Navi loan app is a digital loan app that helps people access instant loans and the loan amount one can take up can be anything between Rs.50, 000 to Rs. 5 lakhs.
The tenure for which a loan can be taken could be anywhere between 90 days to 36 months. The interest rate on the sum of money taken as the loan would be 22%.
The loan can be obtained completely paperless and through a contactless process for the customers.
The chief executive of Navi Finserv Samit Shetty and co-founder Sachin Bansal has been able to gather strong responses from the Tier 1, 2, and 3 states of the country during their Beta testing phase.
During this phase, some could receive loans within 10 minutes of applying for them and some even received them within 5 minutes. They are now scaling it up in major cities.
The app head office is located in Bengaluru and was founded by Sachin Bansal after he moved out of Flipkart.
You can apply for two types of loans with the app- home loans and personal loans.
Home loans are restricted to some cities whereas personal loans can be applied from many cities.
If you’re planning to take a loan from the Navi loan app then you must first know if you’re eligible to apply for the loan.
– Open the loan app, and then move to the loan eligibility calculator.
– Now fill in the city of residence, birth date, monthly income, and expenses.
– Once you fill-up the fields and then click on the submit tab, you can see the amount of loan you’re eligible for.
– Apply for the same amount and then go through the quick loan approval process to obtain the amount you need.
– The person must be an Indian citizen, above 18 years of age, and verify the cities from where you can apply. Home loans are mostly restricted to the state of Karnataka whereas personal loans can be applied from many different places and states.
To borrow a loan from the Navi loan app, you’ll have to fulfill the below steps.
– Install the Navi app and register with your mobile number.
– Fill in the basic details and then check with the loan calculator.
– Select the loan and choose the EMI amount as per your suitability.
– With a selfie and Aadhar complete the KYC.
– Finally, enter your bank details to transfer the money.
– Wait until your details get verified and your loan amount is sanctioned to you.
Home loan interest rates would be 6.95% per annum and personal loans will have an interest rate of 22%.
One can easily download the Navi personal loan app from the Google Playstore. Just click on the Install button and then wait for the installation to finish.
To date, there is no information on whether the Navi loan app is approved by RBI.
It is a real app and has just completed the beta testing phase and is about to launch in the market.
Judging by the way beta testing has been completed, the Navi app is known to be one of the fastest money lending app in the market. The app is regularly monitored for fraudulent practices and users.
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