Calculate Personal Loan EMI

`
50,00030,00,000
Months
12 Months60 Months

Assuming annual interest rate of 13

Calculated EMI*   6,642  Apply For Loan

Loans Upto ` 30 Lakh*

Quick Disbursal

Minimal Documentation

Flexible Tenure

INR 20 Lakhs Personal Loan

An INR 20 lakhs personal loan is a versatile financial solution for meeting various short-term needs like travel, marriage expenses, renovation, office construction, or higher education.

SMFG India Credit offers a personal loan of INR 20 lakhs with interest rates starting at 13%* per annum. This INR 20 lakhs loan is unsecured, meaning you don’t need to provide collateral to secure the funds you require.

With flexible repayment tenure ranging from 12 months to 60 months, managing your INR 20 lakhs personal loan EMI becomes convenient and stress-free. We ensure a swift application and approval process so that you can receive the funds without undue delays.

Explore the benefits of a personal loan up to INR 20 lakhs and take the first step towards fulfilling your personal or business ambitions. At SMFG India Credit, we are committed to providing you access to personal finance solutions tailored to your unique needs.

Features and Benefits of an INR 20 Lakhs Personal Loan

Making an INR 20 lakhs loan application at SMFG India Credit is a relatively simple process. The most convenient way is to apply for a personal loan online. Alternatively, you can visit the nearest SMFG India Credit branch to get the process started.

Some of the key features of an INR 20 lakhs personal loan from SMFG India Credit are:

  • Pre-Approved Offers: Access a range of pre-approved personal loan offers that are accompanied by preferential interest rates, repayment tenures and a quick approval process.
  • No Security Requirement: SMFG India Credit offers collateral-free personal loans for up to INR 30 lakhs*.
  • Affordable Interest Rates: SMFG India Credit personal loans interest rates starting from 13%* per annum, which is affordable.
  • Easy Repayment Tenures: Personal loans from SMFG India Credit come with flexible repayment tenures of up to 60 months.
  • Get Quick Loan Approval: Receive instant in-principal approval by filling up a simple online form. Post verification of documents and finalising the loan agreement, final approval will be provided.
  • Quick Loan Disbursal: Once SMFG India Credit sanctions the INR 20 lakhs personal loan request, the funds are disbursed shortly to your bank account.
  • No Hidden Charges: Personal loans from SMFG India Credit are provided with no hidden charges and with terms and conditions that are absolutely transparent.

Eligibility Criteria for an INR 20 Lakhs Personal Loan

Several factors, including your age, income, work experience, and credit score, are considered when determining your eligibility for a personal loan of INR 20 lakhs. You can use our free personal loan eligibility calculator to estimate the maximum loan amount you may qualify for.

Factor

Salaried Individuals

Self-Employed Individuals

Age

Your age must be between 22 and 65

Your age must be between 25 and 65

Nationality

You must be a resident Indian

You must be a resident Indian

Credit Score

Your credit score must be 750 or above

Your credit score must be 750 or above

Work/Business Experience

Your work experience must be at least 1 year, of which the last 6 months must be under the current employer

Your business must be at least 3 years old

Minimum Income

Your monthly income must be INR 25,000 if you live in Mumbai or Delhi, and INR 20,000 for any other city

Your annual turnover must cross the minimum threshold, which can vary according to the nature of your profession or the domain of work

EMI as a Fraction of Income

Your EMI should be a maximum of 60% - 70% of your monthly income

Your EMI should be a maximum of 65% of your monthly income

*Please note that this is only the basic eligibility criteria for an INR 20 lakhs loan. The final eligibility will depend on several factors, including SMFG India Credit’s policy at the time of loan application.

Documents Required for an INR 20 Lakhs Personal Loan

When applying for an INR 20 lakhs personal loan, having the right documents ready is essential to ensure a smooth and timely approval process. These documents help verify your identity, financial stability, and eligibility for the INR 20 lakhs loan.

At SMFG India Credit, we keep documentation requirements minimal to make your application process as hassle-free as possible. Here’s what you’ll typically need:

Document Type

Salaried Individuals

Self-Employed Individuals

Identity Proof

  • PAN Card
  • Aadhaar Card
  • Driver’s Licence
  • Passport
  • Voter ID
  • PAN Card
  • Aadhaar Card
  • Driver’s Licence
  • Passport
  • Voter ID

Signature Proof

  • Passport
  • PAN Card
  • Passport
  • PAN Card

Address Proof

  • Aadhaar Card
  • Driver’s Licence
  • Passport Copy
  • Utility Bill - Gas or Electricity Bill
  • Voter ID
  • Ration Card
  • Rental Agreement
  • Aadhaar Card
  • Driver’s Licence
  • Passport Copy
  • Utility Bill - Gas or Electricity Bill
  • Voter ID
  • Ration Card
  • Rental Agreement

