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.
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:
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.
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 |
|
|
|
Signature Proof |
|
|
|
Address Proof |
|
|
|
Income Proof |
|
|
|
Business Proof |
NA |
|
*Please note that additional documents may be requested depending on your individual profile and SMFG India Credit’s policy at the time of application.
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 |
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.
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:
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.
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.
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.
A personal loan for home renovation is ideal for remodelling your kitchen, upgrading interiors, or making essential repairs, enhancing your comfort.
A personal loan for medical emergencies provides urgent funding for surgeries, hospital bills, or post-treatment care if insurance coverage falls short.
A debt consolidation loan helps combine multiple debts into a single EMI, making repayment easier and potentially reducing the interest burden.
A personal loan for women supports business ventures, education, or personal goals. This empowers women with financial independence and flexibility.
Use a personal loan for shopping to buy high-value items like electronics, appliances, or furniture, and repay through easy EMIs.
A personal loan for self-employed professionals can help expand a business, manage cash flow, or invest in growth initiatives.
Here is how you can secure an INR 20 lakhs personal loan from SMFG India Credit:
Enter your mobile number, PAN, pincode, and employment status (salaried or self-employed).
Receive and enter a 6-digit OTP for mobile number verification.
Provide further details such as your email address, date of birth, gender, and annual household income. Ensure your email ID is verified.
Salaried individuals need to provide specific employment-related details.
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).
Verify your identity (take a selfie to complete the process) and share address details using CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.
Provide your bank information for verification by us.
Post-verification of the bank account, provide details such as the loan purpose and marital status in the ‘Additional Details’ section.
Decide on a re-payment method between a debit card and internet banking, and complete the E-NACH setup.
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.
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!
* 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.
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.
Upon verifying your documents and application, the lending institution will disburse the loan amount within 30 minutes*.
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.
Being an unsecured loan, you no longer have to pledge collateral to avail of a personal loan.
You can take our personal loan for a variety of reasons.
Wedding Expenses
Higher Studies
Exotic Vacations
Hobbies
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