GET A INSTANT LOAN OF UP TO 5 LAKH
Navi app is a leading application for an instant loan via a digital platform without any paperwork and the loan amount will be directly credited into your bank account. By following these steps that we will discuss in our blog, you will get an instant personal loan of up to 5 lakh.
NAVI- Instant Personal Loans App
This app is backed by Flipkart co-founder Sachin Bansal, it is a financial services startup, Navi has launched a mobile app “NAVI- Instant Personal Loans App”. NAVI is an online platform where you can get instant personal Loans and Home loans(New Launch) up to 5 Lakh in just a few clicks on your smartphone. Navi is specially designed for Middle-class Indians with an Attractive Interest Rate and, the key feature that allows you to get loans instantly without any bulky paperwork. So, Navi is a nice option for getting a loan as you just get to download the app, check the eligibility along with the loan amount and interest rate.
Samit Shetty, CEO of Navi Finserv, an NBFC owned by Navi, said,
“As the number of people is increasing who are opting for online channels and apps for all their needs – including financial services – in the past few months, the Navi lending app received a strong response from Tier-I, II, and III towns during the Beta phase. It gave us the insights and confidence to launch it officially in such a short time. With this confidence, we are scaling on a good number with b across 150 cities in India.”
The Eligibility criteria for the Navi app?
- You must be a citizen of India.
- Your age must be 18 or above.
- The credit profile of the borrower plays an important role.
- The city also affects your eligibility, as while checking the eligibility you Select the city.
Note: Borrower must fulfill are the criteria listed above
Features or Benefits of using Navi App
- The maximum loan limit that is available for the customer is up to Rs 5 Lakhs.
- The Money transfers instantly to the bank account.
- The Navi app has less documentation like bank statements or salary slips is not required.
- The Navi app has complete online processing or we can side that it is paperless.
- The app has a flexible loan and EMIs option, we can select EMIs and loan amounts at your convenience.
- Instant eligibility check
- No collateral is required as there is no security deposit.
How many loans you can apply for from NAVI Loan App?
According to the sources, you can apply for a single loan at a time up to 5 lakhs, and after completing one loan cycle, you can apply for the other loan.
The minimum and maximum loan amount for the loan?
The minimum loan amount is Rs. 10,000 to 5,00,000
Duration(Tenure) of the loan in Navi app?
The duration of the loan in the Navi app or the tenure with around 90 days to 36 months.
Documents required for the Navi app?
- Pan Number
- Aadhar Number
Details of personal Loan
Loan amount : Rs 10,000 to Rs 5,00,000
Tenure : 3 Months to 36 Months
Interest rate : 16% to 30% per annum
Processing Fee : 2.5%(Min Rs 500+GST and Max Rs 5,000+GST)
Example:
Loan Amount: Rs 25000
Tenure: 12 Months
Interest Rate: 22% (on Reducing Principal Balance interest calculation)
EMI Amount: Rs 2,340
Total Interest Payable: Rs 2,340 x 12 months – Rs 25,000 Principal = Rs 3,080
Processing Fees (incl. GST): Rs 737.5
Disbursed Amount: Rs 25,000 – Rs 737.5 = Rs 24,262
Total Amount Payable : Rs 2,340 x 12 months = Rs 28,080
Total Cost of the Loan = Interest Amount + Processing Fees = Rs 3,080 + Rs 737.5 = Rs 3,817.5
Get a instant loan upto 5 lakh
Step to install Navi app and apply for a loan
Step 1. Download Navi – Instant Personal and Home Loans app from the play store.
Step 2. Register your account with your phone number.
Step 3. Fill in the basic details and complete your profile.
Step 4. Select the loan and the EMI amount.
Step 5. Complete your KYC using Aadhar Card and Pan Card.
Step 6. Fill in your bank details.
Step 7. Enter bank details for money transfer and get the money instantly
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