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Navi Personal Loan

Navi Personal Loan


Max Tenure

6 years

Best Rate

9.9%-45% p.a.

Processing Fee


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Navi Personal Loans – Features, Benefits & Process

Navi Personal Loan is an affordable credit product that helps individuals take care of immediate personal obligations. It comes with the best interest rate in the market with flexible repayment options.

Personal loans are a form of credit where lenders provide funds to help you meet your short-term financial needs. They are a good way to get the money you need to tide your family over during a difficult period, such as when your car breaks down or a family emergency occurs. The only thing required of you when you apply for a personal loan is a small documentation and information verification process, which can be done on the spot if needed.

They are most often used to help individuals cover unexpected expenses, such as a car repair or a utility bill, or to help bridge a financial gap between when an individual's other forms of income are received and when the next paycheck comes in. They are also used by individuals to pay for larger expenses, such as paying off debt or investing in a business, or meet other personal expenses like marriage, vacation, home renovation, shopping, and medical expenses. Most personal loans are unsecured, which means that you don't need to provide any collateral or security to get the loan.

How to Apply for Axis Bank Personal Loan

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How to Apply for Axis Bank Personal Loan - Low interest rate, no security needed, less paperwork, long tenure, minimum income requirement. CreditMantri offers you the best personal loans matched to your credit profile. Create your credit profile, know where you stand on your credit and apply for loans and credit cards that are right for you. Disclaimer: The information presented has been collated from publicly available sources on the internet. CreditMantri is not responsible for any changes in the same.

Features of Navi Personal Loans

- Instant Personal Loans of up to ₹20 lakhs

- Interest rate starting at just 9.9% p.a.

- Complete digital process, without any paperwork, on the Navi mobile app

- Comfortable repayment with flexi EMIs of up to 72 months

- ZERO processing fees on loans above ₹50000

- Transparent loan processing without any hidden charges or ambiguous terms

Why choose Navi Personal Loans?

Navi Finserv is the brainchild of Flipkart co-founder Sachin Bansal and former Deutsche Bank executive Ankit Agarwal. It is a technology-driven lender which aims to use data to create customer-centric financial products. Navi offers the most transparent financial products in the industry. It uses machine learning, data science, and behavioral economics to create a unique customer experience, eliminating the need for human intervention. Navi's digital lending platform offers quick approval and a no-hassle experience.

How can I apply for a Navi Personal Loan?

As mentioned above, Navi personal loans are completely digital, and applied through their mobile app.

1. Download and install the ‘Navi: Loans & Health Insurance’ app from Google Play Store or Apple App Store

2. Login with your mobile number, name and email address

3. Check your loan eligibility by entering a few basic details

4. Once you learn of your eligibility amount, you can choose the amount of loan you want to apply for

5. You will be required to complete the KYC process via a video-KYC process on your phone where you will be required to upload your PAN, Aadhaar and a selfie

6. You then have to link your bank account and setup auto-pay

7. Once all these processes are completed, the loan amount is disbursed into your bank account

Who is eligible to apply for a Navi Personal Loan?

Navi Personal Loan is available for –

- Salaried & self-employed individuals

- You need to hold a valid PAN card

- Need to have a good CIBIL™ score of 720 and above

What are the documents required to apply for a Navi Personal Loan?

Navi promises instant personal loans with minimal documentation. You will just need –

- Your PAN card

- Your Aadhaar card

What are the factors affecting my Navi Personal Loan eligibility?

Navi Personal Loans are unsecured personal loans, and hence, the lender has to carefully check the eligibility of the borrower before approving the loan. The following factors play an important role in determining any personal loan eligibility –

1. A high credit score

To qualify for a low-interest personal loan, the borrower must have a credit score of 750 or higher. As a borrower, having a good credit score gives you negotiating power. The higher the score, the greater the likelihood of obtaining the best interest rate.

2. Monthly income

Before approving your loan application, lenders always check your monthly income. Most financial institutions will lend you money if your monthly income exceeds Rs. 15,000. However, the loan amount and interest rate offered will be determined by your income - someone earning Rs. 50,000 per month will receive a larger loan amount and better rates than someone earning Rs. 20,000 per month.

3. Debt-to-Earnings Ratio

Let's say you make Rs. 80,000 per month. However, approximately 80% of your salary goes toward existing debt repayments. This means that your debt-to-income ratio is high, which may have an impact on the final interest rate offered.

4. Employment Situation

Before servicing a loan, lenders determine whether you are employed or unemployed. Applicants with a steady source of income (salaried or self-employed) can get better interest rate deals than applicants who do not have a consistent monthly income.

FAQs of Navi Personal Loans

1. What is the maximum loan amount you can borrow on Navi Personal Loan?

Navi offers a maximum loan amount of Rs.20 lakhs.

2. Do I need to offer any collateral or guarantee for a Navi Personal Loan?

No, Navi Personal Loans are unsecured loans so you don’t have to offer any collateral or guarantee.

3. Do I need a high credit score to get a Navi Personal Loan?

A credit score of 720 and above is considered ideal for a Navi personal loan.

4. What is a pre-approved personal loan from Navi?

If you've been pre-approved for a loan, it means that Navi has already assessed your loan eligibility. For pre-approved loans, the loan offer has already been processed based on your credit profile.

5. Why did my KYC verification get rejected?

Your KYC could get rejected if there is any information mismatch between your PAN, Aadhaar and bank account details.

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