Interest Rate
Starting at 9.99%* p.a.
Loan Tenure
12-84 Months
Hidden Charges
0%

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

collateral icon Collateral-free
Loan
interest rate icon Competitive Interest Rate
No use icon No End-use
Restrictions
EMI icon Flexible Repayment Tenure
document icon Minimal
Paperwork
quick icon Quick
Approval

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.

Optimise Your Personal Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹100000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
9.99%
30%

Tenure

Months
12 Months
84 Months

Apply for a Personal Loan In Just 3 Steps

Step 1 icon

Click on “Apply Now”

Tap the “Apply Now” button to initiate your application.

Step 2 icon

Enter Details

Enter your DOB, PAN card number, monthly income, and residential details.

Step 3 icon

Upload Documents

Upload the necessary documents for quicker approval.

Get exclusive offers thoughtfully customised just for you

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:

Interest Rate
9.99%* p.a. onwards
Loan Amount
₹1 Lakh to ₹50 Lakh
Loan Processing Fees
Up to 3% plus applicable taxes
Lowest EMI Per Month
Starting from ₹2,124* per Lakh for 60 months
Loan Tenure
12-84 months
Prepayment/Foreclosure Charges
1. Before repayment of first six EMI:
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
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500/- Per Bounce
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

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.

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

Can I split my ₹20 Lakh personal loan amount into multiple disbursements?

No, the entire approved loan amount is disbursed in a single transaction to your bank account.

Will my spouse's income be considered if I apply for a ₹20 Lakh loan jointly?

Yes, if you apply jointly, both applicants' incomes will be considered to increase loan eligibility.

Can I change my repayment tenure after the ₹20 Lakh loan is disbursed?

This is generally not allowed; however, in some cases, lenders will permit restructuring after approval.

Is it possible to get a ₹20 Lakh loan if I am serving my notice period at my current company?

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.

How soon after foreclosing my current personal loan can I apply for another ₹20 Lakh loan?

You can apply immediately after foreclosure, provided your credit profile meets the eligibility criteria.