How long will a Rs 20,000 SIP and Rs 1 lakh lump sum take to become Rs 3 crore? Check calculations

Are you wondering how long it will take to reach your target corpus of Rs 3 crore with a monthly investment of Rs 20,000? Here is a help for you. (Source: Value Research)

Investors should first determine how much they can invest every month, whether they have a lump sum amount available for investment, and the corpus they want to build. Based on these inputs, they can estimate the time required to reach their financial goal and assess whether their current investment plan is sufficient to achieve the desired target.

One should know whether they have a lumpsum amount to invest along with the monthly SIP of Rs 20,000. Say you have Rs 1 lakh to invest as lump sum.

It is assumed that your investments will grow at a rate of return of 12% per annum. It refers to the investment rate that one will anticipate from their investments.

According to the calculator, it will take around 23 years and 7 months to reach the target corpus with a monthly SIP of Rs 20,000 and lump sum investment of Rs 1 lakh.

To meet your target, you have to save money for 23 years and 7 months. The total corpus accumulated will be Rs 3.01 crore invested across 23 years with no lumpsum investment.