20000 Personal Loan
Many banks and NBFCs in India offer short-term personal loans up to Rs. 20,000. The interest rate for a Rs. 20000 loan starts from as low as 12.75% p.a. You might secure a pre-approved personal loan offer with instant disbursal if you have an existing relationship with the lender. To calculate your EMI for a 20000 personal loan, you can use a personal loan EMI calculator. If you need an emergency loan 20 000, you can apply online even without income proof from some lenders.
Top Ten ₹20000 Loan Apps for Quick & Easy Approval
Below are the top 10 Rs. 20000 loan apps from which you can get a personal loan of Rs. 20,000 with quick and easy approval:
| App | Loan Amount | Rate of Interest |
|---|---|---|
| Stashfin | Rs. 1,000 - Rs. 5 Lakhs | 11.99% - 59.99% p.a. |
| IIFL | Rs. 5,000 - Rs. 5 Lakhs | 12.75% - 44% p.a. |
| MoneyTap | Rs. 3,000 - Rs. 5 Lakhs | 13% - 18% p.a. |
| Moneyview | Rs. 3,000 - Rs. 10 Lakhs | 14% p.a. onwards |
| PaySense | Rs. 5,000 - Rs. 5 Lakhs | 14% - 36% p.a. |
| KreditBee | Rs. 1,000 - Rs. 5 Lakhs | 17% - 29.95% p.a. |
| FlexSalary | Rs. 500 - Rs. 3 Lakhs | 18% - 36.5% p.a. |
| LoanTap | Rs. 3,000 - Rs. 5 Lakhs | 15% - 32% p.a. |
| ZestMoney | Rs. 5,000 - Rs. 25 Lakhs | 14% p.a. onwards |
| SmartCoin | Rs. 1,000 - Rs. 5 Lakhs | 18% - 30% p.a. |
Common Uses for a 20,000 Instant Loan
An Rs. 20000 instant loan can be used for catering to various needs and expenses. Some of the common purposes for which you can use this loan are mentioned below:
- Marriage: A marriage loan of Rs. 20,000 can help manage some costs for planning a wedding or other big events. A personal loan for marriage can cover venue booking, catering, shopping, decorations, or other expenses, ensuring that your big day is memorable.
- Travel: If you are thinking that I need 20 000 rupees loan urgently to turn your dream vacation into reality, a Rs. 20,000 personal loan can help you plan your much-awaited trip to some picturesque domestic destinations. A travel loan can cover expenses for flight tickets, accommodation, and other travel-related finances, allowing you to enjoy your journey with minimal financial stress.
- Medical emergency: Medical emergencies can occur at any time, and an emergency loan of 20000 of Rs. 20,000 can provide you with the necessary funds to cover medication, hospital bills, and other expenses, providing you with timely and immediate care.
- Home improvement: If you wish to improve your home, a small Rs. 20,000 personal loan can be used for some essential repairs and renovations, increasing the market value of your house.
- Smartphone purchase: You can upgrade your lifestyle by purchasing a new smartphone with the latest technology. A loan of Rs. 20,000 can help you purchase a new gadget for yourself or your loved ones.
- Rent payment: Getting a Rs. 20k loan can be helpful when you need funds for an upfront deposit for moving into a new rented place or cover the rent payment for a couple of months, making your transition and stay affordable.
- Home appliances purchase: Whether you need an air conditioner in the scorching summer heat, a new refrigerator, a washing machine, or any new household appliance for your convenience, a Rs. 20,000 personal loan can help you fund these purchases.
- Educational expenses: A Rs. 20000 loan instant can also be used to meet educational expenses like school/ college/ tuition fees, purchasing study material, uniforms, etc.
Rs.20,000 Loan EMI for 12 Months
The easiest and fastest way to calculate the expected 20000 loan EMI before you apply for the loan is by using the online personal loan EMI calculator. You can adjust the loan details to find the most affordable EMIs for your convenience.
Here’s an example of a Rs. 20,000 personal loan EMI calculation using the EMI calculator:
Loan details:
- Loan amount required: Rs. 20,000
- Interest rate applicable: 12% p.a.
