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.
That’s all from my end regarding how to get 20 lakh loan.
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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.
- 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.
| 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% |
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Authors Of The Question
How to Get 20 Lakh Loan?
Laila
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1 Answers
8 months
2024-05-15T17:19:32+00:00 2024-05-15T17:19:32+00:00Comment
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