5 Best 20 Thousand Loan Apps In India For Instant Loans
Introduction
Need emergency cash of ₹20,000/-. Do not worry. Many instant loan apps available in India today will solve this emergency financial need that may arise in your life unexpectedly.
In my Blog post, I have selected the 5 best 20 thousand loan apps available in India today. Access to these quick and convenient loan options is a significant advantage, whether it is for a medical emergency, paying off pending bills, or any other financial requirement.
Through this blog, I’ll also walk you through the steps required to obtain a loan of ₹20,000/- from these apps, highlighting Key aspects including eligibility criteria, and the application process to name a few.
Table of Contents
KreditBee Loan App
The KreditBee loan app offers instant loans of ₹20,000 at an attractive rate of interest. This Loan app is trusted by millions of users in India. To apply, you need to download the app and get the amount directly into your bank account instantly once sanctioned. Whether you’re a salaried or self-employed, you can get instant funds – anytime, anywhere.
Eligibility Criteria
- Must Be a Citizen of India
- Age Limit: 21-50 Years
- Monthly Income : > ₹10,000 per month
Documents Required
- Photograph (Selfie)
- Identity Proof ( Pan Card/ Voter ID)
- Address Proof ( Aadhar Card/Passport /Driving License)
Interest & Repayment
- Rate of Interest:1.02% to 2.49% per month
- Flexible EMI Repayment Plans
- Repayment Tenure: 03 -24 months
- Processing Fees: Up to 6% of the loan amount
- Foreclosure Charges : 3% – 6% of Outstanding Loan Amount
Features and Benefits
- Zero Collateral
- No salary Slip.
- Bank statement to be uploaded for income proof
- Low CIBIL score of 650 and above
- 100% Online. Hassle-free documentation
Application Process
- Download the KreditBee app or visit their website.
- Create an account and provide the necessary personal and financial information
- Complete the KYC process by submitting identification documents.
- Determine your loan eligibility and select the loan amount.
- Submit your loan application.
- If approved, the loan amount is disbursed directly to your bank account, usually within a few hours.
Paytm Loan App
The Paytm loan app offers instant personal loans of ₹20,000 at attractive interest rates. Paytm is one of India’s leading digital payment platforms, providing an accessible and convenient solution for individuals in need of quick financial assistance through its instant personal loan service. With Paytm’s ₹20,000 instant loan, you can address your immediate financial requirements hassle-free.
Eligibility Criteria
- Must Be a Citizen of India
- Age Limit: 23-60 Years
- Monthly Income : > ₹20,000 per month
Documents Required
- Photograph (Selfie)
- Identity Proof (Pan Card/ Voter ID)
- Address Proof (Aadhar Card/Passport/Driving License)
Interest and Repayment
- Rate of Interest:1.66% per month onwards
- Loans charged at Fixed Rate of Interest
- Flexible EMI Repayment Plans
- Repayment Tenure: 18 -36 months
- Processing Fee: up to 4% of the Loan amount
- Foreclosure charges: up to 4% of Principal Outstanding
Features and Benefits
- 100 % Online
- Quick Approval within minutes subject to T&C
- Zero Collateral
- No Salary Slip
- Bank Statement needed only
- CIBIL score of 750 and above
- Hassle-free documentation
Application Process
- Download the Paytm app or visit their website.
- Create an account and provide the necessary personal and financial information
- Complete the KYC process
- KYC is completed through identification based on data of CKYC ID-based PAN from The Central KYC registry and Paperless Offline Aadhar XML
- After identification and verification of KYC, select the loan amount you need
- Select Bank Account for Loan disbursal and EMI Repayment setup
- If approved, the loan amount is disbursed directly to your bank account
Bajaj Finserv Loan App
The Bajaj Finserv loan app offers instant loans of ₹20,000 at attractive interest rates. It is a trusted name in the financial services sector, providing a seamless and efficient way for individuals to access quick financial assistance . With Bajaj Finserv, you can easily address your immediate financial needs, whether it’s for medical expenses, travel, education, or any other purpose.
Eligibility Criteria
- Must Be a Citizen of India
- Age Limit: 21-80* Years.
- Loan at the age of 80 is available subject to Terms and conditions
- Monthly Income: ₹25,001 onwards.
Documents Required
- Photograph (Selfie)
- Identity Proof (Pan Card/ Voter ID)/Employee ID Card)
- Address Proof (Aadhar Card/Passport/Driving License)
Interest and Repayment
- Rate of Interest: 11% to 35% per annum
- Flexible EMI Repayment Plans
- Repayment Tenure: 06 -96 months
- Processing Fee: up to 3.93% of the Loan Amount
- Flexi Fee deducted upfront from the loan amount
- Foreclosure charges: up to 4.72% of Principal Outstanding
Features and Benefits
- 100% Online
- Zero Collateral and no guarantor
- Salary Slips for the Last 3 months
- Bank account statements for the previous 3 months
- A Low CIBIL score of 685 or higher
- Hassle-free documentation
Application Process
- Download the Bajaj Finserv app from your app store or visit their website.
- Create an account and provide the necessary personal and financial information
- Complete the KYC process by submitting identification documents.
- Determine your loan eligibility and select the loan amount.
- Submit your loan application.