- Tenure: 12 months
EMI calculation:
- EMI: Rs. 1,777
- Principal loan amount: Rs. 20,000
- Interest rate: Rs. 1,324
- Total amount payable: Rs. 21,324
Alternatively, you can also use the formula mentioned below to calculate the EMI for Rs. 20,000 loan:
E = P x R x (1+R)^N / [(1+R)^N-1],
Where:
- E = Your personal loan EMI amount
- P = Amount you are borrowing from the lender
- R = Monthly interest rate
- N = No. of months of EMI payment
Eligibility Criteria for ₹20k Loan
Below are the basic eligibility criteria for 20000 loan urgent:
- Age: Minimum 21 years
- Citizenship: Indian
- Occupation: Salaried
- Income: At least Rs. 15,000
- CIBIL Score: 600 or above
Documents Required for ₹20k Personal Loan
To secure an instant loan of Rs. 20,000, you are required to submit the following documents:
- PAN Card
- Identity proof: A government-issued original identity document displaying the date of birth such as a valid Voter ID, Aadhaar Card, PAN Card, or Driver’s License.
- Address proof: An original document issued by the Government of India confirming the current residential address such as an Aadhaar Card, recent Utility Bills, Ration Card, Voter ID, or latest Bank Statement.
- Income proof for salaried individuals: Salary slips of the last 3 months. There are some personal loan apps through which you can even get a 20,000 loan without documents.
- Income proof for self-employed individuals: Bank statements (PDF format) for the past 3 months.
How to Apply for a 20,000 Personal Loan
You can easily apply for a personal loan of Rs. 20,000 through MyMoneyMantra. All you need to do is fill out a 20000 loan application online.
- Visit the personal loan page and select your preferred lender.
- Click on the ‘Apply Now’ button.
- Complete the application form by providing some basic personal, professional, and financial details.
- Ensure all information is complete and accurate.
- After the initial pre-assessment of your eligibility by MyMoneyMantra, you will be prompted to upload the necessary documents online.
- Once the details are successfully verified, you will get a loan approval from the preferred lender and the money will be disbursed to your bank account shortly.
20000 Personal Loan FAQs
To get a 20k loan instantly, you can apply for the loan online through our portal or the mobile app/ website of the lender.
Short-term personal loans of Rs. 20,000 are usually offered by online lenders like Navi, Faircent, PaySense, KreditBee, IIFL, CASHe, Fibe, FlexSalary, Money View, MoneyTap, and so on.
To get Rs. 20K loan, you should have a CIBIL score of 750 or above.
The time taken for personal loan approval depends on the lender's policy and the submission of accurate and complete documents: The average time is usually 2 to 3 working days.
Yes, you can get a personal loan of Rs. 20,000 with a PAN card, as long as you fulfill the lender's eligibility requirements. Under a PAN card loan 20 000, a PAN card is used for identification, and many lenders offer instant loans with minimal documentation.
A 20000 loan on an Aadhar Card is a hassle-free financing solution that requires minimal documentation. Using your Aadhaar Card as the primary KYC document will streamline the application process.
If you don’t want to submit physical documents for the loan, you can apply for an instant 20000 loan without documents online through the lender’s app. However, you will be required to submit scanned copies of some basic KYC and income documents.
Absolutely. You can get a personal loan of Rs. 20,000 without any collateral from several lenders. A personal loan itself is an unsecured loan that does not require applicants to pledge any collateral/ security.
The credit score requirement for a Rs. 20,000 personal loan is lenient. You just need to have a score of at least 600 to be eligible. If your credit score is lesser than that, you can opt for collateral-based personal loans, where you will be required to pledge collateral (assets, shares, gold, deposits, etc.), to secure a loan.
KreditBee, Stashfin, MoneyTap, IIFL, Moneyview, PaySense, LoanTap, FlexSalary, ZestMoney and SmartCoin are the top 10 lenders that offer a personal loan of Rs. 20,000.
KreditBee, mPokket, Pocketly, KrazyBee, Sahukar, CashBean, SlicePay, and BadaBro are some of the lenders that offer personal loans for students through apps in India.