Navi Finserv will make personal loans worth Rs1,750 crore In 2022.
- ByStartupStory | January 26, 2022
Navi Finserv, Navi’s non-banking financial company (NBFC), announced on Tuesday that in the calendar year 2021, it disbursed INR 1750 crore in personal loans. According to the NBFC, 85 percent of disbursed loans in 2021 were approved in less than 10 minutes, with the fastest loan approval time being 45 seconds.
The company received loan applications from over 97 percent of India’s PIN codes and served customers in over 4500 cities across the country. Bengaluru, Delhi, Mumbai, Pune, and Jaipur were the top 5 cities for Navi’s personal loan business in 2021.
During the first lockdown in April 2020, the company launched personal loans with loan amounts up to INR 5 lakhs and terms up to 36 months. Customers turned to the convenience and hassle-free experience of app-based loans for medical and family emergencies, education fees, and other urgent needs because most people were unable to venture out during that time. Navi launched high-value loans of up to INR 20 lakh in January 2022.
“As more Indians become comfortable with using online channels and apps for all of their needs, including financial services, online channels and apps are becoming more popular.” The tremendous customer response and traction our lending business has seen reflects this trend, which has only accelerated in the last one and a half years,” said Sachin Bansal, co-Founder, Navi Group.
Customers can use the Navi app to get loans with no pre-closure fees if they want to pay off their loans early. Customers can check their eligibility, choose a loan and EMI amount, and receive the loan amount in their bank account within minutes after completing the Know-Your-Customer process on the app (KYC). The process is completely paperless, and no physical documents such as pay stubs or bank statements are required.
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