Instant ₹ 20,000 Personal Loan Online
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 Freo.
A ₹ 20,000 personal loan can be taken for a variety of purposes. Some of these include:
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.
Home Improvement
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.
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 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
Festivals
Smartphone
Home Appliances
Features and Benefits of Instant Loan of ₹ 20,000
Instant Approval
Get online loan approval within 4 minutes with minimal documentation.
Borrow What you Need
Borrow any amount from ₹ 3,000 up to your approved credit limit multiple times as and when the need arises.
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.
Doubles as a Credit Card
Get the benefits of a credit card by using your complimentary Credit Card* for online & offline purchases. (*Valid only for RBL approved customers).
Flexible Repayments
Choose a repayment schedule (2-36 months) that suits your financial convenience.
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 Freo. You can apply for a loan either on our website or by downloading the Freo app.
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 the Freo App
Address Proof
Valid Driving License / Valid Passport / Aadhar Card
ID Proof
Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card
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. Freo 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.
