How to get a personal loan upto Rs 20,000 [2022]?

How to Get upto 20,000 RS Personal Loan 

If you want to know how to get a personal loan of Rs 20,000? So this blog post is only for you, after reading this you will easily get the answer to your question – How to Get 20,000 Personal Loan?

How to take a personal loan of Rs 20,000? – How to Get 20,000 Personal Loan ?

Medical emergency can strike you at any time. If you are not financially prepared to handle an emergency, an unsecured loan of ₹20,000 can be a good option to cover medical related expenses like doctor's consultation fee, medicines, lab tests etc.

Want a loan of ₹20,000 ? Sometimes, you may need a small amount urgently to take care of personal expenses or an emergency. Unfortunately, not many banks or financial institutions offer small loans. However, you can easily get a loan of ₹20,000 from MoneyTap .

Features and Benefits of ₹20,000 Instant Loan

1. instant approval
2. Get online loan approval within 4 minutes with minimal documentation
3. borrow what you want
4. Borrow any amount from ₹ 3,000 up to your approved credit limit as many times as needed
5. attractive interest rate
6. Pay interest starting from 1.08% per month only on the amount you have borrowed from your line of credit and not on the entire sanctioned limit
7. Avail credit card benefits by using your complimentary MoneyTap-RBL Credit Card* for online and offline purchases. (*Valid only for RBL approved customers)
8. flexible repayment
9. Choose a repayment schedule (2-36 months) that suits your financial convenience
10. manage transactions
11. Use the easy-to-use mobile app to manage your account seamlessly and from the safety of your home.

What is the process to apply for a personal loan of ₹ 20,000?

Step 1:  Download and register MoneyTap App

Step 2:  KYC Documents

Step 3:  Transfer money to your bank

KYC documents

After approval from MoneyTap system, they will schedule a KYC visit to your home/office to collect the documents.

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

Required Documents

• pan card number
• Professional Selfie (to be taken on MoneyTap App)
• Residence Proof (Valid Driving License / Valid Passport / Aadhar Card)
• ID Proof (Valid Driving License / Valid Passport / Voter ID Card / Aadhar Card / PAN Card)

What is the interest rate for ₹ 20,000 personal loan?

The interest rate on your loan is primarily based on your credit score and repayment capacity. MoneyTap offers attractive interest rates ranging from 13% to 18% p.a. Once your ₹20,000 loan is approved, you will be able to see the interest rate offered and the EMI amount every month to repay the loan borrowed.

MoneyTap allows personal loans up to ₹5 lakh as a personal line of credit. For example, if you get a loan of ₹ 1 lakh, but you only need ₹ 20,000, you can withdraw the amount you need and repay the loan amount in easy EMIs. Interest is applicable only on ₹20,000 that you borrowed from your line of credit and not on the entire credit limit. This means, if you do not use any amount from your credit line, no interest will be charged.

Disclaimer:

The content of this article/infographic/picture/video is for informational purposes only. The content is general in nature and is for informational purposes only. It is not a substitute for advice specific to your own circumstances.

krcofficial site will not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decision based on the mentioned material and information. Please consult your financial advisor before taking any financial decision.

We hope that after reading this blog post your question is How to get a personal loan of Rs 20,000? (How to Get 20,000 Personal Loan in Hindi?) You must have got the answer to this question easily.