Income Proof

  • Bank statements for the past 6 months
  • Salary slips for the last 3 months
  • Income Tax Returns OR Form 16
  • Bank statements for the past 6 months
  • Balance sheet and profit and loss account, income computation for the last 2 years
  • Income Tax Returns for the last 2 years
  • IT Assessment OR Clearance certificate
  • Income Tax challans, OR TDS certificate (Form 16A), OR Form 26AS for income declared in ITR

Business Proof

NA

  • Licence
  • Registration Certificate
  • GST Number

*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.

Fees and Charges for an INR 20 Lakhs Personal Loan

Before applying for an INR 20 lakhs personal loan, it’s important to understand the associated fees and charges. These charges influence your total borrowing costs and should be carefully considered before signing the loan agreement.

Below is a summary of the standard fees and charges applicable to a personal loan of INR 20 lakhs from SMFG India Credit:

Fees & Charges

Amount Chargeable

Personal Loan Interest Rate

Starting at 13%* per annum

Processing Fee

Up to 5% of the total loan amount + GST

Late Payment Charges

Up to 3% per month (36% per annum) on overdue amount calculated on a day-to-day basis, payable from the relevant due date till the date of actual payment.

Cheque/ECS/NACH Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation)

Rs. 300 to 1000

Loan Cancellation Charges (loan cancelled before the first EMI)

Rs. 1000 - 2500

Loan Tenure

Up to 60 months

INR 20 Lakhs Personal Loan EMI Options for 1-5 Year Tenures

When planning to borrow a personal loan, it's essential to understand how different tenures and interest rates impact your monthly outflow. Calculating your INR 20 lakhs personal loan EMI in advance helps ensure the repayment fits comfortably within your financial plan.

Below is a breakdown of estimated monthly payments at an assumed interest rate of 13% per annum, including the INR 20 lakhs personal loan EMI for 5 years:

Loan Amount (INR)

Interest Rate (p.a.)

Tenure (years)

EMI (INR)

20 lakhs

13%

1

1,78,635/month

2

 95,084/month

3

67,388/month

4

53,655/month

5

45,506/month

The above table is a rough estimate. For further details, don’t hesitate to reach out to SMFG India Credit online or at the nearest offline centre.

Uses of an INR 20 Lakhs Personal Loan

An INR 20 lakhs personal loan offers substantial financial support for a variety of needs. Here are some of the most practical and common uses:

Travel or Vacation

A personal loan for travel can help fund international holidays, luxury getaways, or family vacations. It covers expenses like airfare, accommodation, and experiences, allowing you to enjoy your trip stress-free.

Wedding Expenses

A wedding loan supports big-ticket costs like venue bookings, catering, jewellery, attire, and event management, making it easier to plan your special day without financial strain.

Higher Education Expenses

Whether it’s a degree abroad or an upskilling programme, a personal loan for higher education can cover tuition, living expenses, travel, and related costs.

Home Renovation or Improvement

A personal loan for home renovation is ideal for remodelling your kitchen, upgrading interiors, or making essential repairs, enhancing your comfort.

Medical Emergencies

A personal loan for medical emergencies provides urgent funding for surgeries, hospital bills, or post-treatment care if insurance coverage falls short.

Debt Consolidation

A debt consolidation loan helps combine multiple debts into a single EMI, making repayment easier and potentially reducing the interest burden.

Supporting Women’s Goals

A personal loan for women supports business ventures, education, or personal goals. This empowers women with financial independence and flexibility.

Purchasing Big-Ticket Items

Use a personal loan for shopping to buy high-value items like electronics, appliances, or furniture, and repay through easy EMIs.

Small Business or Startup Funding

A personal loan for self-employed professionals can help expand a business, manage cash flow, or invest in growth initiatives.

How to Apply for an INR 20 Lakhs Personal Loan from SMFG India Credit

Here is how you can secure an INR 20 lakhs personal loan from SMFG India Credit:

  1. Provide Basic Information

Enter your mobile number, PAN, pincode, and employment status (salaried or self-employed).

  1. Verify Mobile Number with OTP

Receive and enter a 6-digit OTP for mobile number verification.

  1. Share Additional Details

Provide further details such as your email address, date of birth, gender, and annual household income. Ensure your email ID is verified.

  1. Give Employment Details

Salaried individuals need to provide specific employment-related details.

