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How to get a personal loan for ₹20000


Seeking personal loans has been a common practice since ancient times. Personal loans can be of use for anything, from building your own house to buying your first car. It is not always possible for a person to dig into their savings or emergency funds for certain investments. Hence they need to rely on loans.

This article will provide a complete guide on how to get a personal loan of 20000. The report will cover every essential topic about personal loan eligibility. The loans are being provided by a registered online website Loaney. It will cover every detail, starting from why one prefers to apply for a personal loan to the documents needed for the process. Applying to get an instant loan of 20000 can indeed be confusing, given the fact that the internet is flooding with enormous options. But to choose a simple site for loans is a very vital part.

Hence, this article will answer all the questions you need to get a personal loan upto 20000.


The term ‘loan’ means borrowing money from a lender and then paying the money back in instalments. Unlike old times, today, certified banks act as money lenders. These banks enable their customers to apply for personal loans. The banks usually come up with loan plans, and each loan has different eligibility criteria. When a bank lends you a certain amount, you pay them back through monthly instalments. For personal loans, the tenure of paying back commonly differs from three to seven years. The debtor usually pays the amount along with some interest that the bank implements.

Personal loan

Loaney allows its borrowers to apply for personal loans upto 20000. Now, one might wonder why somebody would get a loan for such a meagre amount?

Let us look into a situation, shall we? Person ‘A’ needs to buy an electrical appliance for the home. Say a bed with a plug-in oxygen tank. The set would cost something around 21000. Person ‘A’ does not have the needed amount at hand and cannot pay right away. In such a case, they would need a trusted entity to lend them the desired amount.

Therefore, Loaney is one such online site that lends you a personal loan for 20000 in no time. All you have to do is fill out an application form, and the loan is approved.

About Loaney

As described above, Loaney is an online web app that enables customers to apply for personal loans . Looney, as it quotes, is “a one-stop solution for all your instant cash needs.” It has a straightforward process for their customers to get an instant loan upto 20000.

  • The first and foremost step is to fill out an application form. The application form would contain a list of essential details such as your name, date of birth, personal mobile number, and more relevant information to apply which takes up to 10 minutes for a personal loan for 20000.
  • The next step is for approval. After filling out the application form, the site will review your details and check your application’s personal loan eligibility criteria.
  • The last step is lending the money. Once your loan is approved, Loaney will send the money to you.

Yes, it is as hassle-free as it looks. Furthermore, this online website does not ask for any guarantors or collaterals—the processing of every data is handled in a very secure and confidential manner. The website has all the legal compliance and rights needed to provide personal loans for upto 20000. Specific protocols are needed to be maintained to be their client.

  1. The client must be a citizen of India.
  2. The age of the client should be 18 and above.
  3. The client must possess a PAN card and Aadhaar card.
  4. The mobile number of the client must be linked with the Aadhaar card.

Loaney believes in keeping your data very confidential, and hence to provide their clients with the best and secure experience, and they have particular Do’s and Dont’s.

  1. Loaney would never ask for the reasons for applying for loans.
  2. They believe in working with minimum but relevant documents.
  3. Loaney’s website will do the entire work online.
  4. The client must give the website their correct information as the personal loan eligibility improves and their chances to get an instant loan for 20000 increases.

As we can see that the online websites are equally reliable, there must be some questions hovering in your head. But there is nothing to worry about. These are the common questions that people usually ask before taking a loan from any new website.
Here are some reasons you should consider taking a loan and the necessary pieces of information followed by the query.

Why take a personal loan?

Why take a personal loan

As stated above, it is not always feasible to give out money using your emergency funds or savings. Furthermore, getting a loan from a bank requires long hours of procedures. Therefore, taking a personal loan for 20000 from this online website is more accessible than a regular bank. Now, coming on to why take loans at all.

Loans are a great way to invest in things. How? The first reason is that taking loans does not need any collateral. This means that you do not have to stake any precious asset of yours while taking a loan. Taking a loan allows you to pay it back in installments. Paying back through monthly installments is a great way to pay back small sections of money while keeping your savings intact.

