Navi: Information, Eligibility Criteria, Interest Rates, Review & More
You can get Navi personal loan with minimal documentation. Furthermore, if your documentation and your Navi loan application are cleared, you will be able to get the loan even within a few minutes. You can get fast personal loans at 9.9% per annum onwards. This digital instant loan app of Navi gives you fast loans, and also at zero processing fees.
In this article, you will mainly learn about some of the essential features of Navi personal loans. Apart from that, you will also learn about the Navi personal loan interest rates, as well as eligibility criteria, documentation required, and more. Hence, to learn more about the Navi personal loans, read on through to the end of the article.
Navi Personal Loans – A Brief Overview
A personal loan is something that you need to meet any financial requirement if you somehow lack finances at the moment. The loan might be needed to pay your credit card bills, wedding, health expenses, buy something important, and many more reasons. Hence, you need a financial company like Navi to offer you personal loans. Navi is just like personal loan-offering companies like India Lends, CASHe, and others.
Navi, also known as Navi Finserv, offers personal loans up to ₹20 lakhs (INR). The borrower of the loan can get the amount through the Navi app, and also with zero processing fees. Apart from that, the loans are fully paperless and are available after you share your PAN and Aadhar number. Once your documents are verified, and your loan application is cleared, then you can get the loan in as fast as ten minutes.
According to the official website of Navi,
“Navi offers instant personal loans with minimal documentation in a 100% paperless manner. Download the Navi app from Play Store or App Store, apply and get your preferred loan amount disbursed to your account within minutes.”
One of the best things about Navi personal loans is that you will have access to unsecured loans. This means you will not offer any collateral for the loan, nor do you need a guarantor for the loan. Like just any other personal loan option, you will only need to repay the amount you have borrowed in Equated Monthly Instalments or EMIs.
Furthermore, if you want to get returns by investing in mutual funds, you can do that by looking for Navi mutual fund or Navi nifty 50 index fund. In addition to that, there is also Navi health insurance, which you can buy to purchase health insurance plans.
Navi Loan Interest Rate, And Other Loan Highlights
The following are some of the highlights of Navi personal loans that you will need to know about:
| Navi Personal Loan Highlights | |
|---|---|
| Rate of Interest | 9.9% to 45% of the principal amount |
| Available Loan Amount | Loans of up to ₹ 20 lakhs are available |
| Tenure of the Loan | The loan is available for up to 6 years |
| Preclosure fees of the loan | There is no preclosure fee for Navi Loans. (There is no disclosed amount. Contact the lender of the loan to know more.) |
You can see from here that the minimum rate of interest for Navi personal loans is 9.9%. However, the rate of interest can rise to 45% based on a variety of factors. These include – monthly income, age, job profile, loan repayment history, credit score, and many more.
Navi Personal Loan Eligibility Criteria
The following are some of the essential eligibility criteria of the Navi personal loan that you need to clear if you want to avail of personal loans:
| Factors | Eligibility |
|---|---|
| Nationality | – Borrower must be a citizen of India |
| Occupation | It must be either of the two:- Salaried- Self-employed |
| Age | – The loan applicant must be aged between 18 to 65 years.- The minimum required age can be increased to 21, 23, or 25 years in special cases. |
| Credit Score | – To avail of the Navi personal loan, a borrower needs to have a minimum credit score of 650 (CIBIL score). |
| Documents Required | – PAN Card- Aadhar Card |
Navi Loan Minimum Salary
Every credit company has a base line salary criterion. But why?
This is mainly to ensure that you can pay back the loan you take.
How is it determined?
A threshold is considered. It is INR 15000 on most occasions. However, there are other factors that decide whether you will get a loan with INR 15000 salary.
Firstly, your creditworthiness matters. You are ineligible if you have an INR 15000 salary with a low credit score.
However, you can get a credit line from Navi if you have a minimum credit score of 650.
A person with credit score of 650 means two things:
- No or minimal credit repayment default cases
- Average credit worthiness, as evaluated by other credit companies earlier
The next threshold salary bar is INR 20000. It implies that your loan value will be greater as well.
However, the banks that grant INR 20000 as the threshold eligible salary for credit, will not consider INR 15000 as threshold.
For instance, IDFC First Bank gives loan against a minimum salary of INR 20000.
But there are no schemes that can get you a loan if you have INR 15000 salary.
Moreover, there are differences in credit worthiness of the two individuals. In simple terms:
- An individual with INR 15000 salary may get up to INR 1500000 as loan.
- An individual with INR 20000 salary may get up to INR 2500000 as loan.
