20,000 Personal Loan

Lenders usually offer personal loan interest rates depending on the credit score, monthly income, job profile, employer’s profile, EMI/NMI ratio, etc. Below-mentioned are the interest rates offered by top personal loan lenders.

Below-mentioned is the eligibility criteria set by the personal loan lenders offering Rs. 20,000 personal loan.

• The age of the applicant should be between 21 to 65 years.
• Salaried and self-employed applicants are eligible for Rs. 20,000 personal loan.
• The EMI to NMI ratio should be below 55%, including the existing EMIs and EMI of the proposed personal loan.
• Applicants should have a minimum work experience of atleast 1 year.
• A minimum credit score of 760 and above is required to improve the loan approval chances.

Since the personal loan eligibility criteria varies across lenders, prospective borrowers should check their eligibility using the Personal Loan Eligibility Calculator available at Paisabazaar before making a loan application.

Personal loan EMI calculator is a financial tool that allows individuals to evaluate their total EMIs and interest cost payable throughout the loan tenure, thereby, assessing their loan affordability and helping them make informed decisions. Individuals need to provide the interest rate, loan amount and loan tenure in the EMI calculator and get instant results.

Below-mentioned are the features of a personal loan EMI calculator:

• The calculator is fast and accurate.
• It saves time that would otherwise be spent during manual calculations.
• The tool is available online 24*7.
• It is accessible and easy to navigate.
• You can use multiple combinations of parameters in the calculator to assess your loan affordability.

Below-mentioned are the common documents required by the lenders during personal loan application.

• ID proof - Aadhaar card, passport, voter ID, PAN card, driving license
• Address proof - Utility bills, Aadhaar card, driving license, passport, voter ID
• Bank statement for last 6 months
• Salary slips for last 3 months
• Latest ITR

Note that, the documents might vary across lenders, therefore, one must get the complete list of documents from the respective lender before making a loan application.

You can apply personal loan online through Paisabazaar in the following steps:

• Login to the Paisabazaar platform (app or website).
• Tap on the “Personal Loan” icon on the dashboard.
• The app fetches your credit profile and curated offers matching your credit profile are displayed on the screen.
• Compare offers and apply with the lender matching your requirements and budget the best.

Yes, you can apply for a Rs. 20,000 personal loan without a salary slip. For instance, applicants, such as, freelancers and gig workers having an inconsistent income can apply for personal loans through major fintechs and NBFCs. In this case, the lenders evaluate the creditworthiness of the applicant based on other factors. However, note that the lenders usually offer higher interest rates and stricter terms to such applicants due to the high risk involved.