I Need 20000 Rupees Loan Urgently: 4 Ways To Help You

i need 20000 rupees urgently

There are many people who are in need of money to fulfill their personal needs. Many times there is a delay in getting the salary or our salary finishes by the end of the month due to some reason. That’s when we start thinking of taking a loan.

If you need a 20000 rupees loan urgently, in today’s article, we will give you information about how you can get Rs 20000 immediately either offline or online. Apart from this, the documents required, approval time, interest rates etc. all will be discussed if you need a loan urgently.

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I Need 20000 Rupees Loan Urgently. What To Do?

If you want Rs 20000 urgently, there are 4 mediums through which you can do so:

1. Government Bank

If you need Rs 20000 urgently and you want it within 1 or 2 days then applying from a government bank will not be right because it will take three to four days for processing.  If you want to get a loan of Rs 20000 through government banks, then you need to visit the offline branch and apply. The approval of the loan may take some time. If you have a bank account then try to take a loan from the same bank, as approval will be quicker.

A loan of Rs 20000 will come in the category of personal loan. The interest rate on this can be from 6% to 8% annually. There will be no hidden processing charge in this.

2. Private Bank

If you take a loan from a private bank, it takes 1 to 2 days, and there are some banks that approve and disburse the loan within 24 hours. Examples of such banks are Bandhan Bank, HDFC Bank, ICICI Bank etc. But the problem with these banks is that if your salary is low or your CIBIL or credit score is low then they may delay/disapprove your application.

Read: Small Loans Online: Small Personal Loan Rejection Reasons

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  • You can apply for a loan from a private bank by visiting an offline branch or through their website online.
  • Their interest rate can be from 6% to 9% annually and it can also vary.
  • Processing fee will be from Rs 200 to Rs 500 + GST.
  • The loan repayment period will be from 3 months to 2 years.

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3. Loan Apps

If you do not want to go to the banks and you want to take a loan immediately with the help of your mobile, then you can apply for a loan with the help of loan apps available on the Google Play Store. But remember, taking a quick loan from an online loan application charges a higher interest rate and also you have to pay processing fees. If you want to take a loan without any hassle, then you can take a loan by downloading the Loan Application.

Here we have provided a list of 10 such loan applications from which loan up to Rs 20000 can be availed by uploading only Aadhaar card, PAN card and your 6 months bank statement. You also have to upload a selfie of yourself to avail the loan. Let us know the names of those loan applications from which a loan of Rs 20000 can be taken:

  • Paytm
  • Phonepe
  • Google pay
  • Mobikwik
  • Dhani mobile application
  • Kissht App
  • MoneyView App
  • IndiaLends App
  • SmartCoin App
  • Quick Money App
  • Kredit Bee App
  • Navi Loan App
  • Cashbean App

Suggested Reading: Instant Cash Loan In 5 Minutes: 25 Instant Cash Loan Apps (Rs. 5000 to Rs. 5 lakhs)


How To Apply Online If I Need Rs 20000 Loan Urgently?

Follow these steps to apply for loan through these mobile applications –

  • First of all, download any mobile application from the Play Store from the list given above.
  • After downloading, register the mobile number with the email ID.
  • Aadhaar card and PAN card details will be required.
  • Along with this, two passport size photographs will be required.
  • In some applications, they ask for the details of the bank statement of the last 3 months.
  • Your digital signature will be required.
  • After completing the entire process, there will be a review within 1 to 2 hours.
  • If found correct, the approval of the loan will be available within one to 2 or 3 hours.
  • The loan amount will be sent directly to your account.

Note: – Their rate of interest is relatively high.

You also have to pay processing fees.

Try to repay the loan taken from the Loan app as soon as possible.

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Eligibility Criteria To Get Rs 20000 Loan Urgently

Using the above given platform, you can easily get a loan of Rs 20000, but there are some terms and conditions, if you follow them, you will be able to get the loan.

  • You must be minimum 18 years of age
  • Your monthly salary should be more than Rs 15000
  • Your CIBIL score should be more than 600
  • You must have a bank account
  • Must have proof of Indian citizen
  • You must have a PAN card
  • Mobile should be linked with Aadhaar card and PAN card

Repayment Period Of Rs 20000 Loan

If you take a loan from a mobile application, the loan repayment period starts from a minimum of 3 months to a maximum of 2 years.

Documents Required If I Need Rs 20000 Loan Urgently

If you want to take a loan, then the following documents will be required

  • Two colored passport size photographs
  • Any one of PAN Card / Aadhaar Card / Voter ID Card / Driving License
  • Last 3 months bank statement
  • Address proof
  • Job or employment details, if any
  • Business details if any

Instant Personal Loan Without Salary Slip With Loan Apps

4. P2P Lending Platforms

P2P lending is an alternative to personal loans. It helps people to borrow money from lenders directly without the requirement of intermediaries like banks. In P2P lending, borrowers and investors are brought together in a digital marketplace. Here, borrowers can request for money and lenders can fund them.

How does it work?

P2P lending occurs through websites or online marketplaces where lenders and borrowers directly come together. Here, both lenders and borrowers register themselves. The borrower registers on the platform and applies for a loan with the required documents. Similarly, the lender adds the money he is interested in investing and looking to earn higher returns to an account, which is then used for lending to the borrowers. The whole process is online.

Here the P2P platform is the third party that looks after the bond, deed and documentation. They do all the work, from collecting repayments to recovering loans. After the lenders and borrowers have registered, the platforms assess the risk and evaluate the borrowers. Before getting the fund from the lender, you have to go through numerous checks on your background, personal details, employment status and credit history.

The Money Club

The Money Club is built on the P2P premise. It is a concept where people join clubs with other verified peers. They agree to pool in a fixed amount and bid their interest for the pooled amount amongst them. The mission of Money Club is to create a platform where 1 million people can join other like-minded people to save, invest or borrow money. With the help of advanced technology, this AI-driven chit fund platform has transformed the way chit fund is conducted in India. With the power of technology, the Money Club helps form trusted communities across India to ensure people save more, borrow at low-interest rates, and invest for maximum returns.

How does it work?

Here, you keep pooling money for a fixed amount in a certain duration of 3 days, 15 days or a month. People who want to save money do not bid and those in need of urgent money bid to take the lumpsum amount which is then repaid in installments. Just like taking a loan, the difference being that the interest rate is very low when compared to banks and other loan apps. Secondly, there are no such requirements as proper documents, good CIBIL score etc to get the money you need urgently.

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Lets us understand with the help of an example:

Let’s assume that a chit fund scheme has 25 members, each paying a monthly installment of Rs 1000 to have a first-month pot of Rs 25,000. When the auction is announced, the member who bids to take home the least amount of the chit fund wins the bid. 

Let’s say, I need Rs 20000 urgently, now I can bid for say 20,000 and get the lumpsum amount without any hassle. Chit fund acts as a borrowing scheme here. The rest of the amount Rs 5,000 (Rs 25,000-Rs 20, 000) is distributed equally amongst the other members. Chit fund acts as a saving instrument here. So, isn’t it a win-win situation?
The process repeats with each member getting the opportunity to take the auction amount each month while all the other members, including the previous month’s winning bidder, continue to contribute their monthly installments.

Read: Know Your Money Club platform Journey On The Money Club App

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