Benefits of taking a navi loan minimum salary
The navi loan minimum salary is INR 15000. But it may be higher if your credit performance is not good. Ideally, you must have a credit score of 650 with a minimum salary of INR 15000.
If you wish to take loan against this threshold criteria, you may get the following benefits:
- No collateral against the credit line/loan that you get.
- The repayment tenure might span up to 5 years.
- You might have to pay slightly more interest, but you may get a favorable EMI breakdown.
- You can get your credit line from Navi, immediately approved.
- You can do KYC and documentation prior to approval online, in minutes.
- If your loan is around INR 15000, it will take almost no time to be disbursed.
- As there are no collaterals, there are no instances of validation, once KYC is done.
- You may get a small credit line against minimum salary, but you can pay back and get a higher credit line.
- No concealed charges are applicable, as you get to know the final repayment value, before you sign the disbursal letter.
Other miscellaneous eligibility criteria applicable
You must have a fixed salary from an acceptable source. However, you can be self-employed as well. For instance, you may run a coaching center. Mostly navi loan minimum salary comes with the criteria of 1-2 years of minimum work experience.
Lastly, navi loan minimum salary is INR 15000, only when you are 23 years of age at the least.
There are no hidden clauses. If you meet the two main criteria (min salary of 15000 and 650 credit score), you will get a loan easily.
How To Apply For Navi Personal Loan? – Steps To Follow
Once you are okay with the essential features associated with Navi personal loans, you will need to apply for a personal loan from the Navi app. Here are the steps you need to follow to apply for a personal loan from Navi:
Step 1:
Go to Play Store or App Store, and download the Navi personal loan app. Install the app on your Android phone or iPhone.
Step 2:
Register your mobile number on the Navi server through your app.
Step 3:
Check the eligibility of the loan, and fill in your personal details through the app.
Step 4:
On the app, go to the next page, and select the loan amount and the EMI amount.
Step 5:
Once you have the amount, you need to complete the KYC process, where you need to produce your Aadhar and PAN numbers and upload a selfie of yourself.
Step 6:
Enter your bank account details which are needed for the transfer of money.
Step 7:
Apply for the loan. Once your loan is verified, you will get your loan fast. The money will be transferred to your amount within the time specified to you.
Is Navi Approved BY RBI?
Now many people ask whether Navi is approved by RBI or not. Then, in this case, the Navi official website claims,
“RBI does not approve digital lending apps. The Navi App is operated by Navi Technologies Limited. Navi Finserv Limited is an RBI registered Systemically Important Non-Deposit Taking NBFC (ND-SI) which lends through the Navi App. Navi Technologies is the digital lending partner of Navi Finserv.”
Frequently Asked Questions!!! (FAQ):
Ans: Navi offers personal loans for attractive interest rates that start from 9.9% with some flexible EMI options upto 72 months. You need to get through the right options that can assist you in attaining your requirements with complete ease.
Ans: NAVI loan is a legit application that offers you health insurance services as per your requirement. You have to get through the complete process that can make things easier for you to attain your requirements with complete clarity.
Ans: Yes!! Navi personal loan is approved by RBI. You have to get through the complete process that can make things easier and effective for your business in the correct order. You should follow the right process that can make things easier for you to get the loan on time.
Ans: If your age bracket is between 18-45 years then you are eligible for the Navi Loans. You have to get through the complete loan process can make things easier for you to get the loans on time. Try to figure out the reasons for getting or not getting the loans.
Ans: You need to be an Indian citizen within a period of 21-65 years. You cannot make your selection and choices in the incorrect end. You need to have 3 lakhs of money as your salary.
Summing Up
Hope this article was helpful for you in getting a comprehensive idea of what to expect from Navi personal loans. If you are looking for a quick personal loan, you can apply for one through the Navi app; however, as you have seen that the rate of interest can change as per the loan amount and the applicant’s details. Do you know of any other app that offers similar loan rates? Share your answers in the comments section below.
