How to insert a picture into Excel at a specified cell position with VBA

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Try this:

With xlApp.ActiveSheet.Pictures.Insert(PicPath)
    With .ShapeRange
        .LockAspectRatio = msoTrue
        .Width = 75
        .Height = 100
    End With
    .Left = xlApp.ActiveSheet.Cells(i, 20).Left
    .Top = xlApp.ActiveSheet.Cells(i, 20).Top
    .Placement = 1
    .PrintObject = True
End With

It’s better not to .select anything in Excel, it is usually never necessary and slows down your code.

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