Debt Consolidation: 20000 euro loan for installment of personal loan repayment with repayment in 5 or 10 years

Complete guide to the loan of 20000 euros, with the necessary requirements to be able to have access to the desired credit and to whom must present the request. In addition we will see how it is possible to calculate the installment for the personal loan of 20,000 euros, in particular with reimbursement from 5 to 10 years.

€ 20000 loan: requirements and how to apply for it

If you are looking for a € 20000 loan, regardless of the expense you have to deal with, the financing method that you need to take care of is the personal loan. This is the solution offered by banks and financial companies to individuals who are looking for money for example for the renovation of their home, payment of previous loan or for the purchase of a new car, just to give two examples. Thanks to personal loans we have the opportunity to receive the desired amount of money, in our case 20,000 euros, with the advantage of not having any constraints on the project to be implemented in the future, given that these are non-finalized loans. You can request this product directly at our bank, or at a different company, comparing the different treatments offered by the calculation of different estimates as we will see better later.

As you probably already know, an amount equal to 20 thousand euros is not particularly easy to obtain, since it is not a small sum. For this reason it is necessary to possess certain requirements, which will be more or less restrictive depending on the bank to which we address. Precisely this aspect in many cases is crucial when choosing the institution to which to turn, especially for those customers who may have difficulty in receiving the desired amount of money. Those who certainly can receive the 20000 euro loan without any problems, regardless of the bank to which they choose to make the request, are the employees who therefore have a paycheck to present and pensioners. The paycheck is in fact a requirement required by any credit institution, since from there the repayment installments will be deducted each month.

Obviously, the latter will be chosen based on the salary or net pension received, and based on customer preferences, which can in fact choose whether to set a lower rate by extending the duration of the loan, or choose to pay a higher monthly amount but with the advantage of completing the repayment in advance. What to do if you do not have a paycheck? In this case it is possible to present some alternative guarantees, even if in this case it is advisable to carefully read the regulation of your bank about personal loans. In general, however, the main alternative guarantee through which you can receive the 20,000 euro loan you are interested in is the presentation of a guarantor. The latter is a person who will guarantee the lending institution on our reliability. The basic requirement of our guarantor will be the paycheck, from which we will deduct any unpaid repayment installments from us. This is perhaps the easiest solution, given that for example a young person who needs a 20,000 euro loan can receive it by presenting his father or mother as guarantor.

As for self-employed workers who therefore do not have a paycheck but still have more or less important earnings based on their profession. In this case the alternative economic guarantee to the paycheck that can be presented is the last tax return. This solution is not always allowed, so if you are self-employed you will have to read carefully the regulation of personal loans offered by your bank, or go to the branch to know the forms of financing reserved for you. If you do not have a continuous job and your annual income is not high enough to provide an adequate guarantee for the bank, then the last solution that some lenders offer to their clients is the mortgage of a property owned. However, be careful if you want to apply for loans of 20,000 euros by presenting this alternative guarantee. In this case, unfortunately, there is a real risk of losing one’s home, which in the event of insolvency would be sold at auction by the bank. So it is important to set a monthly repayment not particularly high, so as to avoid unpleasant surprises.

Calculation of the Ultranix personal loan installment 20000 euros with reimbursement up to 10 years

Calculation of the Ultranix personal loan installment 20000 euros with reimbursement up to 10 years

As we often repeat in our reviews on financial products, the best thing to do before applying for a personal loan of 20000 euros is to make a calculation of the installment. This can be done online by connecting to the website of the main banks and financial institutions. The first company for which we have calculated the online estimate is Ultranix , which offers its customers the possibility to choose the duration of their financing up to a maximum of 10 years. So it can be particularly advantageous to choose the personal loans from Ultranix precisely for flexibility in this sense. We can therefore choose the solution that best suits our needs based on the monthly repayment rate we prefer, always considering the applied Tan and Taeg interest rates. For this reason we report all the financing options offered by Ultranix in the following table, in which you can identify at a glance the solution that is right for you based on the duration, the amount of each monthly payment and interest rates expected.

DURATION MONTHLY RATE TAN% TAEG%
12 months 1,764.30 euros 6.91 11,58
24 months 912.50 euros 6.91 9.58
36 months 629.00 euros 6.91 8.87
48 months € 487.60 6.91 8.52
60 months € 403.00 6.91 8.30
72 months € 346.90 6.91 8,16
84 months € 306.90 6.90 8.04
96 months € 277.20 6.91 7.97
108 months € 254.10 6.90 7.90
120 months € 235.90 6.91 7.85

As you can see from the table immediately, our funding from 20000 euro Ultranix range from a duration of one year to 10 years. According to the installment that you want to face every month, you can therefore find the solution that is right for you. Our advice is to choose a repayment installment that is obviously not too high, to avoid that in some months you may have problems in completing the payment of the installment itself. From the table you can see how the installments are lighter as the number of months in which the reimbursement is completed. At the same time the longer the duration of the loan, the greater the amount corresponding to the interest we will have to pay to the bank. So the ideal solution will depend on the economic situation of the client, who will have to find the right balance between the monthly payment and the corresponding interest.

In particular, the most advisable solutions for personal loans of € 20000 are those between 5 and 10 years. In the event that you choose a personal loan from Ultranix with a repayment in 60 installments (5 years), the amount of each monthly installment will be 403.00 euros, with interest rates Tan 6.91% and Taeg 8, 30%. It is hardly advisable to choose a duration of less than 5 years for a request of 20,000 euros, and in many cases a longer duration will be necessary. If you prefer to have extremely low monthly payments, the 120-month repayment option is available. In this case the monthly payment will have an amount equal to 235.90 euros, therefore rather accessible, and interest rates Tan 6.91% and Taeg 7.85%. Attention to compare the interest rates applied to the different solutions. In this case, in fact, the Taeg corresponding to the ten-year loan is lower, however it is only the percentage of annual interest, while the total cost of the loan with a longer duration is significantly higher.

