Get a ₹20 Lakh Personal Loan Online
If you need funds urgently and don't wish to pledge any security or collateral, a Personal Loan from Poonawalla Fincorp can be a viable choice. A ₹20 Lakh Personal Loan can help you cover your expenses without exhausting your savings.
Personal loans can be utilised for any purpose, which can include a wedding, purchasing luxury home furnishings, funding your child's higher studies, or combining several high-interest loans into a single low-interest loan. Poonawalla Fincorp offers personal loans of up to ₹20 Lakh at affordable interest rates from 9.99% p.a., without collateral. Apply now!
Features & Benefits of Taking a ₹20 Lakh Personal Loan from Poonawalla Fincorp
A ₹20 Lakh loan from Poonawalla Fincorp can help you manage your finances in the following ways:
1. Collateral-Free Loan
You don't need to mortgage your home, gold, or any other asset as security. You will receive the amount of ₹20 Lakh without risking your assets.
2. Rapid Approval & Disbursal
Once your application gets approved, the amount is transferred directly into your bank account without any delays to make sure that you have the funds immediately when you need them.
3. Competitive Interest Rates
Get interest rates starting at just 9.99% p.a. with low EMIs and hassle-free repayments.
4. No Hidden Charges
All associated charges are clearly disclosed upfront, ensuring complete transparency. No hidden fees are ever applied.
5. Flexible Repayment Tenure
Choose a flexible repayment tenure that you're comfortable with and get up to 12 to 84 months to repay your loan.
6. Minimal Documentation
Just provide basic KYC, proof of income, and bank statements to get your ₹20 Lakh personal loan instantly.
7. No End-Use Restrictions
Whether it is your wedding, home renovation, holiday, or business growth, you can use your ₹20 Lakh loan as you wish.
Why Choose Poonawalla Fincorp
Personal Loan EMI Calculator
You can utilise the Poonawalla Fincorp ₹20 Lakh Personal Loan EMI Calculator to calculate your monthly EMIs and your interest rate. All you need to do is input your loan amount, interest rate, and tenure. As soon as you fill in these details, the ₹20 Lakh personal loan EMI Calculator will show you your approximate monthly EMIs and how much you'll have to pay for the loan.
Eligibility Criteria for a ₹20 Lakh Personal Loan
Poonawalla Fincorp has straightforward eligibility criteria to help every applicant obtain a ₹20 Lakh loan without any hassle. Here are the basic eligibility criteria to get a ₹20 Lakh Personal Loan with Poonawalla Fincorp:
- Age: Between 21 and 60 years.
- Citizenship: Indian.
- Employment: A full-time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP, or companies listed internally.
- Work Experience: Work experience of at least 1 year; 1 month of experience in the present company.
- Monthly Income: Minimum of ₹30,000.
Documents Required for ₹20 Lakh Personal Loan
Here are the documents you need to submit to get approved for a ₹20 Lakh personal loan with Poonawalla Fincorp:
- Address Proof: Utility Bills, Passport, or Rent Agreement.
- KYC Documents: Aadhaar Card, PAN Card, Voter ID, Driving License, or Passport.
- Employment Proof: Official Email ID or Employee ID card.
- Financial Documents: Bank Statements for the last 3 months.
- Income Proof: Last 1 month salary slip.
Interest Rate and Charges for a ₹20 Lakh Personal Loan
Here is a list of all the fees applicable to your ₹20 Lakh personal loan with Poonawalla Fincorp:
i) If Foreclosure or Prepayment is done including balance transfer from another financial institution – 4 % on amount being prepaid plus applicable taxes.
2) After repayment of first six EMI:
i) If Foreclosure or Prepayment is done from own funds of the Borrower- Nil charges.
ii) If Foreclosure or Prepayment is done any other source including by balance transfer from another bank/financial institution- 4% on amount being prepaid plus applicable Taxes.
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
₹20 Lakh Personal Loan EMI for Up to 5 Years
Check the payable EMIs for up to 5 years:
Tenure | Approximate Monthly Payment at 9.99% p.a. Interest Rate |
---|---|
2 year | ₹92,198/ month* |
3 years | ₹64,441/ month* |
5 years | ₹42,396/ month* |
Different Uses of a ₹20 Lakh Personal Loan
- Travelling
- Medical emergencies
- Wedding
- Higher education
- Purchase of expensive appliances, gadgets, etc.
