with ₹ 5 Lakh or above as gross annual income. Individuals working with government sectors are most likely to get the ₹ 20 lakh personal loan approved quickly.
  • Occupation and Work Experience: Government employees get more preference than employees of the private sector. Furthermore, applicants with a total work experience of 3 years or more are preferred by banks owing to the job security factor. Nonetheless, some banks offer personal loans to employees with 1 year of work experience as well.

Best Interest Rates for ₹ 20 Lakh Personal Loan

Bank Interest rates
Bank of Maharashtra 9.85%
ICICI Bank 10.25%
Kotak Bank 10.45%
IndusInd Bank 10.49%
Tata Capital 10.49%

Documents Required for ₹ 20 Lakh Personal Loan

The documents required to secure a personal ₹ 20 lakh loan are as follows:

  • KYC related documents like Aadhar card, driving license and voter ID card.
  • Salary slips for the last three months for salaried individuals and original income slips for self-employed applicants.
  • Bank statements of current account and salary account of the last six months.

₹ 20 Lakh Personal Loan EMI Calculator

You can calculate accurate EMI amount using a ₹ 20 lakh personal loan EMI calculator. By entering the interest rates offered by the borrower, the tenure and the loan amount in the calculator, you can get an idea of the EMI amounts you would need to pay in different scenarios. The following table presents the amount of ₹ 20 lakh personal loan EMI for 5 years for major banks.

Bank Interest rate charged EMI per month for 5 years in (₹)
Bank of Maharashtra
9.85% ₹ 42,347
10.25% ₹ 42,741
Kotak Bank
10.45% ₹ 42,938
IndusInd Bank
10.49% ₹ 42,978
Tata Capital
10.49% ₹ 42,978
IDFC First Bank
10.49% ₹ 42,978
10.50% ₹ 42,988
Yes Bank
10.70% ₹ 43,186
Axis Bank
11.00% ₹ 43,485
Standard Chartered Bank
11.50% ₹ 43,985
11.75% ₹ 44,237
Fullerton India
11.99% ₹ 44,479
Bajaj Finserv
12.99% ₹ 45,496
Axis Finance
13.00% ₹ 45,506
RBL Bank
14.00% ₹ 46,536
HDB Financial
30.00% ₹ 64,707

How can MyLoanCare Help You to Get ₹ 20 Lakhs Personal Loan at Lowest Rates?

A Personal Loan is the best solution to meet a sudden financial crisis. In such a scenario, MyLoanCare can help you to apply for a ₹20 lakh loan scheme online and get approval in a hassle-free manner in the following ways:

  • Inbuilt EMI calculator: Both self-employed and salaried professionals can use the EMI calculator to get an appropriate idea of the monthly EMI amounts, which helps in deciding the best tenure suitable to you. This can further help you plan your loan prepayment as per your budget.
  • Detailed charts: MyLoanCare runs a variety of algorithms that enables detailed comparison between the offers of different banks at applied loan amount and helps you choose the best loan tenure at comparative interest rates.
  • Great Support Team: Efficient support executives at MyLoanCare inform you about the most relevant solutions and explain each loan scheme in detail. Once you have finalised the scheme, they also help you to avail loan in the most efficient manner.

How to Apply?

Here are the steps that you need to abide by:

  • Step 1: Visit the website of MyLoanCare or download the app. Fill in required details like name, income, number, existing loan (if any) and residence.
  • Step 2: Go through the available loan rates and charges showcased by the portal based on your updated details.
  • Step 3: An executive from My Loan Care will contact you to discuss loan requirements and cross-check updated details. The executive will then offer relevant suggestions besides explaining the entire loan process and essential documents required.
  • Step 4: In case you are interested in availing of a personal loan of ₹20 lakhs, the representative will schedule a document pick-up appointment with the bank. You can also opt for an online document uploading facility and get the process completed on MyLoanCare's website. A representative from the selected bank will get back to you for the further verification process.
  • Step 5: Once the bank has gone through the submitted documents and has also checked your credit score, the loan either gets approved or rejected. If approved, a final letter mentioning essential loan terms, interest rates, ₹20 lakh personal loan EMI, tenure, processing fees and prepayment charges are forwarded online.
  • Finally, the ₹20 lakh loan amount is disbursed to your bank account.


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

Bank of Maharashtra offers the best interest rates for personal loan upto ₹ 20 lakhs, by charging 10.25% p.a. ICICI Bank, Kotak Bank, IndusInd Bank and Tata Capital also provide a personal loan with low-interest rates.

Can I get Lowest Interest Rate on a ₹ 20 Lakh Personal Loan?

You can get the lowest interest on a ₹ 20 Lakh personal loan by comparing interest rate and other charges across top lenders. For this, you can visit MyLoanCare, wherein you can compare different loan options and can easily apply to the most suitable ₹20 lakh loan scheme online. Besides, ensure meeting the eligibility parameters to get the best rates at ₹ 20 Lakh Personal Loans.

Can I avail ₹20 Lakh Loan without Income Proof?

Yes, you can avail of a 20 lac personal loan without Income Proof, but the bank will ask for collateral. In that case, property documents can be produced.

What is the interest rate for SBI ₹20 Lakh Loan?

SBI personal loan ₹20 lakhs is available for an interest rate of 9.60% p.a. The rate however may across different SBI personal loan schemes.

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

The factors which can affect ₹ 20 Lakh Personal Loan EMI are credit score, monthly income, occupation type and the company you are currently employed with. Note, a good credit score can help in availing a low-interest rate.

What will be the EMI for ₹20 Lakhs Personal Loan?

The exact EMIs charged for ₹ 20 Lakh Personal Loan depends on certain criteria like tenure, available interest rate, applicants age and work experience. So, it may vary from bank to bank.However, as per the lowest interest rate of 10.25%, EMI for ₹ 20 lakh perosnal loan will be ₹ 1,76,064, ₹ 92,521 and ₹ 64,769 for 1 year, 2 year and 3 year respectively.

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