Yes, RING considers multiple factors, so you can get a ₹20,000 loan even if your CIBIL score isn't great. We look at your overall creditworthiness and repayment ability. While a good CIBIL score can enhance your chances, it is not the only criterion we consider. We aim to make credit accessible to a wider range of individuals, ensuring you have the support you need when you need it most.
Instant loans for your goals
Get up to ₹20,000
Flexible Repayment
Instant Bank Transfer
Affordable Rates
About Our ₹20,000 Personal Loan
RING's ₹20,000 Personal Loan is your quick financial lifeline. Experience the speed and ease of borrowing with minimal paperwork. Get instant approval and have the money transferred directly to your account in minutes. No more waiting in queues or dealing with endless paperwork. Enjoy the freedom to choose a repayment plan that suits your budget, without any hidden charges. Whether it's a medical emergency, a family function, or a dream purchase, RING's personal loan is here to support your financial needs.
Benefits of ₹20,000 Personal Loans
Instant approval and quick cash disbursement.
Zero paperwork ensures a hassle-free loan experience.
Flexible repayment plans tailored for you.
Attractive interest rates to make your payments more affordable.
Features of ₹20,000 Personal Loans
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
₹20,000 Personal Loan EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Personal loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Rajesh Sharma
Mumbai
RING made it so easy to get a quick loan. The process was smooth and hassle-free! I received my ₹20,000 loan in no time and could pay off my urgent bills.
Anjali Verma
Delhi
I got my ₹20,000 loan approved instantly, and the funds were in my account in no time. The application process was straightforward and simple.
Sunita Iyer
Bangalore
RING helped me get a ₹20,000 loan when I needed it the most. The quick approval and easy repayment options were just what I needed.
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
Can I Get an Instant Personal Loan of ₹20,000 Without a CIBIL Score?
What are the Factors that can affect the ₹20,000 Personal Loan EMI?
Several factors can affect your EMI, including the loan amount, interest rate, and repayment tenure. A higher loan amount and interest rate will increase your EMI, while a longer tenure will reduce it. Additionally, your repayment capability and credit history can influence the terms of your loan, potentially affecting your monthly EMI. It's crucial to use our EMI calculator to get a clear understanding of what your monthly repayments will look like before committing.
Can I Get the Lowest Interest Rate on a ₹20,000 Personal Loan?
Interest rates are competitive and depend on your credit profile and repayment history. Maintaining a good credit score can help you get a lower interest rate. Having a stable income and minimal existing debt is also beneficial, as these factors can positively impact the interest rate you are offered. RING aims to provide affordable credit solutions, so we strive to offer the best possible rates to our customers.
How can I get a ₹20,000 personal loan without documents?
With RING, you can get a ₹20,000 loan with minimal documentation. Complete the paperless KYC process via the RING app using your PAN and Aadhaar cards. This streamlined process ensures that you don't need to go through the hassle of submitting multiple documents. Our advanced digital verification system makes applying for and receiving your loan quick and easy, ensuring a seamless experience from start to finish.
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