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).
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Why do you need a ₹ 20,000 Personal Loan?
A ₹ 20,000 personal loan can be taken for a variety of purposes. Some of these include:
Travel
Travel
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.
Marriage
Marriage
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
Medical
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.
Rent Deposit
Rent Deposit
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.
Festivals
Festivals
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.
Smartphone
Smartphone
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.
Home Appliances
Home Appliances
Whether you're looking to upgrade your kitchen or replace your home appliances, a loan of ₹ 20,000 can help you with the financing.
Features and Benefits of Instant Loan of ₹ 20,000
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Instant Approval
Get online loan approval within 4 minutes with minimal documentation.
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Borrow What you Need
Borrow any amount from ₹ 3,000 up to your approved credit limit multiple times as and when the need arises.
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Attractive Interest Rate
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.
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Doubles as a Credit Card
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).
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Flexible Repayments
Choose a repayment schedule (2-36 months) that suits your financial convenience.
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Manage Transactions
Use the easy-to-use mobile app to manage your account without any hassles and from the safety of your home.
Process to Apply for a ₹ 20,000 Personal Loan
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.
- 2 Step 2 KYC documentation
- 3 Step 3 Transfer Money to your Bank
Download MoneyTap App & register
Fill up basic details such as age, city, PAN number, & income so we can determine your eligibility.
KYC documentation
After the approval from our system, we’ll schedule a KYC visit to your house / office to collect documents.
Transfer Money to your Bank
Credit line is ready to use! From the approved limit, transfer as much money as you need to your bank account.
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.
Eligibility Criteria
- Profession – Salaried or Self-Employed
- Age – Above 21 years and below 60 years
- Minimum Monthly Income – ₹ 20,000
- Work Experience – 3 years and above
- Credit Score – 650 and above
- Must be a resident of one of the following cities:
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Required Documents
- Pan Card Number
- Professional Selfie
(To be taken on the MoneyTap App) - Address Proof
(Valid Driving License / Valid Passport / Aadhar Card) - ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
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Interest Rates for a ₹ 20,000 Personal Loan
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.
Personal Loan EMI Calculator
₹24,959
Loan EMI
₹34,90,279
Total Interest Payable
₹59,90,279
Total Payment (Principal + Interest)
Someone like you is happy with MoneyTap
Navjyoti
You can have credit cards but you have to pay hefty interest rates if you want to use them as a loan. You need to go for a personal loan if you need cash. But MoneyTap credit has a kind of 2-in-1 facility that lets you withdraw cash when you need it and change it to EMI as well [with lower interest rates]. I think it's really helpful and unique.
Navjyoti
Julen
The best feature on the app is instant feedback. You say "thank you" and it replies "welcome" - its' all done by the app. I have not seen this kind of intelligence in any other app. Absolutely love it.
Julen
N Cavin Misao
I was short of Rs. 30,000 for the down payment on my car. I used MoneyTap and got the money immediately. Thank you.
N Cavin Misao
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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Our journey so far
5 years and counting as India’s 1st app based Credit Line
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1.1M
Happy faces
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252K
Loans disbursed
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5
Years of service
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10M+
Downloads
Different Ways to Use MoneyTap Personal Loan 2.0
Marriage Loan
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Travel Loan
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Medical Loan
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Education Loan
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Used Car Loan
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Two-Wheeler Loan
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Laptop Loan
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Mobile Loan
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Home Renovation Loan
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Consumer Durable Loan
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Debt Consolidation Loan
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Used Two-Wheeler Loan
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MoneyTap's Personal Loan is
Now Available Across India
- Ahmedabad
- Anand
- Bangalore
- Chennai
- Chandigarh
- Coimbatore
- Delhi
- Gandhinagar
- Hyderabad
- Indore
- Jaipur
- Mumbai
- Mohali
- NCR
- Panchkula
- Pune
- Rajkot
- Secunderabad
- Surat
- Vadodara
- Vijayawada
- Vizag
FAQs
I need a ₹ 20,000 loan. How can I get it?
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.
What is the monthly payment on a ₹ 20,000 loan?
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.
What credit score is needed for a ₹ 20K loan?
While minimum credit score requirements vary depending on the lender, a credit score above 750 is considered ideal for getting any kind of loan.
Am I eligible for MoneyTap's ₹ 20,000 loans?
MoneyTap's eligibility criteria are as follows:
- Minimum income: ₹ 20,000
- Age: 23 years and below 55 years
For more details on the eligibility criteria, check here.
How long does it take to get approved for a ₹ 20,000 loan from MoneyTap?
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.
What is the best way to contact MoneyTap?
Contact hello@moneytap.com for all your queries and concerns.
Is my data safe with MoneyTap?
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.
What if I miss/do not pay on my scheduled personal loan EMIs?
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:
- Our partner bank will report the payment default to all the credit bureaus, including CIBIL, Experian, Highmark, and Equifax. This reduces your credit score and can affect your eligibility, approval limit, and interest rate for future loans.
- You'll have to pay a late payment fee of 15%, ranging from ₹ 350 to ₹ 1000.
- Even after repeated reminders, if you don't repay the loan, the bank may initiate the process of recovery.
So, the best thing you can do for a better financial future is to pay your EMIs on time.
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