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 be explained 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 loans that make them preferred over riskier credit avenues. Here are some of the top personal loan benefits:
One can avail of a personal loan for any reason and get an 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, a 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, school or college 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:
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:
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 a personal loan is covered under the tax laws.
Ans: Personal loans can really be of great use in cases of emergencies when you have a wedding to finance, a large home project, or any other need for quick money. So, maintaining a good credit score will you a personal loan at very good interest rates.
Ans: Personal loans can be used for any purpose such as a wedding, home renovation, trips and more. Personal loans are usually not secured by collateral and can be less expensive than credit cards.
Ans: You can get a Navi Personal Loan up to Rs.5 lakh if you’re salaried or self-employed. However, the final loan amount is at the sole discretion of Navi. For more information download the Navi app to check your eligibility.
Ans: Personal loan interest rates usually start from 18% and go up 30%. The loan amount starts from Rs. 5000 and goes up to Rs. 500,000, depending on the credit profile of the applicant.
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