- Debt consolidation
Tips to Improve Your Chances of Availing a ₹20 Lakh Personal Loan
A ₹20 Lakh personal loan is a significant sum of money, and hence, your lenders will thoroughly verify your profile before approving it. You can take the following steps to increase your chances of getting approved:
1. Maintain a Good Credit Score
Aim to have a credit score of at least 750. This shows responsible financial behaviour on your part to the lender. If you have a poor credit score, then focus on paying bills on time, settling credit card balances, and paying down outstanding debts before you apply for a new ₹20 lakh personal loan.
2. Show Your Stable Income
If you have been working with the same employer for more than one year, it is an indication of income stability. Therefore, avoid changing jobs frequently and provide proof of your stable income to the lender.
3. Lower Your Debt-to-Income Ratio
Lenders normally expect your total EMIs, including the new loan, to be less than 40% of your net monthly income. If your present debts surpass this limit, consider repaying some existing loans before applying for another.
4. Apply for the Right Amount
Do not apply for a loan amount that exceeds your repayment capacity. Even if you have a chance for approval of a ₹25 Lakh personal loan, take only as much as you need. This increases the chances of loan sanction and keeps EMIs manageable.
5. Keep Documents Ready and Updated
Keep your PAN, Aadhaar, salary slips, and bank statements handy. Missing or outdated documents delay loan approval.
6. Avoid Multiple Applications
Too many applications at once lead to multiple hard inquiries from lenders, which may affect your credit score.
7. Be Transparent About Your Finances
Any incorrect information causes outright rejection of your loan proposal. Therefore, always provide accurate details in your application.
How to Repay a ₹20 Lakh Personal Loan Comfortably?
By following these important steps, you can ensure that the repayment process does not feel burdensome:
1. Choose the Right Tenure
If you want a smaller amount of EMIs, choose a longer tenure (up to 84 months). If you plan on repaying larger amounts each month, then choose a shorter tenure. Use an EMI calculator for better decision-making.
2. Automate EMI Payments
Set up auto debit on your bank account so you never miss your EMI payments and avoid incurring a penalty.
3. Do Part-Payments Regularly
If you get any lump sum amount like incentives, tax refund, or bonuses, make part payments towards your loan. This shortens the duration of the loan and lowers the overall interest paid.
4. Foreclose Loan Whenever Possible
With Poonawalla Fincorp, you can foreclose your loan with zero charges (after 6 EMIs if paid from your own funds). This might help you save lakhs in interest for higher loan amounts.
5. Avoid Late Payments Under Any Circumstances
Late EMIs will be levied at a maximum of 24% p.a. and will negatively affect your credit score. Make sure that you have a sufficient account balance before the EMI date.
Apply for a ₹20 Lakh Personal Loan from Poonawalla Fincorp Now!
If you want to obtain a collateral-free and unsecured personal loan with minimal documentation and quick disbursal, then apply for a ₹20 Lakh Personal Loan with Poonawalla Fincorp today! With adjustable tenures and affordable interest rates, it's designed to meet your financial needs.
Happy Customers, Happy Us


I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.


Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!


Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.


I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!


A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.


I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.


I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
No, the entire approved loan amount is disbursed in a single transaction to your bank account.
Yes, if you apply jointly, both applicants' incomes will be considered to increase loan eligibility.
This is generally not allowed; however, in some cases, lenders will permit restructuring after approval.
No, lenders require you to be in active employment to process and approve the loan. While this may not necessarily lead to rejection, it can make your lender offer higher interest rates.
You can apply immediately after foreclosure, provided your credit profile meets the eligibility criteria.