The world of FinTech makes applying for a personal loan a highly convenient finance option in times of urgent financial need. Previously, people would need to stand in long queues at the bank to file a personal loan application. However, thanks to Navi’s instant loan app, a person can now apply for a personal loan from the comfort of their home. Within a few clicks, the loan amount will be credited to one’s bank account.
Personal loan interest rates usually start from 18% and go up 30%. The loan amount starts from 5000 and goes up to Rs 500,000, depending on the credit profile of the applicant.
Purpose of applying for Navi Personal Loan
- Debt consolidation
- Paying off medical expenses
- Home renovation
- Planning a vacation
- Unplanned financial contingencies
Factors that decide a Personal loan offer at Navi
Availing a low-interest personal loan with Navi instant personal loan is a simple and seamless process. You are required to keep certain metrics in mind before applying for a loan:
Good Credit Score
To get a low-interest loan, it is a must for the borrower to have a credit score of 750 or above. Having a good credit score gives you a negotiating power as a borrower. The higher the score, the better are the chances of getting the best interest rate offers from Navi.
Do Proper Research to Understand Monetary Policies Regarding Personal Loans
Navi makes sure to help borrowers in understanding the parameters based on which you can boost chances of getting a low-interest rate loan. All you need to do is go to the Google search engine, type the keyword ‘low-interest rate personal loans’, and you will get the names of all the top lenders.
Make Interest Rate Comparisons of Different Lenders at the Online Marketplace
The personal loan interest rate is the main factor that decides your loan. At Navi.com, one can easily compare the current interest rates offered by each of the lenders before and make the right decision.
Learn the Calculation of Loan Interest Rates
It is very important to check for the method based on which the lender is giving you the offer. It is a possibility that you may get a personal loan at a low-interest rate, but end up paying more as the tenure ends. The personal loan offered by the lenders is either at a declining balance or is flat. You need to know about both the interest rate calculation procedures.
If one is giving a loan at reducing rates, it means that the interest is applied to the outstanding loan balance. It changes each month. Usually, to get a low-interest rate loan, opt preferably for the one that is offering reduced rates. Navi works on reducing balance only.
How to calculate Personal loan EMI at Navi Platform
You can make use of the Navi Personal loan calculator to get an estimate of the exact EMIs. All that is required is to put the loan amount, interest rate offered and tenure. You will get an idea of your monthly EMIs.
Frequently Asked Questions
Apply for a personal loan on the Navi Instant app starting from Rs 5000 to Rs 500,000. It is a completely contactless personal loan process, from filing the loan application to document verification. The loan tenure starts from 3 months onwards. The interest rate ranges from 18 to 36%.
Navi FinServ aims to offer financial assistance to fulfill the borrowing needs of the middle-income group at the pan-India level. It works as a Line of Credit.