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20 Lakh Personal Loan

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Valid till 31st July '26 *T&C Apply
Instant Personal Loan

Get up to ₹50 Lakhs starting at 9.99%

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15.6L Reviews

6cr+Satisfied Customers
30+Lending Partners
₹65k Cr+Loans Disbursed
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Curated offers from 30+ lenders

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Digital Process

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Rs. 20 Lakh Personal Loan - Quick Snapshot

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

Best Banks for Rs. 20 Lakh Personal Loan - Comparison Table

Bank/NBFCInterest Rates (% p.a.)Processing Fees
Aditya Birla Finance10.99 onwardsUp to 4%
Axis Bank9.99 onwards*Up to 2%
Bank of Baroda10.15-18.00Up to 2% (Max. Rs. 10,000)
Bajaj Finance Limited10.00-30.00Up to 3.93%
Bank of India10.85-16.15Up to 1% (Min. Rs. 250; Max. Rs. 15,000)
Bank of Maharashtra8.75-13.55Up to 1% (Max. Rs. 10,000)
Canara Bank9.70-15.15Up to 0.5% (Max. Rs. 5000)
Central Bank of India9.85-11.65Up to 1%
Cholamandalam IFC10.00-28.004% - 6%
Dhani Loans & Services Ltd.13.99 onwards3% onwards
Federal Bank12.00 - 22.50*Up to 2%
HDB Financial Services10.00 - 35.00Up to 5.90%
HDFC Bank9.99 onwardsUp to Rs 6,500
Hero FincorpUp to 30*2.3% - 3%
HSBC Bank9.75 onwardsUp to 2%
ICICI Bank9.99 onwardsUp to 2%
IDFC FIRST Bank9.99 onwardsUp to 3.5%
IIFL Finance12.00 - 28.002% - 9%
Indian Overseas Bank10.25 onwardsUp to 0.75%
IndusInd Bank10.35 onwards*Up to 3.5%
Kotak Mahindra Bank9.99 onwards*Up to 5%
L&T Finance11.00 onwardsUp to 3%
Mahindra Finance8.00 - 25.002% of loan amount or Rs. 5,000, whichever is lower
Mannapuram Finance18.00 - 24.001% of loan amount
Moneyview14.00 onwards2% onwards
Muthoot Finance13.50 onwardsVaries for each application
Piramal Finance12.14 onwardsUp to 5%
Poonawalla Fincorp9.99 onwardsUp to 3%
Punjab & Sind Bank9.60-13.850.50% - 1%
Punjab National Bank10.25-16.80Up to 1%
Shriram Finance11.00 onwardsUp to 5%
Tata Capital10.99 onwardsUp to 3.5%
UCO Bank9.95 - 13.20Up to 1% (Min. Rs. 750)
Union Bank of India8.75 - 12.55Up to 1% (Max. Rs. 7,500)

*Paisabazaar special rates


Note: Rates as of 17th July 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:

  • The age of the applicant should be between 21 to 65 years.
  • The EMI/NMI ratio of the individual should be below 55%, including the existing EMIs and EMI of the proposed personal loan.
  • Salaried employees, self-employed professionals and self-employed non-professionals are eligible for Rs. 20 lakh personal loan.
  • Applicants having a CIBIL score of 760 and above usually have higher chances of loan approval.

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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:

  • Completely filled application form with passport size photographs.
  • ID proof - Aadhaar card, PAN, passport, driving license, voter ID.
  • Address proof - Utility bills, Aadhaar card, passport, voter ID, driving license.
  • Bank statements for the last 6 months.
  • Salary slip for last 3 months.
  • Recent ITRs.

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:

  • Improve your credit score to 760 and above.
  • Maintain your EMI/NMI ratio below 55%.
  • Add a co-applicant with a strong credit profile.
  • Maintain job stability and income consistency.
  • Do not apply for multiple loan applications in a short span.
  • Keep your credit utilization low.
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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.

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What our customers say

Get My Personal loan disbursed

I would like to give a huge shoutout to Munni Nayak from Paisabazaar for her incredible support in helping me get my personal loan disbursed within just a few days. She was extremely cooperative throughout the entire process and demonstrated great knowledge by explaining every step in detail with patience and clarity. I truly appreciate her dedication, professionalism, and the smooth experience she provided. Thank you so much, Munni, for all your help and support!

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Preeti BhattMay 16, 2026

Smooth & hassle-free loan approval experience

I want to express my gratitude for your exceptional support & guidance throughout my loan application process to Aman (EW17239). Your professionalism & clear communication made the journey smooth and manageable. I appreciate how you helped during loan approval & fast-tracked the documentation. It is rare to find someone so committed to their clients. I truly value the effort you put into ensuring a successful outcome. Thanks again for your invaluable help.

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Sanjay Kumar GuptaMar 30, 2026

Exceptional guidance throughout the process

I’d like to express my sincere appreciation for Mr. Aman Kumar (EW32023) for the excellent assistance provided. His professionalism & willingness to help made the experience smooth & pleasant. Aman Kumar demonstrated patience & clarity while addressing queries and ensured that everything was handled efficiently. Such dedication & customer-focused service truly deserve recognition. Please convey my thanks and appreciation to him for his outstanding support.

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Jyotirmoy SinghaMar 23, 2026

Very helpful and easy to reach

I really wants to appreciate Mohankumar Dhandapani for closing my loan requirement in such a short time and nice manner. He is very much approachable helped me based on my requirements. He explained me all the options in very short time even one option failed immediately helped me to get other options worked. Excellent job done by Mohankumar Dhandapani all the best keep you same way approachable you will get more customers. Thanks to Paisabazar too.

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Kirubagaran GanesanFeb 24, 2026

Reliable help when i needed it most

I am writing this email to express my sincere thanks for your excellent support and guidance on Paisabazaar. My experience was very smooth and satisfying because of your help. You explained everything clearly and made the whole process easy and comfortable for me. I truly appreciate your professionalism, patience, and quick response. I am very happy with the service and would definitely recommend to others because of the great support I received from you. Thank you once again

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DharmeshFeb 22, 2026

Committed support that made everything easy

I’d like to appreciate the Paisabazar team for the excellent loan service. I especially want to recognize one of your agents, Mr. Prince Kumar, for his outstanding support. For more than a month, he continuously followed up with me and assisted me. His commitment & professionalism made the experience smooth & hassle-free. I appreciate his efforts and dedication. Kindly acknowledge his performance and consider rewarding such a sincere employee.

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BhupendraFeb 18, 2026

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

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Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

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Kokil BarnwalFeb 12, 2026

Easy loan approval with good guidance

Thank you for the support provided for getting personal loan approval. During this process I worked with Mr. Aman Bajpai (EW17239) who was co-ordinator for this entire process of Personal loan, I was incredibly impressed by his efficiency and problem-solving skills. He went out of their way to ensure all my questions were answered and that the disbursement timeline stayed on track. His coordination was really appreciable.

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Riyaj AtarFeb 9, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

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Puja DanuJan 22, 2026
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Anubhuti Agrawal profile
Written ByLinkedIn icon
Anubhuti Agrawal
Shamik Ghosh profile
Reviewed ByLinkedIn icon
Shamik Ghosh

Paisabazaar 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%.

Address: Paisabazaar Marketing & Consulting Pvt. Ltd. 135 P, Sector 44, Gurugram (HR) 122001

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