| Interest rates | Starting 9.98% p.a. onwards |
|---|---|
| Loan tenure | Up to 5 years |
| Processing fee | Ranging up to 4% |
| Collateral | Collateral-free |
| Loan disbursal | Quick disbursal in as less as few minutes to few hours |
| Pre-approved offers | Present |
20 Lakh Personal Loan
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How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Rs. 20 Lakh Personal Loan - Quick Snapshot
Best Banks for Rs. 20 Lakh Personal Loan - Comparison Table
| Bank/NBFC | Interest Rates (% p.a.) | Processing Fees |
|---|---|---|
| Aditya Birla Finance | 10.99 onwards | Up to 4% |
| Axis Bank | 9.99 onwards* | Up to 2% |
| Bank of Baroda | 10.15-18.00 | Up to 2% (Max. Rs. 10,000) |
| Bajaj Finance Limited | 10.00-30.00 | Up to 3.93% |
| Bank of India | 10.85-16.15 | Up to 1% (Min. Rs. 250; Max. Rs. 15,000) |
| Bank of Maharashtra | 8.75-13.55 | Up to 1% (Max. Rs. 10,000) |
| Canara Bank | 9.70-15.15 | Up to 0.5% (Max. Rs. 5000) |
| Central Bank of India | 9.85-11.65 | Up to 1% |
| Cholamandalam IFC | 10.00-28.00 | 4% - 6% |
| Dhani Loans & Services Ltd. | 13.99 onwards | 3% onwards |
| Federal Bank | 12.00 - 22.50* | Up to 2% |
| HDB Financial Services | 10.00 - 35.00 | Up to 5.90% |
| HDFC Bank | 9.99 onwards | Up to Rs 6,500 |
| Hero Fincorp | Up to 30* | 2.3% - 3% |
| HSBC Bank | 9.75 onwards | Up to 2% |
| ICICI Bank | 9.99 onwards | Up to 2% |
| IDFC FIRST Bank | 9.99 onwards | Up to 2% |
| IIFL Finance | 12.00 - 28.00 | 2% - 9% |
| Indian Overseas Bank | 10.25 onwards | Up to 0.75% |
| IndusInd Bank | 10.35 onwards* | Up to 3.5% |
| Kotak Mahindra Bank | 9.98 onwards* | Up to 5% |
| L&T Finance | 11.00 onwards | Up to 3% |
| Mahindra Finance | 8.00 - 25.00 | 2% of loan amount or Rs. 5,000, whichever is lower |
| Mannapuram Finance | 18.00 - 24.00 | 1% of loan amount |
| Moneyview | 14.00 onwards | 2% onwards |
| Muthoot Finance | 13.50 onwards | Varies for each application |
| Piramal Finance | 12.14 onwards | Up to 5% |
| Poonawalla Fincorp | 9.99 onwards | Up to 3% |
| Punjab & Sind Bank | 9.60-13.85 | 0.50% - 1% |
| Punjab National Bank | 10.25-16.80 | Up to 1% |
| Shriram Finance | 11.00 onwards | Up to 5% |
| Tata Capital | 10.99 onwards | Up to 3.5% |
| UCO Bank | 9.95 - 13.20 | Up to 1% (Min. Rs. 750) |
| Union Bank of India | 8.75 - 12.55 | Up to 1% (Max. Rs. 7,500) |
*Paisabazaar special rates
Note: Rates as of 1st June 2026
Rs. 20 Lakh Loan EMI for Different Rates and Tenures
Rs. 20 Lakh EMI for Different Rates
| Loan amount (Rs.) | Interest rate (p.a.) | Tenure (years) | EMI (Rs.) |
|---|---|---|---|
| 20 lakh | 9.98% | 5 | 42,474 |
| 20 lakh | 11.00% | 5 | 43,485 |
| 20 lakh | 15.00% | 5 | 47,580 |
Rs. 20 Lakh EMI for Different Tenure
| Loan amount (Rs.) | Interest rate (p.a.) | Tenure (years) | EMI (Rs.) |
|---|---|---|---|
| 20 lakh | 9.98% | 5 | 42,474 |
| 20 lakh | 9.98% | 4 | 50,706 |
| 20 lakh | 9.98% | 3 | 64,516 |
Who is Eligible for Rs. 20 Lakh Personal Loan?
