₹24,959
Loan EMI
₹34,90,279
Total Interest Payable
₹59,90,279
Need a loan of ₹ 20,000? Occasionally, you may have an urgent need for a small amount of money to take care of a personal expense or an emergency. Unfortunately, not many banks or financial institutions provide small loans. However, you can easily get a ₹ 20,000 loan from MoneyTap.
MoneyTap offers unsecured personal loans of up to ₹ 5 Lakh, which is given to you as a personal line of credit. You can withdraw ₹ 20,000 (or whatever amount you need) from your approved credit limit and spend it on whatever you want. Interestingly, the interest rate is charged only on the amount you borrow from the credit line and not on the amount that is approved (your credit limit).
Read more +A ₹ 20,000 personal loan can be taken for a variety of purposes. Some of these include:
Travelling is not a luxury nowadays, and it has become more of a necessity for people to get away from stressful, mundane activities. A loan of ₹ 20,000 can help you travel to some nearby places, so you can rejuvenate and get back to your routine life feeling refreshed.
An instant loan of ₹ 20,000 can help you in a wide range of minor home improvement projects or repairs such as getting a wall painted, investing in home décor items, buying home furnishing or a piece of furniture, getting the drainage system fixed, etc.
Weddings cost a lot, and it's not easy to arrange for funds on short notice when everything on your wedding list is budgeted for. In situations such as extended parties or unexpected travel, where the costs are not budgeted, a loan of ₹ 20,000 can provide the additional funds to cover the ad hoc expenses.
Medical emergencies can hit you anytime. If you are not financially prepared to handle the emergency, an unsecured loan of ₹ 20,000 can be a good option for covering medical-related expenses like doctor's consultation fees, medicines, lab tests, etc.
More and more people are travelling across cities to find employment. When cash is tight, paying a rent deposit can be quite difficult. In such a situation, an instant loan of ₹ 20,000 can help.
During festivals, there are a variety of lucrative deals and discounts, which can easily tempt you. These unplanned expenses can affect your budget and savings. You can avoid this by taking an easy ₹ 20,000 loan to buy clothes, gifts, etc., for yourself and your loved ones.
Smartphones have become crucial to our existence. They are increasingly becoming popular as they are being used as devices for online classes and video meetings. With the help of a ₹ 20,000 loan, you can easily buy a budget-friendly, feature-loaded smartphone.
Whether you're looking to upgrade your kitchen or replace your home appliances, a loan of ₹ 20,000 can help you with the financing.
Get online loan approval within 4 minutes with minimal documentation.
Borrow any amount from ₹ 3,000 up to your approved credit limit multiple times as and when the need arises.
Pay interest starting from 1.08 % per month only on the amount you borrow from your line of credit and not on the entire approved limit.
Get the benefits of a credit card by using your complimentary MoneyTap-RBL Credit Card* for online & offline purchases. (*Valid only for RBL approved customers).
Choose a repayment schedule (2-36 months) that suits your financial convenience.
Use the easy-to-use mobile app to manage your account without any hassles and from the safety of your home.
It is very easy to apply for a ₹ 20,000 personal loan from MoneyTap. You can apply for a loan either on our website or by downloading the MoneyTap app.
Fill up basic details such as age, city, PAN number, & income so we can determine your eligibility.
After the approval from our system, we’ll schedule a KYC visit to your house / office to collect documents.
Credit line is ready to use! From the approved limit, transfer as much money as you need to your bank account.
The interest rate on your loan is primarily based on your credit score and the repayment capacity. MoneyTap offers an attractive interest rate ranging from 13% to 18% per annum. Once your ₹ 20,000 loan is approved, you will be able to see the interest rate offered to you and the EMI amount you need to make every month towards repayment of the borrowed loan.
MoneyTap approves a personal loan of up to ₹ 5 Lakh in the form of a personal line of credit. For example, if you get a loan of ₹ 1 Lakh, but you need only ₹ 20,000, you can withdraw what you need and repay the borrowed amount in easy EMIs. The interest is only applicable on the ₹ 20,000 you borrowed from your credit line and not on the entire credit limit. This means, if you don't use any amount from your credit line, no interest will be charged.
₹24,959
₹34,90,279
₹59,90,279
With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.
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It's very easy to get a ₹ 20,000 instant loan from MoneyTap. Download the app, apply and get instant approval. Use the money for whatever purpose you need, anytime you need.
The monthly payment, also known as EMIs, depends on three factors – the loan amount, the interest rate, and the loan repayment tenure. For example, if the loan amount is ₹ 4 Lakh, the interest rate is 15%, and loan tenure is 4 years, your EMI amount would be ₹ 11,132. You can find out your monthly payment by using an EMI calculator here.
While minimum credit score requirements vary depending on the lender, a credit score above 750 is considered ideal for getting any kind of loan.
MoneyTap's eligibility criteria are as follows:
For more details on the eligibility criteria, check here.
Once you submit your online loan application, you'll immediately get to know whether you are approved or not. When approved, a final approval involving KYC document verification is done after which you can access the loan amount on your app.
Contact hello@moneytap.com for all your queries and concerns.
Yes, your information is encrypted and safely stored in our access-controlled system that restricted access. Please go through our privacy policy to know more about our secure socket layer.
We send you reminders on your app to ensure that you don't miss making your payments. However, if you miss your repayments, your action can have the following implications:
So, the best thing you can do for a better financial future is to pay your EMIs on time.