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At the same time, it can optimize your preferred time horizon. It can even calculate your risk tolerance. In other words, it can create an investing portfolio customized to your needs as an investor. Wait, are you thinking about the risks of the algorithm going wrong? In that case, the AI tools can create an optimal mix of prospective individual stocks. You may manually choose from the list. 3. Select an Investing Strategy An investment strategy mainly helps you decide the niche of your preferred stocks. Determining your investing strategy and utilizing AI to help set it It's time you make the critical investing decisions. For that, you need an effective investment strategy. In other words, it's time for you to decide the kind of stocks that you want to invest in. You may also allow the robo advisers to make a mix of asset options according to your portfolio. The end goal is to maintain your profile's diversity and keep you profitable. 4. Identify Your Investing Tools There are many investing tools to choose from. Your choice depends on the investment strategy. Using AI Tools Like Stock Screeners for Stock Selection For a start, I recommend you use the stock screeners. The screening AI apps can select the plausible individual stocks for your portfolio. Wait, you're a beginner and head over heels already. I have been in your shoes. So, let me help you. The stock screeners can help you with the preset screens. You can always use those template screens to get an idea about the stocks you can invest in for good returns. 5. Start Managing Your Portfolio Once your portfolio is fixated on specific goals, it's time to manage your entry and exit positions. Utilizing Automated Tools for Managing Positions and Refining Stock Screen Searches The entry and exit points of your investments keep changing. It depends on the scale of performance of your preferred stocks. For instance, tech stocks are highly appreciated stocks in the US market now. So, your entry and exit points will change now. Further refinement of my stock screening process would be good. I might need to catch up on the better stocks that have emerged in real time. AI tools can do just the job for me. Types of Financial Data Analyzed by AI We have access to the two most viable kinds of financial data in stock analysis. Firstly, you can analyze the stock charts and determine the best-ranking stocks in real-time. Secondly, you can fundamentally analyze stocks with high prospects. Fundamental Data Analysis Now, you can search and analyze any kind of stock fundamentals with AI investing tools. If you need to know more about fundamental analysis, you may read the blog; 'Why do you need fundamental analysis of stocks?" The bigger question is what sort of fundamental documents AI can interpret: Balance sheets Annual reports Assets and liabilities sheet Newsletters and others Technical Analysis Tools for Trading Decisions Technical analysis is the real-time analysis of stock charts. There are many apps for technical analysis during AI investing. But my favorite is TrendSpider. Above all, its stock trading and value prediction features are fantastic. The highly sophisticated AI algorithm of TrendSpider can do rigorous research using charts and technical signs. Its algorithm is most suited for NASDAQ and NYSE stock charts. Suitability of AI Investing for Beginners I'd say AI investing is the best option for beginners. However, you've got to be a stock nerd too. Keeping track of the stock market will assist you in making the right investment strategy. Robo-advisors as a beginner-friendly option Robo advisers are suitable for beginners for a reason. Firstly, these tools are more intuitive than technical. So, it will track and study your inclinations and motives while investing. At the same time, it will search the vast canvas to filter the stocks that suit your investment needs. Benefits of AI tools like stock screeners for beginners The stock screening tools create a preset diverse stock portfolio. That would help you get going in the beginning. Investing in AI Stocks In the US market, around 22% of companies are investing in pursuing AI integration across their products and services. At the same time, 33% of the SU companies have integrated AI into their operations. What does it mean for you? In simple words, it is the best time to start investing in AI companies' stocks. Categories of AI stocks: blue-chip tech companies and small AI developers The blue-chip companies are tried and tested in the stock market. Equity investors are confident that these stocks will give high returns. These are also relatively safe investments and offer better returns in the long run. Presently, the top 5 blue chip stocks in the US market would be: Verizon Realty Income Corp McDonald's Corp American Water Johnson and Johnson You may invest in the smaller companies too. These companies are working on experimental projects for innovative AI development. So, there is a chance that these stocks will be highly appreciated in the market soon. Considerations when investing in AI stocks I urge all investors to do a correct risk profile analysis before investing in AI stocks. Sudden regulatory changes, economic downturns, and other misc. factors can impact the value of these stocks. At the same time, you must evaluate the growth potential of individual stocks or the preferred stock suggested by AI. How to find and invest in AI ETFs? ETFs invest in a composite multi-stock portfolio that significantly impacts your profile. At the same time, it reduces the risk of investing in individual stocks. The ETFs track AI stock indices like Indxx, CTA, and others. Most AI-exposed ETFs will have AI in their names. Conclusion You can use AI investing to process sumptuous market data in a jiffy. So you can make better real-time investment decisions. At the same time, you can make sharper investment decisions by tracking the best stocks. Always remember to create an investment strategy and have a purpose to invest. You can use AI investing tools even if you are a beginner. However, you must perform an in-depth risk analysis and detect stocks with the highest chances of potential returns. I believe that AI tools will make market analysis and scoping the best stocks easier in the future. For More Business Related Information, Click Below!! How To Invest in ChatGPT? The 10 Best AI Companies in the World Best Artificial Intelligence (AI) Stocks to Invest in US
Jun 14, 2024