Below-mentioned is the eligibility criteria set by most lenders for applicants availing Rs. 20 lakh personal loan:
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Rs. 20 Lakh Loan for Home Renovation, Business and Education
For Home Renovation
Applicants can use their personal loan proceeds for renovating their existing home. These are collateral-free loans offered at interest rates usually starting from 9.98% p.a. Select existing customers having strong credit profile are also offered pre-approved offers at lower interest rates.
Business Loan
Many lenders offer unsecured business loans of Rs. 20 lakh to self-employed professionals and non-professionals. Since self-employed individuals have an unstable job and an inconsistent income, they are considered risky by the lenders and offered loans at comparatively stricter terms.
Education Loan
Individuals planning to go for higher education can apply for a personal loan of Rs. 20 lakh with digital loan processing, quick approval and instant disbursal. Individuals can also visit Paisabazaar to check for pre-approved offers, if any.
Rs. 20 Lakh Personal Loan vs Home Loan - Which is Better?
| Rs. 20 Lakh Personal Loan | Rs. 20 Lakh Home Loan |
|---|---|
| Interest rates starting from 9.98% p.a. | Interest rates starting from 7.10% p.a. |
| Shorter loan tenure. | Longer loan tenure. |
| No collateral required. | Loan backed by security. |
| No end-usage restriction. | Specifically for home purchase, renovation, |
| No tax benefits availed under personal loan. | Tax benefits available under old tax regime. |
Documents Required for 20 Lakh Loan
Below-mentioned are the documents required for personal loan application:
How to Increase Loan Amount Eligibility for Availing Rs. 20 Lakh Personal Loan?
You can follow the below-mentioned tips to increase your personal loan eligibility:
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
What is the EMI for Rs. 20 lakh personal loan for 5 years?
The EMI for Rs. 20 lakh personal loan for 5 years @ 9.98% p.a. would be Rs. 42,474.
What salary is required for Rs. 20 lakh personal loan?
Lenders usually offer personal loans to applicants having their minimum monthly income of Rs. 25,000. However, the loan eligibility is decided based on the EMI/NMI ratio of the applicant (below 55%).
Which bank gives Rs. 20 lakh loan at lowest interest rate?
Personal loan interest rate are usually set depending on the credit profile of the applicant. Lenders usually set their interest rates after factoring in the credit score, minimum income, job profile, loan type and existing relationship with the borrower.
Can I get Rs. 20 lakh personal loan with 750 CIBIL score?
Yes, you can get a personal loan of Rs. 20 lakh with a CIBIL score of 750 provided you fulfill other eligibility criteria.
Is Rs. 20 lakh personal loan better than top-up home loan?
A home loan top-up is any time better than a personal loan of Rs. 20 lakh provided you have an existing home loan. The interest rates are comparatively lower and the loan tenures are relatively longer in case of a top-up home loan.
What is the processing fee for Rs. 20 lakh personal loan?
The processing fees for Rs. 20 lakh personal loan might range up to 4% of the loan amount.
Can I get Rs. 20 lakh personal loan without collateral?
Yes, personal loans are unsecured and, hence, not backed by any collateral.
How to get Rs. 20 lakh personal loan approved quickly?
You can apply for a personal loan of Rs. 20 lakh through Paisabazaar to get quick loan approval.
What are prepayment charges on Rs. 20 lakh personal loan?
For a fixed rate personal loan of Rs. 20 lakh, the prepayment charges may range between 3% to 4% of the prepaid amount. There are no prepayment charges for floating rate loans.
Can self-employed get Rs. 20 lakh personal loan?
Yes, a self-employed individuals can get a personal loan of Rs. 20 lakh.
Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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