A ₹20 lakh personal loan is offered by a smaller set of lenders and generally requires an income above ₹1.5 lakh a month with a listed employer. Compare it against a loan against property before committing.
EMI on a ₹20 Lakh personal loan
At an indicative rate of 11.5% a year, here is what a ₹20 Lakh loan costs across the tenures lenders commonly offer. The longer tenure always shows the smaller EMI and the larger total cost.
| Tenure | Monthly EMI | Total interest | Total payable |
|---|---|---|---|
| 2 years | ₹93,681 | ₹2,48,335 | ₹22,48,335 |
| 3 years | ₹65,952 | ₹3,74,272 | ₹23,74,272 |
| 4 years | ₹52,178 | ₹5,04,545 | ₹25,04,545 |
| 5 years | ₹43,985 | ₹6,39,113 | ₹26,39,113 |
| 6 years | ₹38,582 | ₹7,77,926 | ₹27,77,926 |
| 7 years | ₹34,773 | ₹9,20,925 | ₹29,20,925 |
Change the rate and tenure to your own numbers in the personal loan EMI calculator.
What income do you need?
Lenders cap total EMIs at roughly 50% of net monthly income. On a 6-year tenure the EMI is ₹38,582, which implies a net income of about ₹77,165 a month with no other loans running. If you already pay other EMIs, add those to the requirement.
Eligibility
- Aged 21 to 60, salaried or self-employed with documented income
- Net monthly income above ₹80,000, higher in metro cities
- Credit score of 750 or above for the best rates; 700+ for approval
- At least 6 months with your current employer, or 2 years of business vintage
Documents
- PAN and Aadhaar
- Last 3 months salary slips, or 2 years of ITR if self-employed
- Last 6 months bank statements