Get ₹ 20 Lakh Personal Loans for Your Financial Needs

Loan Amount

Interest Rate (% P.A.)

Tenure (Years)

is your monthly EMI

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If you require a personal loan up to ₹ 20 Lakh, it’s right here waiting.

Welcome to Kotak Mahindra Bank. We’re happy that you considered us to fulfil your requirement for funds. Our Personal Loans offer you attractive interest rates and flexible tenures, so that you can easily acquire everything that you need without a second thought. We keep things simple and hassle-free, as we know that your time is precious. Read on to discover how to apply for a personal loan.

₹ 20 Lakh Personal Loan Eligibility

Are you eligible for a personal loan of ₹ 20 lakh? You can check your personal loan eligibility with the online calculator on our website. All you need to do is fill in some basic details, and the calculator will work out your eligibility for the loan. Please note a few important eligibility parameters here:

You need to be an Indian national.
Your age should be between 21 and 65 years.
Your monthly income should be at least Rs. 15,000.
You should be a salaried employee for at least the last 1 year in a Public Sector or Private company. If not a salaried employee, you need to be self-employed.
You should have a CIBIL Score of 750 or more.

₹ 20 Lakh Personal Loan Interest Rate

It is only natural to be concerned about interest rates while applying for a ₹ 20 Lakh loan. The interest amount is included in the EMIs you need to pay each month. The personal loan interest rate at Kotak Mahindra Bank is extremely affordable across loan amounts and tenures. Our personal loan fees and charges, too, are reasonable and completely transparent.

Nature of employment	Employed with an MNC, public limited company, or private limited company
Age	21 years to 60 years
Minimum monthly income	For a Kotak Bank Salary Account holder: Minimum net monthly income of ₹ 25,000 For a non Kotak Bank Salary Account holder: Minimum net monthly income of ₹ 30,000 For Kotak Bank Employees: Minimum net monthly income of ₹ 20,000
Minimum educational qualification	Graduation
Work experience	At least one year

Documents Required For ₹ 20 Lakh

Don’t worry! We only require a few documents, which you can easily provide. Here are the documents required for personal loan:

How to Apply For ₹ 20 Lakh Personal Loan?

We don’t want there to be any obstacles between you and what you desire. We’ve kept the application process really simple, with no running around or repeated trips to our office. The processing happens quickly too – you could say this is a ₹ 20 Lakh instant loan! Simply apply for personal loan online through our website, by following these simple steps:

A valid identity proof like your PAN Card, passport, Aadhaar card, Voter’s ID Card or driving license
A valid residence proof like your passport, Aadhaar card, Driving license
Bank statement of the last 3 months that contains your income details
Salary slip of the last 3 months if you are a salaried employee
2-3 passport sized photographs

General Questions

How do I get an instant loan of ₹ 20 Lakh?

It’s easy and quick. First, visit our website and use our Personal Loan EMI Calculator to check your eligibility. If you are eligible, just fill in the Application Form and submit it along with a few documents. That’s it. Your application will be processed quickly, and you will be informed about the status on your registered mobile number or email id.

What are the benefits of taking a loan of ₹ 20 Lakh from Kotak Mahindra Bank?

There are many benefits! Here are a few important ones:

Hassle-free paperwork
Quick documentation
No collateral needed
Low interest rates
Flexible payment methods

What will happen if I default on my ₹ 20 Lakh personal loan?

You may have wondered about this. And you are correct, the consequences can be worrying, to say the least.

Default beyond 90 days: the loan will be classified as a non-performing asset.
Default beyond 180 days: legal action will be initiated under Section 38.
Your CIBIL credit score will take a serious dip, affecting your eligibility for loans or credit in the future.

What are the benefits of a Personal Loan of ₹ 20 Lakh from Kotak Mahindra Bank?

The benefits of taking a Rs. 20 lakh loans from Kotak Mahindra Bank are many and differ depending on the loan. However, common benefits may include:

Competitive personal loan interest rates
Flexible repayment tenures
Quick loan approval and disbursal
Minimal documentation
Caring, personalized customer service and support

Please check with us for detailed, loan-specific benefits.

How do I calculate the EMI for ₹ 20 lakh personal loan for 6 years?

It’s simple! Use our Personal Loan EMI Calculator. Just enter the loan amount, interest rate, and loan tenure (6 years), and the calculator will instantly tell you how much the EMI will be.

Can I get a Personal Loan of ₹ 20 Lakh without Income Proof?

That depends on the specific policies and requirements stated by Kotak Mahindra Bank from time to time. Generally, banks and financial institutions require income proof such as salary slips, bank statements, or income tax returns to check your capacity to repay a loan. You should check with Kotak Mahindra Bank about their specific loan products and documents required for personal loans.

What are the factors that can affect the EMI for ₹ 20 Lakh Personal Loan?

Several factors can affect the EMI for Rs. 20 lakh personal loan, including:

The loan amount: as this goes up, so do the EMIs.
Higher interest rates lead to larger EMIs.
Longer loan tenures mean the EMI amount comes down.
Type of interest rate (Fixed or Floating), as fluctuations in rate can impact the EMI.

Using our Personal Loan EMI calculator or consulting us for precise calculations based on your specific loan needs would be best.

What will be the EMI for ₹ 20 Lakhs Personal Loan?

The EMI for Rs. 20 lakh personal loan depends on many things. To name a few, the loan amount, interest rate, and loan tenure play a significant role. To calculate the exact EMI, you can use our Personal Loan EMI Calculator. Just enter the loan amount, interest rate, and tenure to find out how much the EMI will be.