Navi Instant Personal Loan: How to Apply, Eligibility, Documents

Navi Instant Personal Loan: How to Apply, Eligibility, Documents

Anubhav Dwivedi's Picture
Anubhav Dwivedi
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Apply for Personal Loan Online Up to Rs. 20 Lakh @ 9.9% p.a.

  • Navi Instant Personal Loan is a convenient financial solution designed to help individuals meet their immediate financial needs, whether it's for medical emergencies, travel expenses, or any unexpected costs. The loan application process is quick and hassle-free, enabling users to secure funds in just a few clicks through the Navi app. With flexible repayment options and competitive interest rates, Navi Instant Personal Loan caters to a wide range of customers.
  • To apply for this loan, applicants must meet certain eligibility criteria, which typically include being a resident of India, having a stable income source, and being at least 18 years old. Additionally, the required documentation is minimal, usually involving proof of identity, income statements, and bank account details. The application process is designed to be straightforward, allowing users to complete it online without the need for extensive paperwork or lengthy approval times.
  • Whether you’re looking to finance a personal project or manage unforeseen expenses, the Navi Instant Personal Loan provides a quick and reliable option to help you achieve your financial goals.

To get instant personal loans through any app, you generally need to follow these steps.

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Download and Install the App:

Download and Install the App
Download and Install the App

Create an Account:

  • Open the app and create an account by providing the required information. This may include personal details, contact information, and sometimes financial information.

Complete KYC (Know Your Customer) Process:

  • To comply with regulatory requirements, financial apps often require users to complete a KYC process. This may involve submitting identification documents, such as Aadhar card, PAN card, or others.
  • Link your bank account to the app. This is typically done to verify your financial details and facilitate fund transfers.

Check Eligibility:

  • Most loan apps have an eligibility criteria check. This involves assessing your creditworthiness based on various factors such as income, credit history, and other financial indicators.

Personal Loan Eligibility Criteria:

When applying for a personal loan, several eligibility criteria are commonly considered by lenders. Here are some of the key factors:

  • Age: Applicants must typically be between 18 and 65 years old to qualify for a personal loan.
  • Approved Loan Amount: The amount you can borrow depends on your eligibility. Lenders assess various factors such as your credit score, repayment capacity, employment status, and income to determine the final loan amount.
  • Employment Status: You must be either salaried or self-employed with a consistent source of income. Lenders prefer borrowers with stable employment to minimize risk.
  • Income Levels: Borrowers generally need to meet a minimum income requirement, which often ranges from Rs. 20,000 to Rs. 25,000, depending on the city of residence and the loan amount requested.
  • Credit Score: A credit score of at least 650 is usually required to apply for a personal loan. However, a score of 750 or above can help you secure better interest rates.
  • Work Experience: Most lenders expect applicants to have a minimum of 1 to 3 years of work experience. Self-employed individuals may need to demonstrate at least 5 years of consistent turnover to qualify for the loan.

These criteria can vary between lenders, so it’s advisable to check specific requirements before applying for a personal loan.

List of Personal Loan Documents Required (Salaried):

When applying for a personal loan as a salaried individual, you will need to provide the following documents:

Income Proof:

  • Bank statements (both Indian and international) for the last 6 months.
  • Salary certificate (in English) or salary slips for the last 6 months.

Address Proof:

  • PAN Card.
  • Driving License.
  • Utility Bills (e.g., electricity, water).
  • Bank Statement.
  • Ration Card.

Employment Proof:

  • Appointment Letter.
  • Job contract.
  • HR’s email ID or official email ID.
  • Labour/Identity card/CDC (for NRIs working in the Middle East or employed in the Merchant Navy).

Identity Proof:

  • PAN Card.
  • Aadhar Card.
  • Voter’s ID.
  • Driving License.
  • Latest Form 16 (a certificate issued to salaried individuals by their employer for tax deduction).
  • Last 3 months’ bank statements (showing salary credits).
  • Passport-size photograph.

Job Continuity Proof:

  • Similar to income proof, provide bank statements and salary certificates/slips for the last 6 months.

Ownership of Residence Proof:

  • Property documents.
  • Maintenance bill.
  • Electricity bill.

Investment Proof (optional):

  • Fixed deposit receipts.
  • Mutual fund investment receipts.

These documents help lenders assess your financial stability and eligibility for a personal loan. Ensure you have all required documents ready to streamline the application process.

Select Loan Amount and Tenure:

  • Once eligible, you can choose the loan amount and tenure that suits your needs. Be sure to review the interest rates and other terms and conditions.

Submit Application:

  • Complete the loan application process by providing the necessary information and documentation. This may include income proof, employment details, and other relevant documents.

Approval and Disbursement:

  • After submitting your application, the app will review it. If approved, the loan amount will be disbursed to your linked bank account.

Repayment:

  • Repay the loan as per the agreed-upon terms. Most apps have options for monthly EMI payments.

It's important to carefully read the terms and conditions, interest rates, and fees associated with the loan. Additionally, ensure that you are using the official app from the legitimate provider to avoid scams.

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FAQs:

Is Navi app safe for loan?

  • Navi App is Secure Application.Navi App, endorsed by the RBI for digital lending and UPI transactions, prioritizes security. Its user-friendly interface ensures a seamless experience, minimizing errors and confusion throughout the entire process.

Is Navi app RBI approved?

  • Yes, the Navi app is RBI approved for digital lending and UPI transactions.

What is the interest rate of Navi app?

  • Navi provides personal loans with appealing interest rates commencing at 9.9% per annum, along with adaptable EMI choices extending up to 48 months.

Is Navi loan real or fake?

  • The Navi Loan App serves as a financial resource aimed at streamlining the borrowing process, offering swift access to funds to address urgent financial requirements, emphasizing reliability. Familiarizing oneself with its features is essential for users in search of financial aid.
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