Mr. Kumar faces a sudden medical emergency and incurs substantial expenses because of it. While his insurance policy can cover some of the costs, he would require a considerable amount to pay for the rest of the expenses. At such a stage, his best option would be to look for private loans . Lenders are ready to provide hassle-free financing to individuals, such as Mr. Kumar, provided they qualify the eligibility criteria.
Navi offers low-interest personal loans to both salaried and self-employed individuals. You can check the details of such a loan on the Navi app. However, before applying, go through the following write-up to know more about these loans.
A private finance loan is highly useful in certain instances. Read on to learn more about its various features and advantages.
If you are looking to avail a personal loan, download the Navi app and initiate the application procedure.
Navi is one of the trusted financial lenders operating in India presently. The following are some reasons to seek financial assistance from this company:
Here are some basic requirements when availing a personal loan at Navi:
Besides fulfilling the eligibility criteria, an applicant should submit the following documents to opt for such loans:
Keep these documents handy before applying for a personal loan to make the process simpler and ensure faster approvals.
Now that you know everything else about private loans, here is the complete application procedure to help you further:
Step 1: Visit Navi’s website or use the Navi app.
Step 2: Select the personal loan option and choose the loan amount. Make sure you adjust the EMI amount as well to lock in your preferred repayment tenure.
Step 3: Fill up the application form by providing all relevant information.
Step 4: Complete a quick online KYC verification process using your PAN and Aadhaar details.
Step 5: Submit the application and wait for the approval.
If you complete the process successfully, you will receive the funds shortly.
Navi’s private loans can help you fulfil all types of financial requirements. From enjoying a family trip to offering the best education to your child, this type of credit can ease the affordability of these expensive pursuits.
That said, before opting for a private loan, make sure you use a personal loan EMI calculator to compute the monthly EMIs beforehand. This will help you manage your finances better.
Even though it is not an ideal scenario, your lender may allow you to avail such loans with a low CIBIL rating. The interest charges may be higher than normal since the credit risk is higher.
Prepaying a personal loan is beneficial in certain situations, often allowing you to save on the interest costs. Prepaying refers to paying a part of the outstanding principal before time. However, keep in mind that some lenders charge a fee for such prepayment.
If individuals opt for a longer loan tenure, they have to pay lower EMIs, which makes the loan repayment more manageable. Nevertheless, a longer tenure also leads to an increase in the interest cost of a loan. Therefore, if you intend to keep the overall cost of borrowing low, make sure you avail personal loans for a shorter duration.
You can practice several methods to improve your CIBIL score. The easiest way to improve this score is to repay your existing dues on time without fail. If you use a credit card, make sure to clear its bill in full after every billing cycle.
Credit mix refers to a balance between secured and unsecured loans in one’s borrowing portfolio. If you opt for too many unsecured loans and not enough secured credit, your credit score suffers. Therefore, your history of borrowing should have a good balance of both kinds of loans.
Mutual Fund investments are subject to market risks, read all scheme-related documents carefully.