Personal loans are unsecured loans granted to people with no requirement of collateral when there is a financial emergency. Personal loan benefits are most felt when borrowers need money for medical situations, school fee payments, credit for major purchases, etc., that one generally need not explain to the lender.
While personal loan benefits are many, people sometimes hesitate to avail of them because of the high-interest rates and the cumbersome application procedure. However, instant personal loans from Navi have the simplest application procedure and reasonable interest rates. One can download the Navi app from the Play Store, and get their personal loan benefits from their home.
There are many advantages of personal loan that make it preferred over riskier credit avenues. Here are some of the top personal loan benefits:
One can avail of personal loan for any reason and get instant cash loan.
Applying for an instant personal loan from Navi is the easiest way to get the loan approved within the same day.
One can set the tenure of loan repayment as per their own convenience. Accordingly, the EMI changes with longer tenures having lower EMI. You can find out by using the Navi EMI calculator.
Credit card debt carries a much higher interest rate, and hence, personal loan benefits the applicant in paying off this high-interest debt. Personal loans have lower interest rates.
Being unsecured loans, personal loans have no collateral requirement.
By borrowing from a professional lender, there is no chance of souring relationships with friends and family with money issues.
Informal loan ‘sharks’ charge very high-interest rates and may even change the rate. Financial institutions like Navi offer fixed rates.
It’s advisable to avail of the benefits of personal loans only when you really need one. Indians commonly spend their personal loans at hospital billing, schools or colleges fee counters, shops, moneylender repayment, debt consolidation services, etc.
Common reasons for personal loans application by Indians are as follows:
Navi is trying to revolutionise the credit space in the fintech industry by using a technology-driven platform to provide easy access to credit. Here are the advantages of personal loans from Navi:
No need to submit any documents; your Aadhar, PAN and selfie are enough.
The tech-driven platform uses AI and ML to approve the loan applications as quickly as the same day.
The Navi app lets you see your loan schedule make payments pre-close etc., from the convenience of your home.
You can choose how long you want your loan tenure to be; whether 18 months or 60 months.
If you have low credit scores, that won’t be a constraint for a Navi personal loan. The platform goes beyond the CIBIL score in its alternative assessment methodology.
To be eligible for instant personal approval from Navi, you need to fulfil the following conditions:
Occupation: Borrowers may be salaried or self-employed, though that may vary the income threshold.
If you are in need of credit, whatever may be your reasons for a personal loan application, download the Navi app for instant disbursal. In a few simple steps, you can find out your EMI using the personal loan Calculator and fix your tenure. You can even avail of tax benefits on EMI payments if you can demonstrate that the purpose of personal loan is covered under the tax laws.
Axis Bank Personal Loan Interest Rates April 2023
Axis Bank Personal Loan interest rates are currently starting at 10.49% p.a. for loans of ₹25,000... Read More »No Credit Check Loans in India
What is No Credit Check Loan? A ‘no credit check loan’, as the name suggests, does not... Read More »Instant Cash Loan in 1 Hour Without Documents
Instant Cash Loan in 1 Hour Are you in any emergency cash crisis and in need of an instant cash ... Read More »Personal Loan on PAN Card – Check Your Eligibility & Apply Now!
Do you need urgent cash to pay for an unexpected expense, a pending bill, or a medical emergency? A... Read More »What are Short Term Loans? – Key Features and Benefits
Short Term Loan A short term loan provides urgent assistance for an individual’s financial req... Read More »Interest Rate on NBFC Personal Loan
NBFC Personal Loan Non-Banking Financial Companies (NBFCs) are becoming increasingly popul... Read More »How to Apply for a Pre Approved Personal Loan?
Pre Approved Personal Loan Pre-approved loans are instant personal loans that are offered by ban... Read More »Personal Loan Disbursal Process
A personal loan is an unsecured loan which you can avail to deal with any type of financial emergen... Read More »Unsecured Loan – Types, Benefits, Interest Rate & Eligibility
What is an Unsecured Loan? An unsecured loan is a type of loan that doesn't require any collater... Read More »Small Cash Loan on Aadhaar Card without PAN Card
Small cash loans are type of personal loans offered by banks and NBFCs to meet short-term financial... Read More »Personal Loan for Low CIBIL Score Applicants – Eligibility Criteria and How to Apply
Overview - Personal Loan With Low CIBIL Score Be it for a medical emergency, a sudden business o... Read More »What is a Fast Loan – Features, Interest Rates and How to Apply Online?
What is a Fast Loan? A fast loan is an instant personal loan that allows you to borrow money wit... Read More »Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »10 Best Gold ETFs in India to Invest in April 2023
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »10 Best Demat Accounts in India for Beginners in 2023
Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »20 Best Index Funds to Invest in India in April 2023
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »Best Arbitrage Mutual Funds to Invest in India in April 2023
Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »10 Best SIP Plans in India to Invest in April 2023
What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »10 Best Corporate Bond Funds in India to Invest in April 2023
Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »10 Best Bank for Savings Account in India [Highest Interest Rate 2023]
Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »