News Update

Navi Technologies’ NLC Platform Disburses Over Rs 1,900 Crore in Personal Loans

• ByStartupStory     |    August 1, 2023

Navi Technologies, founded by Sachin Bansal, has successfully disbursed over two lakh personal loans amounting to Rs 1,900 crore through its Navi Lending Cloud (NLC) platform. Launched in August last year, NLC is a cloud-native platform that enables co-lending and direct assignment for personal loans.

The platform has partnered with six co-lenders, including Cholamandalam Investment & Finance Company, Aditya Birla Finance, Piramal Capital and Housing Finance, Credit Saison, Tata Capital, and Lendbox. It has also onboarded 13 direct assignment partners, such as the Central Bank of India, Indian Bank, DCB Bank, Aditya Birla Finance, Piramal, Credit Saison, and Northern Arc Capital Ltd., among others.

Through the Navi app, borrowers can avail of personal loans of up to Rs 20 lakh with a tenure of up to 72 months. The loan origination and processing are carried out by Navi based on agreed credit parameters and eligibility criteria. The co-lending partner NBFC funds 80% of the loan generated, while Navi Finserv, a wholly-owned subsidiary of Navi Technologies, funds the remaining 20%.

Since its launch in August 2022, Navi Finserv has served over five lakh customers through co-lending and direct assignments on the NLC platform. The NLC platform provides lending partners with real-time underwriting and credit parameter definition capabilities, as well as facilitates real-time settlement of collection payments to co-lenders and reconciliation management. For direct assignments, the platform allows investors to explore, analyze, invest in, and monitor a portfolio of their choice from Navi’s books.

“NLC is dedicated to providing a forward-thinking solution that not only simplifies lending for our partners but also ensures a delightful product experience for our customers. With the addition of our six co-lending and DA partners on NLC in nine months, Navi is actualizing its vision of making finance accessible for every Indian,” said Sachin Bansal, Co-founder of Navi Group.

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