How to Get 20 Lakh Loan?

I know a friend who wanted to get a 20 lakh personal loan for his dream vacation around the world. However, he was too confused about the eligibility and the process of how to get 20 lakh loan. So, I can explained to him the general eligibility of banks, the documents that he may have to submit and the personal loan interest rates that different banks offer.

How to Get 20 Lakh Personal Loan?

You can get a personal loan based on your eligibility. You can apply for a personal loan via your preferred bank’s official website. Or, you can visit the bank and apply for a personal loan offline. Let me tell you the generic eligibility criteria and the documents that is required by banks for providing a personal loan. Eligibility for a Rs. 20 Lakh Personal Loan To know if you can get a 20 lakhs personal loan, you need to know if you are eligible for it. You can check your personal loan eligibility on your bank’s website. Here are some general eligibility requirements to be aware of:

• You must be a citizen of India.
• You should be between the ages of 21 and 65.
• You must earn at least Rs. 15,000 per month. This can vary for different banks.
• If you are a salaried individual, you must have worked for a public or private company on a salary for at least the previous year. You must be self-employed if you are not a salaried employee.
• A CIBIL Score of 700-750 or higher is what you should have.

Documents Required For Rs. 20 Lakh Loan

• A valid certificate of identity such as a driving licence, passport, Aadhar card, or PAN card.
• A valid document showing residency, such as a driving licence, passport, or Aadhaar card.
• The bank statement for the previous three months that shows your income evidence. Pay slip for the last three months(for salaried employees).
• 2-3 passport-sized pictures.

Please keep in mind that your preferred bank may ask for the same or some other documents along with the above-mentioned documents. Now that you know how to get loan of 20 lakhs, I will share with you the Rs. 20 Lakh Personal Loan Interest Rate charged by top banks

Banks	Personal Loan Interest Rates
Kotak Mahindra Bank	Starts at 10.99%
Axis Bank	13.08% Mean Rate
ICICI Bank	10.80% to 16.15% per annum
HDFC Bank	Salaried- 10.75% to 24%
IDFC	Minimum ROI- 10.75% Maximum ROI- 36%
Bank of India	Starting from 10.85%

That’s all from my end regarding how to get 20 lakh loan. Get up to Rs. 10 Lacs NB InstaCash Instantly with NoBroker Personal Loans! Read More: How to Get 25 Lakh Loan?