Indore, a popular town of India, is the largest city in Madhya Pradesh. It has salaried as well as self-employed individuals in its demography. Being an educational as well as a professional hub, the cost of living in Indore has increased over the years. If you live in Indore and have a requirement for some funds, you can always opt for a personal loan in Indore to meet your needs.
A personal loan is a multipurpose loan that can be used for different financial needs. The lender does not ask you any questions as to the usage of the loan when you apply for it. A personal loan in Indore can be availed at simple eligibility parameters and is also sanctioned instantly.
Navi also offers personal loans in Indore for your financial needs. You can download the Navi app and apply for the loan.
Applying for Navi’s personal loan in Indore
Here are the steps involved in availing an Indore loan through Navi –
- Download the Navi app from Google Play Store
- You can simply register on the app by providing your mobile number
- Click on the ‘Apply’ tab to apply for an Indore loan
- Enter in your details which include the following –
- Full name as per your PAN Card
- Marital status
- PIN code
- Employment details – salaried, self-employed or other
- Monthly income
- Enter in your PAN Card number and submit your loan application
- Navi would use a technology-driven model to assess the details provided and approve a loan amount. You can choose any amount of loan within the approved limit and set your preferred EMI
- Click your selfie, provide your Aadhaar card number and enter the full names of your parents
- Then enter your bank details like your bank account number, bank name and IFSC code
- Set up an Auto Debit Mandate on your bank account
- Once the bank details are verified, Navi would credit the loan amount directly to your bank account within minutes.
Features and benefits of Navi’s personal loan in Indore
The personal loan in Indore offered by Navi bears the following features and benefits –
The loan is unsecured in nature. This means that you don’t have to pledge any asset as collateral security or find someone to offer a guarantee on the loan. The loan is sanctioned easily depending on your income level and eligibility parameters.
High loan quantum
Navi offers loans ranging from Rs.10, 000 to Rs.5 lakhs. So whether your financial needs are small or large, you can avail the required funds from Navi
Flexible repayment tenor
The repayment period offered by Navi is flexible. You can choose the tenure of up to 36 months suiting your budget and pay the loan easily
Ease of finding affordable EMIs
Navi has an EMI loan calculator which helps you calculate the EMIs of the loan before you apply for funds. This calculation shows the possible EMI outflows and helps you plan the repayment in advance. You can also use the calculator to find the best EMI
Simple online application
There is no elaborate paperwork required for availing Navi’s Indore loan. You can get a loan simply by entering your PAN card and Aadhaar card number and clicking a selfie. The whole process is online and you get funds within the shortest possible time
Eligibility for a personal loan in Indore
There are some eligibility parameters that you need to meet to become eligible for the loan. However, there are no fixed eligibility parameters for Navi. Navi uses a technology-based model to assess your eligibility and approve a loan amount. You can, therefore, download Navi’s app and check your eligibility instantly.
To avail a personal loan in Indore through another lender, here are some eligibility requirements that you should meet –
You should be aged at least 18 years and above to avail the loan. Some lenders might have a higher minimum age criteria ranging between 21 and 25 years. The maximum age for loan application is, usually, 65 years
You should be engaged in a steady job or have a steady business of your own
You should have a minimum monthly income level as specified by the lender
A credit score of 650 and above is needed to get the loan easily
Documents for a personal loan in Indore
To get a loan through Navi, no documents are needed. You need to simply click your selfie and enter the numbers of your PAN card and Aadhaar card to get the loan.
However, other lenders might need you to submit a set of documents for loan application. Such documents include the following –
- Identity proof – Aadhaar card, passport, PAN card, Voter’s ID Card, driving license, etc.
- Age proof – birth certificate, Aadhaar card, passport, PAN card, Voter’s ID Card, etc.
- Address proof – utility bills, rent agreement, property deed, Aadhaar card, passport, Voter’s ID Card, etc.
- Income proof – salary slips issued by the employer or financial statements of the business
- Recent coloured photographs
Get a loan from anywhere in India through the Navi app
Getting personal loans from Navi does not require you to be only in Indore. You can avail a loan from anywhere in India using the Navi app. The app can be downloaded on your Smartphone and the loan application process can be completed using it. You just need to upload your documents online without having to go anywhere and the application process would be completed.
Navi’s app is an on-the-go solution that allows you to apply for an instant cash loan from any part of the country. Getting a loan can never be this easy!
So, use Navi’s simple loan app and get a loan for your financial needs in Indore or anywhere else in India.
Frequently Asked Questions
Navi does not need any collateral security to sanction the loan. So, you don’t have to pledge your jewellery to get a loan from Navi. The loan would be issued simply by applying for it if you meet the eligibility parameters.
Yes, the EMI can be changed if you change the loan amount and/or the repayment tenure. If you reduce the loan amount the EMI would reduce and vice-versa. Similarly, if you increase the repayment tenure the EMI would reduce and vice-versa. By changing the EMI, therefore, you can find the most affordable amount.
Yes, the interest on the outstanding amount of the loan is payable every month. This interest forms a part of the EMI.