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.
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.
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.
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:
|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|
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.
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.”
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.