An emergency loan is typically a short-term loan designed to get you money quickly during urgent situations, like car trouble, medical bills, or house repairs. Unlike some loans, you do not need to put up any property as collateral. The idea is to repay it back soon, typically within a few months, making this a temporary solution to get you back on track. If you're seeking an emergency loan of Rs. 20,000, Insta Personal Loan offered by Bajaj Finance is a great way to get the funds to manage urgent expenses.
Why you should go for a Rs. 20,000 personal loan in an emergency
Emergencies do not always require large sums; sometimes, a modest amount of Rs. 20,000 is sufficient to handle unexpected expenses like a medical bill, urgent car repairs, or small home repairs. Applying for a personal loan of Rs. 20,000 can be a smart move in such cases, as it provides quick access to funds without significant paperwork or long wait times.
Moreover, a smaller loan amount results in lower EMIs, making repayment more manageable and reducing the likelihood of impacting other monthly expenses. Taking a small personal loan for emergencies is also beneficial because it can help build your credit history. Timely repayment of a Rs. 20,000 loan demonstrates financial responsibility and can improve your credit score, making it easier to access larger loans in the future if needed. Overall, a small, targeted personal loan is a practical, efficient way to cover immediate expenses without heavily impacting your financial health.
Features of a Rs. 20,000 emergency loan
Here are the features of our Insta Personal Loan that make it an ideal loan for emergencies:
- No paperwork*: Select customers may be able to get the funds without any paperwork.
- Ready money for you: Check your pre-approved offer using mobile number and OTP.
- Rapid disbursal: Since it is a pre-approved loan offer, there is very little time needed for processing. You can get the funds in as little as 30 minutes**.
- Repayment flexibility: You get to choose from convenient repayment tenure ranging from 12 months to 87 months.
Eligibility criteria for a Rs. 20,000 emergency loan
Customers do not need to check eligibility criteria separately while considering the Insta Personal Loan.
Existing customers: Pre-approved offers are already waiting for you, so you can skip the eligibility check.
New customers: You can generate a pre-assigned limit for yourself using just the mobile number and OTP. We may do a quick CIBIL check and ask for some documents to finalise your application.
Check out the eligibility criteria and Insta Personal Loan documents requirement.
Documents required for a Rs. 20,000 emergency loan
It is a good idea to keep the following documents handy when you apply for a loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Utility bill of electricity and piped gas
Select customers can get our Insta Personal Loan without submitting any documents.
How to calculate Rs. 20,000 emergency loan EMI?
Calculating the EMI for a Rs. 20,000 emergency loan is essential for planning your budget and ensuring you can manage the monthly payments comfortably. By using a personal loan EMI calculator and entering details like loan amount, interest rate, and tenure, you can quickly estimate your monthly payments.
To calculate interest on loan and determine the EMI:
- Enter the loan amount (Rs. 20,000).
- Input the applicable interest rate.
- Select a tenure that suits your financial situation.
Here’s an example of EMIs based on varying tenures and a 12% interest rate:
Loan Amount |
Interest Rate |
Tenure |
EMI (approximately) |
Rs. 20,000 |
12% |
6 months |
Rs. 3,467 |
Rs. 20,000 |
12% |
12 months |
Rs. 1,775 |
Rs. 20,000 |
12% |
18 months |
Rs. 1,207 |
Rs. 20,000 |
12% |
24 months |
Rs. 941 |
Using these values helps you understand monthly payments, making it easier to decide on an affordable tenure and interest rate.
Interest rates and charges applicable on a Rs. 20,000 emergency loan
Check the Insta Personal Loan interest rates before proceeding with your application. Make a note of all the associated charges with the loan to plan your repayment comfortably.
How to apply for a Rs. 20,000 emergency loan
You only need to follow the below steps to get a Rs. 20,000 loan.
- Click on ‘CHECK OFFER’ on this page.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us.
Conclusion
Facing an unexpected bill? The Bajaj Finance Insta Personal Loan can be your financial lifesaver. Get quick access to cash for emergencies like car repairs or medical costs with a Rs. 20,000 loan app. Existing customers get pre-approved offers, while everyone benefits from fast disbursals, flexible repayment options, and minimal paperwork.
Apply for Insta Personal Loan online
*Terms and conditions apply
