The Navi Personal Loan is a smart option for any borrower looking for hassle-free access to funding. This is because you can get a Navi instant loan within minutes, and use it for medical emergencies, debt consolidation, or other personal needs.
In fact, this instrument can be availed digitally, and you can handle all processes right through the Navi Loan app. This provision makes it easy for you to get the loan and manage payments too.
Here is a quick overview of the key details of the Navi Cash Loan.
Maximum loan amount
Up to ₹20 Lakhs
Up to 72 months
Interest rate (p.a)
9.9% - 45%
To facilitate digital lending, the Navi personal loan eligibility terms are simple. Moreover, you need only submit basic paperwork to get your application approved.
To know more about the Navi Personal Loan, the rate of interest on offer, and the Navi loan app, read on.
The Navi Personal Loan rate of interest is set between 9.9% p.a. and 45% p.a. The rate you get is an important factor for many reasons, mainly because it determines the cost of borrowing.
This affects the overall affordability and feasibility of the loan. However, the Navi personal loan rate of interest you get depends on various factors. These are:
Loan repayment history
So, it is important that you only apply for a Navi Personal Loan if you comfortably meet all the criteria and have had a steady income for at least 1 year. This maximises your chances of getting a favourable deal.
at % interest rate for months
It is important to know your monthly personal loan payment amount before you apply for a Navi personal loan. While you can manually compute this value, you can also use the Navi Loan EMI Calculator.
This tool is user-friendly and can help you calculate your EMI amount with ease. It takes into account your loan amount, interest rate, and tenure. The steps to use the Navi Personal Loan EMI calculator are:
Step 1: Visit the official calculator webpage
Step 2: Enter the values for your ‘Loan Amount’, ‘Rate of Interest’, and ‘Loan Tenure’
Step 3: View the results, clearly depicting the breakup
Using the calculator helps you plan your finances and budget accordingly. This tool is readily available on the Navi website and can be used free of cost. Best of all, you can also view the amortisation schedule under the calculator for a detailed picture of your loan.
The Navi Personal Loan EMI (Equated Monthly Instalment) is calculated using the following formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here, P represents the loan amount, R represents the monthly interest rate, and N represents the loan repayment months.
For instance, if you take out a loan of ₹1,00,000 with an interest rate of 9.9% per annum for a repayment period of 12 months, the calculation would be as follows:
P = 100000
R = 9.9/12/100 = 0.00825 (9.9% per annum converted to monthly interest rate)
N = 12
EMI = [1,00,000 x 0.00825 x (1+0.00825)^12]/[(1+0.00825)^12-1]
EMI = ₹8,764 (approx.)
Therefore, the monthly loan repayment amount for a Navi Personal Loan of ₹1,00,000 with an interest rate of 9.9% per annum and a repayment period of 12 months would be ₹8,764 (approx.).
To apply and qualify for a Navi personal loan, meeting certain eligibility criteria is crucial. Familiarising yourself with these criteria can help you evaluate your eligibility for the loan.
Age: The age limit for a personal loan is between 18 and 65 years
Employment: You must be either a salaried or self-employed applicant with a regular source of income.
Income levels: You must meet the minimum income terms depending on the city of residence.
Credit score: You must have a credit score of at least 675 to apply for a personal loan. A score of 750 or above will help you get a better rate.
Work experience: You must have at least 1 year of work experience to qualify for a personal loan.
Considering the impressive range of features and benefits of a Navi Personal Loan, you can be sure it’ll come in handy. Here is a detailed overview of this loan.
Zero paperwork: You can enjoy a 100% paperless process with Navi, saving you from unnecessary paperwork.
Instant disbursals: You get your funds directly to your account within minutes after receiving approval.
Flexible payment plans: You can choose a repayment tenure ranging up to 6 years.
Affordable rates: You can avail of attractive interest rates, starting at 9.9% p.a.
Collateral-free loan: You don't need to pledge collateral or have a guarantor.
Digital procedures: Thanks to the Navi Loan App, you can complete all loan processes through your smartphone.
To get a Navi Personal Loan, the documents required are minimal and pertain mostly to the basic KYC procedures. As such, you need only provide your PAN and Aadhaar information. Once you have provided these details and they have been verified, you can enjoy paperless loan applications.
This makes it a lot easier to apply for new loans, especially when you have an urgent need for funds. You don’t have to worry about furnishing a long list of documents to get the process started. Simply log on to the app and apply for the loan.
Applying for a paperless personal loan is a simple and hassle-free process. Here are the steps to apply for a paperless personal loan:
Step 1: Visit the official website or download the Navi loan app from the Play Store or App Store.
Step 2: Fill in basic details like your name, your address, and your PAN details to check your loan eligibility.
Step 3: Check the offered interest rate and select your preferred loan amount and repayment tenure.
Step 4: Upload the necessary documents and complete your KYC process.
Step 5: Link your bank account for verification and once successful, the loan amount will be directly disbursed to your account.
In just a few simple steps, you can complete the entire process and get funding within minutes. Do note that it helps to set up the auto-debit function for payments. This helps avoid missed payments, which can lead to costly penalties.
In instances where you face issues with any processes related to the Navi Personal Loan, you have several options to reach the customer care team. You can get in touch with Navi customer care by calling their toll-free number 080-4653-5800 or by sending an email to support@Navi.com.
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This is a loan offered by the lender Navi. You can get a range of loans, and these can be availed online or through your smartphone. Navi offers paperless loan processing with flexible repayment options, attractive interest rates and disbursal within minutes of loan approval.
Yes, the Navi loan app is approved by the RBI. Navi is a digital lending platform that provides personal loans to eligible borrowers. The platform is regulated by the Reserve Bank of India (RBI) and follows all the guidelines and regulations set by the central bank.
Yes, you can apply for a loan from the Navi app. It offers paperless personal loans that can be availed through its app or website. In addition, the loan application process is quick and hassle-free, making it a convenient option for those needing funds.
Navi provides loans through its 100% digital and paperless platform. You can apply for a personal loan through the Navi app by following four simple steps. Start by filling in basic details, checking your eligibility, verifying loan details and KYC, and linking your bank account.
Yes, Navi allows part payments on its personal loans. You can make part payments by logging into their Navi account and choosing the 'Part Payment' option. The minimum part payment amount varies depending on the loan amount and tenure.
Yes, you can foreclose your Navi loan anytime by paying the outstanding loan amount. In addition, Navi does not charge any foreclosure penalty or charges for prepaying the loan.