Personal Loan for Rs. 20,000 Salary

With flexible terms and competitive rates, securing a personal loan for Rs. 20,000 salary is easier than ever. Bajaj Finserv offers loans of up to Rs. 55 lakh, helping you manage expenses like weddings, education, or emergencies. Apply online for a hassle-free experience.

Earning Rs. 20,000 per month puts borrowers in a favourable position, as lenders see it as a sign of financial stability. An instant personal loan can be processed within 24 hours, ensuring quick access to funds for debt consolidation, medical needs, or other personal expenses.

Features and Benefits of Personal Loan for Rs.20,000 Salary

  • Quick approval

    Quick approval

    Get an instant personal loan for a Rs. 20,000 salary with flexible terms and quick approval.

  • Hassle-free documentation

    Hassle-free documentation

    Simple paperwork ensures that application for a personal loan is easy.

  • Transfers within 24 hours*

    Transfers within 24 hours*

    Access the funds in your bank account within 24 hours* of approval.

  • Adjustable tenor

    Adjustable tenor

    Choose the repayment period best suited for you, ranging up to 96 months.

  • No guarantee required

    No guarantee required

    The loan approval is fast and does not require any collateral or guarantor.

  • No extra charges

    No extra charges

    Bajaj Finserv Personal Loan has no hidden charges involved. Read all terms and conditions to make an informed decision.

  • Pre-approved loan offers

    Pre-approved loan offers

    Existing customers are eligible for personalised offers, through which they can get funds in just a few hours.

  • Easy online access

    Easy online access

    Virtual access to your loan account through My Account simplifies tracking statements, EMIs, and other loan details.

To maximise your chances of securing a loan, it’s essential to maintain a good credit score and ensure all required documents are readily available. Lenders typically assess your income, credit history, and existing financial obligations. By using an EMI calculator, you can estimate monthly payments, helping you choose the right loan amount and tenure that fits your budget. Overall, a personal loan at this salary level can be a valuable financial tool when managed wisely.

Expect fast approval on a personal loan when you choose Bajaj Finserv. Apply for a personal loan with just a few documents on meeting our simple eligibility criteria. A high CIBIL score is crucial, as is a steady, reliable income. You must ensure you have a repayment plan in place for quick approval while applying for a personal loan for salary less than Rs. 20,000.

Whether it is for urgent medical emergencies or higher education, our loans come with an attractive interest rate. The collateral-free loans don’t need you to pledge an asset as security or have restrictions on end-use.

Make use of the Personal Loan EMI Calculator to plan repayment in advance.

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Eligibility criteria

To qualify for a personal loan eligibility for Rs. 20,000 salary, borrowers typically need to meet certain requirements, including a stable income, a good credit score, and more. Lenders also consider age and employment history.

  • Nationality

    Nationality

    Indian

  • Age

    Age

    21 years to 80 years*

  • CIBIL score

    CIBIL score

    685 or higher

Use the Personal Loan Eligibility Calculator to see if you qualify.

Documents required for personal loan for salary less than Rs. 20,000

When applying for a loan for a salaried person with a salary of Rs. 20,000, specific documents are necessary to streamline the approval process. Typically, you'll need to provide proof of identity, such as an Aadhar card or passport, and proof of income, like recent salary slips or bank statements. Additionally, an employment verification letter may be required to confirm your job stability.

The documentation requirements for a personal loan can vary from lender to lender. Below are the documents that are required to be submitted when applying for a Bajaj Finance Personal Loan:

  • KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Piped gas bill
  • Pension order
  • Letter of Allotment of Accommodation Issued by Employer
  • Property / Municipal tax receipt
  • Utility bill

How to apply for a personal loan with a salary less than Rs. 20,000

Step-by-step guide to apply for a personal loan

  1. Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
  2. Enter your 10-digit mobile number and the OTP sent to your phone.
  3. Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
  4. Now, click on ‘PROCEED’ to visit the loan selection page.
  5. Enter the loan amount that you need. Choose from our three personal loan variants –Term, Flexi Term, and Flexi Hybrid.
  6. Choose the repayment tenure – you can select tenure options of 21 years to 80 years* and click on ‘PROCEED’.
  7. Complete your KYC and submit your application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents

Interest rates and charges applicable on a personal loan for Rs.20,000 salary

The fees and charges are minimal for a low salary personal loan. Read the personal loan interest rates and charges carefully for a better understanding.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest 

10% to 31% p.a. 