The amounts of personal loans are fixed if you have to pay a monthly installment of Rs. 1000, then that is it. There are no further hidden charges that would need you to scratch your scalps. The interests that follow the installments do not change with the duration of the loan. It remains intact.

What to Do If You’re a CIBIL Defaulter?

There are various ways through which CIBIL defaulters can get a personal loan upto 20000 in India. To know about this section, Let us first understand what a CIBIL is.
CIBIL is known as the TransUnion CIBIL Ltd., which was earlier known as the Credit Information Bureau Ltd. is one of the credit information companies in India. The basic functioning of this company is through keeping track of all your credits and loans. Every banking, as well as non-banking firms and companies, submit their records to CIBIL.

This submission of documents is being made every month. Remember the point where we covered the ‘approval of your personal loan upto 20000’? The approval part consists of a step where the lenders, such as Loaney, assess whether it is safe to lend you the loan amount. The lenders run a check on whether you will be able to repay the loan within the given tenure. The bureau then gathers all the information and computes a “CIBIL score.” This CIBIL score creates a detailed report about you. And the report is sent to the lenders for further assessment.

The bureau is certified or linked with the Reserve Bank Of India. The CIBIL appoints each borrower a CIBIL score based upon various criteria such as their payment history, underlying debts, length of credit, etc. To get your loan approved, the above is the criteria where the CIBIL credit score should not be less.

However, if you have been under the CIBIL defaulter’s list, you can still get a personal loan of 20000. There are some things you need to take care of such as:

  • Borrow the amount wisely:- you must remember that a loan, after all, needs to be repaid. And hence you should borrow only as much as you can repay.
  • Payment’s timings should be on check:- To increase your CIBIL score, you must keep a check on the timing of your payments. Avoid any late payments. Do not miss the deadlines of your payments.
  • Do not exceed your credit card limit:- In order to have a good score for your CIBIL, it is vital to not exceed the limit of your payment through the credit card. Ideally, one should not exceed 30% of the total credit card limit. Instant loans upto 20000 are considered among the minor loans. But generally, when you take massive amounts of loans, they are given upon debt-to-income (DTI) ratio. Hence, if the limit crosses or, in some cases, even reaches 50%, then the loan usually gets rejected.
  • Close a defaulted account: A cheat code to get your loan; if you are listed among the defaulters, open a new account. Do not settle for the old version. Why? As stated above, the account statements are tallied during the approval process of your loan. This means that the histories will be visible in the statement. To avoid such a situation, you can always open a new account and transfer your funds there.
  • Opt for loans backed by a guarantor:- You can always opt for loans backed by guarantors. Choose a guarantor with good payment track records who can back you up when the loan needs to be paid. Make sure you meet the personal loan eligibility criteria.

How to get a personal loan for 20000?

Personal loan

With loaney, there are a few easy steps that you have to follow in order to get an instant loan of 20000. The first and most essential step is to fill out an application form. The application form would contain a list of crucial details such as your name, date of birth, personal mobile number, and more relevant information to apply for a personal loan for 20000. A vital thing to keep in mind while filling out the application form is that you should carefully fill in the details.

The next step is for approval. And as stated before, While filling out the application form, the site will review your details through the details submitted by you along with the CIBIL report generated and check your application’s personal loan eligibility criteria. The approval process does not take time and happens instantly. Hence, if the criteria for acceptance are matched, a personal loan for 20000 will be given to you.

However, in traditional methods, loans are given out depending majorly upon your income. The lenders firstly ensure that the money you are borrowing from them is worth lending or not. They go through your expense statements and then move further with the lending procedures.

Eligibilities to get a personal loan for 20000

Different loan plans require different eligibility criteria. The first criteria that the lenders, both banking and non-banking organisations, look out for are the borrower’s monthly income. For example, if you want a personal loan for 20000, your monthly repayment would be somewhere around ₹8000-₹9000, including the interest applied. Now, the first thing the lenders would want to know is that will you be able to pay the required amount monthly.