  1. Submit a Bank Statement

Provide your bank statement using Net Banking, an Account Aggregator, or by uploading it. This will allow us to generate a loan offer (applicable exclusively for salaried individuals).

  1. Complete Identity Verification

Verify your identity (take a selfie to complete the process) and share address details using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

  1. Proceed with Bank Account Details Submission

Provide your bank information for verification by us.

  1. Provide Extra Details

Post-verification of the bank account, provide details such as the loan purpose and marital status in the ‘Additional Details’ section.

  1. Complete Setting Up Your E-NACH

Decide on a re-payment method between a debit card and internet banking, and complete the E-NACH setup.

  1. Digitally Sign the Loan Agreement Post-Review

Carefully review and digitally sign the loan agreement, and confirm the process with an OTP.

Completing these easy steps will move you closer to realising your financial ambitions with an INR 20 lakhs loan.

Big Plans? Get an INR 20 Lakhs Personal Loan to Power Them Up

An INR 20 lakhs personal loan can be the financial boost you need for life’s major expenses – whether you're planning a wedding, facing a medical emergency, expanding your business, or looking to consolidate debt. With no collateral required and flexible tenure options, a personal loan of INR 20 lakhs puts you in control of your financial journey.

Apply online today and turn your ambitions into reality!

Apply for Personal Loan  

Page also available inहिन्दी - Hindi

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

FAQs

What is the monthly EMI for an INR 20 lakhs personal loan?

The monthly EMI depends on the interest rate and tenure. For example, at an interest rate of 13%* p.a., you can expect your EMI to be Rs. 45,506/month for 5 years. You can even use online EMI calculators for estimates.

What is the processing time for an INR 20 Lakhs Personal Loan?

Upon verifying your documents and application, the lending institution will disburse the loan amount within 30 minutes*.

What is the salary for an INR 20 lakhs personal loan?

The salary requirement and other criteria to get an Rs. 20 Lakhs with SMFG India Credit are Rs. 20,000 per month for non-metropolitan cities and Rs. 25,000 for Delhi & Mumbai.

Can I get an INR 20 lakhs personal loan without any collateral?

Being an unsecured loan, you no longer have to pledge collateral to avail of a personal loan.

How long does it take to get approval for an INR 20 lakhs personal loan?

You can get the decision on your INR 20 lakhs personal loan within minutes of applying online at SMFG India Credit. Our representative may get in touch with you for additional information as your application goes through various stages of verification. The time taken for approval and disbursement can vary depending on your eligibility and the accuracy of the submitted documents. Please keep in mind that offline applications can take a few days to process.

What is the repayment tenure for an INR 20 lakhs personal loan?

Our repayment tenures for personal loans are very flexible, ranging from 12 to 60 months, giving you ample time to plan your INR 20 lakhs personal loan EMI effectively.

How to get a loan of INR 20 lakhs?

To get a personal loan of INR 20 lakhs at SMFG India Credit, follow this 4-step process:

  1. Provide a few personal details and verify your mobile number with an OTP.
  2. Proceed to enter details related to your monthly income, existing obligations, and so on.
  3. Select your preferred offer from the offers you will receive based on your income, credit score, existing debt, etc.
  4. Wait for loan approval and disbursement. Our representative will get in touch for additional information if necessary.

Can I get an INR 20 lakhs personal loan instantly?

SMFG India Credit offers an online application process that can be completed swiftly. Once you submit all the required details and documents, we provide a decision within minutes and process the application further if necessary. The time taken for final approval and disbursement can vary according to your eligibility and the completeness and accuracy of your application.

What is the interest rate levied on an INR 20 lakhs personal loan?

The interest rate on an INR 20 lakhs personal loan starts at 13%* per annum* at SMFG India Credit.

Can I avail INR 20 lakhs loan without income proof?

Availing an INR 20 lakhs loan without income proof is highly unlikely. Lenders require income documents such as salary slips, bank statements, or ITRs to assess your repayment capacity and determine eligibility and loan terms.

Can I avail INR 20 lakhs loan without documents?

No, documentation is mandatory for a personal loan of INR 20 lakhs. You must submit valid identity proof, address proof, income proof, and bank statements to proceed with your loan application.

What should be my CIBIL score to get a personal loan of INR 20 lakhs?

A CIBIL score of 750 or above is generally preferred to qualify for an INR 20 lakhs personal loan. A higher credit score improves your chances of approval and may help you secure more favourable interest rates.

What are the eligibility criteria for an INR 20 lakhs personal loan?

Applicants for an INR 20 lakhs personal loan must satisfy certain age, income, credit score, and employment or business experience requirements. You can check SMFG India Credit’s complete eligibility criteria here.

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Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

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