How To Avail A Loan In A Few Minutes?
Sweta can purchase anything and everything of her choice with just a few clicks.
How?
She can opt for a personal loan, which will enable effectively finance her house renovation expenses, wedding expenses, etc. These 5 minute loans can be used for various personal purposes or urgent requirements. The main advantage of such unsecured loans is that you don’t need to pledge any asset as collateral.
With the Navi loan app, you can avail a personal loan in minutes through a hassle-free and streamlined procedure. Keep scrolling to know more!
About Instant Loan in Minutes
In this fast-paced digital era, a 5 or 10-minute loan is a truly sensible and modern means of financial assistance. Owing to attractive interest rates, prompt processing and paperless transactions, these emergency loans stand out from the other credit facilities.
Navi offers personal loans of up to Rs. 20 lakh at attractive interest rates. You can select a flexible repayment tenure as per your financial position.
Features and Benefits of 5 Min Loans
An urgent personal loan not only enables you to fulfil your wishes but also offers some special benefits. Through an online lending app, the journey becomes easier and faster. Here are the advantages of this form of financial assistance:
No end-use limitations
There are no conditions or restrictions related to the usage of your loan amount. You can spend it on your wedding, vacation, education, house renovation, utility bills, and more.
Quick access
You can opt for an instant loan through a secure and reliable app. Its easy-to-navigate interface makes the procedure simple and prompt.
Nominal documentation
An easy and quick loan approval process is bliss for a person in crisis. Most financiers will approve your loan within minutes after the details provided by you are verified successfully. An existing customer can even get loan approval with no documentation.
Wonder how a loan app works? Keep reading to understand how to apply for an instant loan in Navi!
Step 1
Install the Navi app for your Android device or iOS device.
Step 2
Enter your mobile number for registration.
Step 3
Provide some basic information to check your instant loan eligibility.
Step 4
Select the ideal loan amount and EMI (Equated monthly instalment).
Step 5
Complete your KYC process using a selfie, Aadhaar card and PAN.
Step 6
Enter details of your bank account for an online fund transfer.
After approval of your loan request, the funds will be immediately transferred to your bank account.
Also Read: 5 Best Ways To Quickly Repay Your Personal Loan
Documents and Eligibility Requirements for 5-Minute Loans
Go through the chart below to get an insight into the eligibility criteria:
| Factors | Requirements |
| Documents Needed | Salary slips of the last two monthsBank account statements of the last three monthsKYC documents such as passport, voter ID, PAN, Aadhaar and driving licence CA-attested financial statements, ITRs, etc. as proof of income (for self-employed individuals) |
| Nationality | Indian |
| Age Limit | 18 years to 67 years |
| Occupation | Self-employed or salaried individuals |
| Income | Rs. 22,000 or higher based on your place of work |
| CIBIL Score | 750 or above |
An individual with high creditworthiness and strong income proof can avail an instant online loan in minutes.
Note that the eligibility criteria and documents required vary across different loan providers.
Final Word
5-minute loans or urgent personal loans will provide you with access to money during an emergency. You must make sure to opt for a loan offer with swift disbursals, repayment flexibility, competitive interest rates and no hidden expenses. Remember to compute your total loan cost using an online EMI calculator.
Frequently Asked Questions
What is a processing fee?
While a bank or an NBFC processes your personal loan application, it imposes a non-refundable charge upon a borrower. This is known as a processing fee. You will have to pay this one-time charge even if your loan is not sanctioned.
What are floating interest rates?
Variable or floating interest rates of personal loans show variations with fluctuating markets and changes in economic conditions. In this case, an applicant can avail a loan with a low interest rate initially. However, his/her lender will revise this rate in accordance with a change in RBI’s repo rate.
Will my CIBIL score impact personal loan interest rates?
Since your CIBIL score mirrors your repayment capacity, it plays a significant role in determining the rate of interest for your personal loan. With an excellent credit score, stable income and strong repayment history (if any), you can fetch more reasonable interest rates.
When can a person become a high-risk borrower?
If a person is making repayments for several credit cards and loans and such expenses account for a major portion of his/her monthly income, a lender will perceive him/her as a high-risk borrower. This will affect the personal loan interest rate of the borrower.
What is loan foreclosure?
Loan foreclosure denotes the repayment of your outstanding loan amount through a single payment rather than paying multiple EMIs. If you have surplus income and want to repay your loan before the due date, you can opt for loan foreclosure.