The following criteria would be assessing your CIBIL score. Your CIBIL score has to be considered reasonable. Avoid being on the CIBIL defaulter’s list in order to get a hassle-free personal loan upto 20000.

The online websites and banks also assess the source of your income. The source of income plays a significant factor in the eligibility criteria of loan approval. Only certified/ legitimate sources of income statements will be eligible for the approval of the loan.

In order to take a loan in India, the borrower has to be a citizen of India. The age limit of the person should also be 18 or above.

Rest eligibility is the general information such as your permanent address, phone number, which should match during verification purposes.

Reasons to choose Loaney.


There are several reasons about why one should choose Loaney. They are:

  1. Loaney believes in providing approximate payment plans for the amount of loan asked by the borrower.
  2. They would keep the information of their clients absolutely confidential.
  3. They provide a specific payment schedule. This ensures that there is no confusion between them and the client regarding payment details and dates.
  4. A vital area when someone takes a load is to be guided by someone from the firm. Loaney has active customer support ready for your service at all times.
  5. The registration process is not time-consuming. In fact, the whole process is hassle-free, from registering for the loan to getting it at hand.
  6. The lending and borrowing of loans is entirely online. This means that you can now get a loan sitting within the comfort of your home.

Why online loan portals are better than traditional loan processes.

Life can be unpredictable, and at times, you find yourself in a position where you lack financial freedom. For such cases, especially during an emergency, personal loans can be a temporary but effective solution.

With the growth of our lifestyle, the economic sector has also become flexible based on the demands and needs. Perhaps, this is why it is easier to get a personal loan online, especially with companies like Loaney. But, since the process is comparatively new compared to the traditional methods, a lot of people still have clouds hovering over the decision on whether to go for an online personal loan or not.

Therefore, without any further ado, let's look at why taking online personal loans is more beneficial:

No collateral
This is one of the biggest reasons why personal loans are so popular is because of the unsecured nature of the loan. This also means you don’t need to arrange for collaterals or provide a guarantee to the bank regarding your borrowing. Ultimately, there’s no risk involved which can cause you to lose an asset for your loan.

Accessible Online
One of the best features of an online personal loan is that you can be anywhere and still access your details and updates on the loan. Furthermore, they are faster and easier to get approved.

Track loan status Online.
After applying for a loan, you get an application number through which you can track the latest updates on your device online. Moreover, you can also fetch your details like account balance, interest, and tenure.

A loan for any purpose
Personal loans can be used for various purposes such as child education, getting a new pet, marriage of your children, or even a family vacation. A personal loan can instantly solve the issue and can let you get back to work.


With the horrific times that we are witnessing around us, almost every essential unit such as schools, banks, shops and everything is almost closed. And as essential it is for us to stay indoors, it is equally essential for us to look after our finances. Hence, online portals such as Loaney, which lend loans through online mode, are indeed a blessing. It is because of sites like these that taking loans will rather be easy, and it would encourage more people to take loans while making any investment.


While we read such articles, it is common to have some questions in mind. So here are some frequently asked questions that might be of help.

  1. What are all the documents required to get a personal loan for 20,000?

    The documents commonly required for getting a personal loan for 20000 are the IDs issued by the Government Of India, such as:

    • Driver’s license
    • Adhaar card
    • PAN card
    • Passport
    • Utility bills
    • Military bills
  2. How fast can I get a personal loan?

    The approval of your application for the loan determines how fast your loan will be issued. The loan approval requires several verification steps such as verification of your application, verification of your CIBIL scores and so on. Upon a clear and thorough verification of your application, your loan will be passed on to you. The procedure might take just a few hours to days, depending upon various factors from the lender’s end.

  3. What is the minimum salary required to get a personal loan for 20,000?

    The minimum salary requirement differs from one portal to another. However, the average salary in almost every bank and portal, as mentioned, has to be between 10,000-15,000. This is the minimum salary required to get a loan of Rs, 20000.