Navi Finserv offers high-value personal loans up to ₹20 lakh via app

Navi Finserv (Navi) announced that it will now offer high-quality personal loans of up to 20 lakh via the Navi Lending app, at interest rates from 9.9% per annum with a term of up to 72 months.

Customers can access loans through the Navi App with flexible loan and EMI options and no pre-closing fees if they wish to prepay their loans before the chosen term.

Customers can download the Navi-Kredit app from the Google Play Store or Apple Store, verify their eligibility, select the loan and EMI amount, and enter their PAN and Aadhaar number to have the loan amount deposited in their bank account within minutes receive. The company says the process is completely paperless and doesn’t require the physical submission of documents like payslips or bank statements.

Navi launched personal credit through its app during lockdown last year, offering credit up to 5 lakhs with a term of up to 36 months. With most people unable to venture out during the lockdown, customers have turned to the convenience and hassle-free experience of app-based loans for medical, family emergencies, education fees and other urgent needs, according to the press release.

With its new high quality loan offer of up to 20 lakh, Navi believes it now offers an option for customers who need large loans for home upgrades, weddings, international holidays, education finance or business purposes, etc.

According to a Navi Group spokesperson, “More and more Indians are becoming comfortable with choosing online channels and apps for all their needs, including financial services. This trend has only accelerated in the last year and a half. With our quality loans offered at low interest rates, we now compete head-to-head with other lenders in the industry and are confident that consumers are now ready to take advantage of the convenience of digital, app-based loans for their larger financial needs .”

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