In this Navi Loan application, you can get your loan money in under 10 minutes if you are eligible so if you want to know if you are eligible or not or what type of documents you need and how to register, and how to apply everything available below.
Here are some of the salient features of Navi Mobile App personal loans and also the benefits which the loans offer:
- Navi Mobile App Personal loans are collateral-free loans that do not require you to pledge or mortgage an asset to avail of the loan. The loan does not even require any third party guarantee
- You are allowed flexible repayment tenures to pay off the loan. The tenure usually ranges from 12 months to 84 months
- Besides personal financial needs, you can also avail of personal loans for your business needs
- Applying for a personal loan requires minimal documentation compared to home loans.
- Loans are disbursed almost instantly provided you meet the lender’s terms and conditions.
- You can enjoy lower interest rates if you have a good credit score
- There are personal loan EMI calculators which help you calculate the EMI payable for the loan depending on the loan amount, applicable interest rate, and the repayment tenure
- You can prepay the loan before the stipulated tenure, either partially or fully to reduce or completely get rid of the EMI burden.
If you are looking to avail of a personal loan, you would have to fulfill some eligibility parameters. The parameters are fixed by the lenders and the most common ones include the following –
| Age | You should be between 18 and 65 years of age to avail of the loan. The minimum age can also be increased to 21, 23, or 25 years in some cases |
| Interest Rate | Starting at 9.9% p.a. |
| Credit score | Your credit score should be at least 650 to apply for the loan. If your score is below 650, the loan application might get rejected |
| Employment | You should either be salaried or self-employed |
| Income Level | There is a minimum income that you should earn every month to qualify for the loan. The level varies across lenders |
So, before you apply for a personal loan, check the lender’s eligibility requirements and ensure you meet such requirements so that your loan application is not rejected.
To apply for an instant personal loan you would have to submit a set of documents to the lender. These documents are used for verification purposes by the lender and also to check whether or not you meet the eligibility criteria. There could be a huge list of documents, but Navi has made the process extremely simple by reducing the documents to only the basics.
The list of documents needed to avail of a Navi Mobile App personal loan is actually very simple and it includes:
- PAN Card
- Aadhar Card
- A selfie as a proof
To process your loan application within minutes of applying for the same.
If you’re salaried, you could be required to submit the following documents:
- Address Proof: Aadhaar card, driving license, ration card, voter ID, passport, rent agreement, etc.
- ID proof: Aadhaar card, PAN card, driving license, voter ID, etc.
- Last 3 months’ salary slips
- Form 16
If you’re self-employed, you may need to submit the following documents:
- Address Proof: Aadhaar card, driving license, ration card, voter ID, passport, rent agreement, etc.
- ID proof: Aadhaar card, PAN card, driving license, voter ID, etc.
- Last 6 months’ bank statements
- In the last 2 years, IT returns
- Business proof
- Income Tax Challans or TDS certificate.
You can apply for a personal loan through the Navi App just by following the steps below:
- Download the Navi App
- Once you have downloaded the app, you need to click on the “Apply” tab
- Then you need to fill in basic details to process your loan application like:
- Full Name
- Age
- Marital Status
- Pin code of residence
- Then you need to fill in employment and income details
- And finally, enter your PAN number
- Then your loan is instantly processed where your Credit Score and other details would be checked at the backend
- And your loan would be processed within a matter of 10 mins
Finishing Up!!
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