Processing fees 

Up to 3.93% of the loan amount (inclusive of applicable taxes). 

Flexi Fee

 

Term Loan – Not applicable

Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)

  • Up to Rs. 1,999/- for loan amount less than Rs. 2,00,000

  • Up to Rs. 3,999/- for loan amount from Rs. 2,00,000 to Rs. 3,99,999

  • Up to Rs. 5,999/- for loan amount from Rs. 4,00,000 to Rs. 5,99,999

  • Up to Rs. 7,999/- for loan amount from Rs. 6,00,000 to Rs. 9,99,999

  • Up to Rs. 8,999/- for loan amount from Rs. 10,00,000 to Rs. 14,99,999

  • Up to Rs. 9,999/- for loan amount from Rs. 15,00,000 to Rs. 19,99,999

  • Up to Rs. 10,999/- for loan amount from Rs. 20,00,000 to Rs. 24,99,999

  • Up to Rs. 11,999/- for loan amount from Rs. 25,00,000 to Rs. 29,99,999

  • Up to Rs. 12,999/- for loan amount of Rs. 30,00,000 and above

*All the Flexi charges above are inclusive of applicable taxes

*Loan amount includes approved loan amount, insurance premium, and VAS charges.

Bounce charges 

Rs. 700 to Rs. 1,200 per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Part-prepayment charges

Full prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.

  • Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

  • Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full payment.

Part-prepayment

  • Term Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as of the date of full prepayment.

  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Flexi Hybrid.

*Foreclosure will be processed post clearance of first EMI

Penal charge

Delay in payment of instalment(s) shall attract penal charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state) 

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges 

Term Loan: Not applicable

Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure.

Broken period interest / Pre-monthly Instalment interest

Broken Period Interest/Pre-monthly instalment Interest" shall mean the amount of interest on loan for the number of day(s) which is (are):


Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan.

Method of recovery of Broken Period Interest/pre-monthly instalment interest:

  • For Term Loan: Deduct from disbursement or added in first EMI, as applicable.
  • For Flexi Term Loan: Added to first instalment amount.
  • For Hybrid Flexi Loan: Added to first instalment amount.

Scenario 2: Less than period of 30 (thirty) days from the date of disbursement of the loan, interest on first instalment will be charged for actual number of days.

 

Note: Additional cess if any, will be applicable to all charges according to state law.

*Terms and conditions apply.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

Frequently asked questions

How to check my eligibility for an emergency loan of Rs. 20,000?

For an emergency loan of Rs. 20,000, the approval depends on your creditworthiness and eligibility criteria. You can check your eligibility for our personal loan and apply online to get the funds you need quickly.

What CIBIL Score is required to avail of a Rs. 20,000 instant loan?

We look at several parameters before preparing your Insta Personal Loan offer, including your credit score, financial history, income details and more. Since we verify your credit score, you do not need to be aware of your score before checking your pre-approved loan offer.

However, keeping a tab on your credit health every few months is good practice. One of the easiest ways to do this is to use the Credit Pass offered by Bajaj Finserv. Share a few basic details on the link below and get your credit score – for free.

Check your credit score for free

How much personal loan can I get on Rs. 20000 salary?

The amount of personal loan with below Rs. 20,000 salary depends on factors like credit history and eligibility criteria.

How much would a loan payment be for Rs. 20000 salary?

The loan payment for a Rs. 20,000 salary depends on the loan amount, tenure, and interest rate. Generally, lenders recommend that EMIs should not exceed 30-40% of your monthly income.

Will I get a loan if I get my salary in cash?

Receiving a salary in cash can complicate loan approval, as lenders prefer bank statements for income verification. However, in few cases, some lenders may consider alternative documentation, but it typically reduces your eligibility.

What CIBIL Score is required to avail of a Rs. 20,000 instant loan?

To qualify for a personal loan, you need a CIBIL score of 685 or higher. 

How can I get a 20000 loan without a salary slip?

Here is the list of documents required to avail an instant personal loan.

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