A personal loan of ₹20,000 is easy to get through Moneyview. It requires minimal documentation, and you get flexible payment plans.
₹20,000 can mean a lot, especially when it is an emergency situation and you need the money urgently. In times like these, it is good to have a few extra sources of money available.
Attractive Loan Amount
Get loans from ₹5,000 to ₹10 Lakh based on your eligibility
Collateral-Free Loans
No need for any asset or guarantor
Fast Disbursal
The loan amount is disbursed to your bank account within a few hours of approval
Affordable Interest Rates
Interest rates starting from just 14% per annum
There are several ways you can get a ₹20,000 loan. Let’s compare them -
|
Source |
Pros and Cons |
|---|---|
|
Loan from Friends or family |
|
|
Credit Card Loan |
|
|
Moneyview Digital Lending App |
|
Our eligibility criteria for borrowers to get an emergency loan of ₹20,000 are quite simple -
The borrower should be between 21 and 57 years of age
They must be salaried or self-employed
They must earn a minimum of ₹25,000 or more monthly
Income must be credited directly to their bank account
They must have a minimum CIBIL score of 650
For a personal loan of ₹20,000, you need to produce these documents:
Your PAN number
Your mobile number, which is linked to your Aadhaar card for KYC verification
Enable the auto-debit facility on your bank account in order to permit timely automatic withdrawals from your account. Use a debit card, net banking, or a NACH form to finish this quick procedure.
The auto-debit facility will enable you to pay your EMIs automatically each month, so you do not have to manually pay the sum each time.
Loans through Moneyview have the fairest and most affordable interest rates. The fees for ₹20,000 personal loans are -
|
Fees and Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal Charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
Loan Amount
Min ₹5,000
Max ₹6,000,000
Rate of Interest
Min 6%
Max 36%
Loan Tenure
5
months
Min 3 months
Max 72 months
1
Assess Your Eligibility
Quickly check if you are eligible on the Moneyview platform in only 2 minutes!
2
Pick Your Repayment Duration
Select the desired loan sum and repayment period from the options provided.
3
Share Your Documents Online
Share only essential documents for profile verification, easily uploading them digitally.
4
Funds Disbursed
Once your application is validated and the loan agreement finalized, funds will be transferred to your bank within just a few hours!
Knowing your EMI beforehand will help you plan your finances before taking a loan. You can use Moneyview's Personal Loan EMI Calculator to check how much of your income will go toward your monthly loan EMI.
Let us say you took a personal loan of ₹20,000 at an interest rate of 14% per annum. Here is what your EMI could look like for different repayment terms -
|
Loan Amount |
Interest Rate (p.a.) |
Tenure (in months) |
EMI in Rs. |
|---|---|---|---|
|
₹20,000 |
14% |
3 |
₹6,823 |
|
6 |
₹3,471 |
||
|
12 |
₹1,796 |
||
|
24 |
₹960 |
||
|
36 |
₹684 |
||
|
48 |
₹547 |
||
|
60 |
₹465 |
You can take a ₹20,000 loan for a variety of purposes. Personal loans from Moneyview’s lending partners are unsecured and have no restrictions on their end usage. This loan is not considered a starter amount; however, it is not a big-ticket loan either.
Here is what this amount can be used for -
While ₹20,000 might not cover a major surgery, it is ideal for -
Diagnostic Tests: Covering expensive MRIs, CT scans, or a battery of blood tests.
Pharmacy Bills: Buying medication.
Minor Procedures: Dental treatments, minor day-care surgeries, or emergency consultations.
In today’s time, ₹20,000 is the "sweet spot" for many essential electronics -
New Smartphone: Buy a reliable mid-range smartphone if your current one breaks.
Laptop Repairs: Replacing a screen, upgrading RAM, or fixing a motherboard for work-from-home needs.
Home Office Setup: Buying an ergonomic chair and a secondary monitor to improve productivity.
Use the funds to invest in yourself rather than just spending:
Professional Certification: Paying for an online course (Data Science, Digital Marketing, etc.) or a certification exam fee.
Skill Workshops: Attending a specialized vocational training program to boost your employability.
Hobby Classes: Invest in yourself by honing your skills, such as painting, singing, and dancing. This helps boost mood, which improves your quality of life.
This loan amount is enough to get you out of emergencies that come unannounced -
Emergency Home Fixes: Repairing a leaking roof during monsoons or fixing a broken geyser/AC in peak weather.
Urgent Travel: Booking last-minute train or flight tickets for a family emergency when prices are at their peak.
Moneyview Says
The way you repay your loan shows your financial behaviour and, in turn, affects your CIBIL score. Here are some tips and tricks to help you not get stuck and pay off your loan with ease:
Try to keep your EMI date close to your salary date
Keep your EMI affordable based on your monthly budget
Avoid a very long tenure of small loans, such as ₹20,000
Consider prepayment if you have extra cash (due to a bonus at your job, or profits at your business)
Pay the EMI on the due date without fail
Getting a ₹20,000 personal loan is no longer a complicated matter. You can download the Moneyview app or go to the website and apply for a loan through a 100% online process.
You can also get starter or ‘chhota’ loans of ₹5,000 or mid-ticket loans of ₹25,000 to ₹30,000. Moneyview also offers big-ticket loans from ₹50,000 all the way up to ₹10 Lakh.
Need Quick Cash?
Yes, some instant loan apps might be able to give you a loan on a CIBIL score of 600. But the rate of interest will be higher.
You can easily get a personal loan starting at 14% p.a. through Moneyview if you have a CIBIL score of 650.
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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