Estimate Astrofinance financing from 20 thousand euros between 5 and 10 years

The second company for which we have made a calculation of the online estimate is Astrofinance. Also in this case the interesting solutions are not lacking, therefore our advice is always to evaluate the proposals of different financial and then choose the most convenient according to your needs. As for the estimate request for personal loans Astrofinance, in this case to make the calculation in addition to the desired amount we will have to specify the project we intend to achieve with the money that we will borrow. The difference between two loans of the same amount but with different purposes is however minimal, and in some cases it may concern the duration that we can choose for reimbursement. In any case, however, we have full freedom, as among the projects listed in the relevant drop-down menu are considered all possible expenses, in addition to the possibility to select the item ” Various projects “, which stresses that there is no possibility that our request is discarded according to the purpose of our financing. The following table shows the cost estimates for the € 20000 Astrofinance loan relating to the various financing options available.

DURATION MONTHLY RATE TAN% TAEG%
18 months € 1,180.10 7.70 7.98
24 months € 901.90 7.70 7.98
30 months 735.10 euros 7.70 7.98
36 months 624.00 euros 7.70 7.98
42 months € 544.80 7.70 7.98
48 months € 485.40 7.70 7.98
54 months € 439.50 7.70 7.98
60 months € 402.70 7.70 7.98
66 months € 372.70 7.70 7.98
72 months € 347.80 7.70 7.98
78 months € 326.80 7.70 7.98
84 months € 308.80 7.70 7.98
96 months € 279.70 7.70 7.98

For our calculation of the installments for all the possible times we have considered the example of a customer who is interested in buying a new car. If the cost you intend to deal with the 20,000 euros that you will receive on loan from Astrofinance is different, just visit the company’s website to make the calculation by choosing the project you want to make. In any case, the table above can be useful to give you an idea of ​​the treatment offered by Astrofinance for personal loans of 20,000 euros. In addition, based on your economic availability, you can identify the ideal duration for you, considering the expected repayment rate. Compared to the funding offered by Ultranix, in this case the duration that we can choose ranges from a minimum of 18 months to a maximum of 96 months, so we do not have a reimbursement in ten years that we have seen previously. So this can be a parameter that can determine the choice of one bank over another, even if it is good to also consider the interest rates, to understand if it is advantageous to extend the duration of the loan.

The 20000 euro Astrofinance loans, as can be seen from the quote table, provide for fixed interest rates regardless of the duration that the customer chooses for their own financing. In any case, the Nominal Annual Rate will be 7.70% and the Annual Effective Annual Rate will be 7.98%. This feature can be read as an additional incentive to choose a shorter duration, which would save us a lot on interest. In this case, by choosing a rebate in 5 years, there will be a monthly payment of € 402.70. If you prefer to have a lighter installment, the highest duration offered by Astrofinance is 8 years (96 months), which provides a monthly payment of € 279.70.

Personal Loans Cleopar 20000 euros: free online simulation

The last company for which we have carried out the free simulation of the 20,000 euro personal loan is Cleopar. Also in this case the calculation of the estimate can be done in a few simple clicks, choosing the amount to which you are interested and the duration that you prefer. The table below shows all the financing options you can choose from, in order to offer you an immediate view of the repayment installments provided and the interest rates applied. In particular, the Tan is fixed at 9.90% and therefore does not depend on the duration we will choose for our financing. As always to change according to the number of months in which we intend to complete the repayment is the amount of each monthly installment, in addition of course to the Taeg applied.

DURATION MONTHLY RATE TAN% TAEG%
24 months 945.81 euros 9.90 12,23
30 months 766.63 euros 9.90 11,91
36 months 654.07 euros 9.90 11,68
42 months € 573.87 9.90 11,53
48 months € 513.89 9.90 11,41
54 months 467.38 euros 9.90 11,31
60 months 430.32 euros 9.90 11,24
66 months € 400.11 9.90 11.18
72 months 375.05 euros 9.90 11,12
78 months € 353.95 9.90 11,08
84 months € 335.96 9.90 11,04

Cleopar personal loans of 20000 euros provide for a duration ranging from 24 months to 84 months. Therefore, compared to the other credit institutions we have analyzed, it is the company that offers the least flexibility in terms of duration of the loan. This can be a determining factor for those who are particularly interested in the possibility of fixing an installment that is as light as possible, and therefore in this case our advice is to go elsewhere to receive the financing you need. In the case that between the installments shown in the table above you have found the solution that can do for you, then what you need to do is visit the Cleopar site and the competitors to analyze the differences and choose the best one for you.

As we have already said, one of the most requested solutions in the case of the 20000 euro loan is that which provides for a repayment over 5 years. In this case Cleopar provides monthly installments of 430.32 euros, with Tan 9.90% and Taeg 11.18%. Of course, lower durations can also be chosen, even if you risk setting a too high rate that could lead to problems, for example, in the case of unexpected expenses in a given month. For this reason, even at the cost of paying a greater amount for interest, it is advisable to increase the duration of the loan. In the case of Cleopar loans the maximum duration that we can choose is 84 months. In this case the repayment installments will be each of the amount of 335.96 euros and the interest rates will be Tan 9.90% and Taeg 11.04%.

 

 

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