- If approved, the loan amount will be transferred directly to your bank account
PaySense Loan App
PaySense loan app offers instant loans of ₹20,000 at attractive interest rates. PaySense is a trusted financial technology company in India that aims to make personal loans accessible and convenient for individuals through its user-friendly mobile app. With the PaySense loan app, you can address various financial needs, including medical expenses, travel, education, and more.
Eligibility Criteria
- Must Be a Citizen of India
- Age Limit: 21-60 Years
- Employment Type: Salaried and Self Employed Individuals
- Monthly Income : > ₹12,000 per month
Documents Required
- Photograph (Selfie)
- Identity Proof (Pan Card/ Voter ID)/Employee ID Card)
- Address Proof (Aadhar Card/Passport/Driving License)
- Net Banking or the last 3 months, bank e-statements
Interest and Repayment
- Rate of Interest: 1.4% to 2.3% per month
- Affordable EMI Repayment Plans
- Repayment Tenure: 03 -60 months
- Processing Fee: up to 2.5 % of the Loan Amount
- Foreclosure charges: up to 4% of principal outstanding
Features and Benefits
- 100% Online
- Quick Approvals and Dispersals
- Paperless documentation
- Zero Collateral and no guarantor
- Credit score of 650 or higher
Application Process
- Download the PaySense app from your app store or visit their website.
- Create an account and provide the necessary personal and financial information
- Complete the KYC process by uploading some documents.
- Determine your loan eligibility, select the loan amount, and get a “Credit Line”
- Submit your loan application.
- Sign the loan agreement and NACH form for auto-debit
- If approved, the loan amount will be transferred directly to your bank account
MoneyTap Loan App
MoneyTap loan app offers instant personal loans of ₹20,000 at attractive interest rates. MoneyTap is India’s first app-based personal credit line, offered in partnership with banks and NBFCs. With the tap of a button, this app lets you borrow depending on your credit limit that is set by its banking partners
Eligibility Criteria
- Must Be a Citizen of India
- Age Limit: 21-60 Years
- For Salaried Employees only
- Monthly Income: ₹30,000 per month
Documents Required
- Photograph (Selfie)
- Identity Proof (Pan Card/ Voter ID)/Employee ID Card)
- Address Proof (Aadhar Card/Passport/Driving License)
- Last 3 months’ bank e-statements
Interest and Repayment
- Rate of Interest: 13% to 36% per annum
- Affordable EMI Repayment Plans
- Repayment Tenure: 02 -36 months
- Processing Fee: 2.0 % of the Loan Amount
- Foreclosure charges: Nil
Features and Benefits
- 100% Online
- Credit Score : 600 and above
- No Usage No Interest
- Easy Application. No Bank visit required
- Zero Collateral and no guarantor
Application Process
- Download the Money Tap app from your app store
- Apply on the app and get approved in 4 minutes
- Fill in basic information such as age, and city. PAN and income to check eligibility
- Instantly find out your pre-approved limit
- Complete KYC verification
- If approved, the loan amount will be transferred directly to your bank
Instant Loan Apps- Comparative Features
Instant Loans Apps - Pros and Cons
Conclusion
In Conclusion, securing a ₹20,000 loan for any emergency need is easy. You need to just download the instant loan app selected and fulfill their terms to get a loan.
However, borrow responsibly. Apply for a loan only when you have a genuine need for it. Assess your repayment capacity carefully to avoid falling into a debt trap and repay within the specified tenure to maintain a positive credit history.
FAQ
What is an instant personal loan?
An instant personal loan is a type of loan that offers quick approval and disbursal of funds, typically within a short period, often within a few hours or minutes.
Where can I get an instant loan?
You can apply for an instant loan through various financial institutions, banks, online lenders, or mobile apps that specialize in providing quick loans.
What are the eligibility criteria for an instant loan?
Eligibility criteria may vary depending on the lender, but common requirements include age (usually 18 to 65 years), Indian citizenship, a steady source of income, and valid identification documents (Aadhar card, PAN card, etc.).
How do I apply for an instant loan?
To apply for an instant loan, visit the lender’s website or download their mobile app. Create an account, complete the application form, submit necessary documents, and await loan approval.
What is the interest rate for an instant loan?
Interest rates for instant loans can vary widely depending on the lender, loan amount, and your creditworthiness. It’s essential to check and understand the interest rate before applying.
What is the repayment tenure for an instant loan?
Instant loans often come with flexible repayment tenures that can range from a few months to several years. Choose a tenure that aligns with your financial capacity.
Can I prepay or repay the instant loan early?
Many lenders allow prepayment or early repayment of instant loans. However, it’s essential to review the terms and conditions to see if there are any prepayment penalties or charges.
How long does it take to get approval for an instant loan?
The approval time for instant loans varies among lenders. Some offer instant approvals, while others may take a few hours or a day to process and approve your loan application.
Is a good credit score required for an instant loan?
While a good credit score can improve your chances of approval and may lead to better interest rates, some lenders also offer instant loans to individuals with lower credit scores.
What happens if I miss an instant loan repayment?
Missing loan repayments can result in late fees, penalties, and negative impacts on your credit score. It’s crucial to make payments on time or contact your lender if you anticipate difficulties in repayment.
Note : These FAQs are general in nature, and the specific terms and conditions may vary among lenders. It’s crucial to read and understand the lender’s policies and agreements thoroughly before applying for an instant loan.