What is Navi Personal Loan?
Get instant personal loan up to ₹20 lakh with Navi Personal Loan. Navi offers personal loans at attractive interest rates starting from 9.9% p.a. with flexible EMI options up to 72 months. You can download the Navi App from Play Store or App Store and avail of small cash loans or big ticket loans in a 100% paperless way.
Features and Benefits of Navi Personal Loan
Here are some of the features and benefits of Navi Personal Loan:
- 100% paperless process: The entire personal loan journey - from application to disbursal - is completely paperless
- Instant disbursal: Apply for personal loans and get the required amount deposited into your bank account within minutes
- Flexible EMI options: Enjoy flexible repayment tenures up to 72 months
- No additional or hidden charges: The entire personal journey is completely transparent with no hidden charges
How to Apply for Navi Personal Loan?
You can download the Navi app in 5 easy steps and get an instant loan in minutes:
- 1. Download the Navi app from Play Store or App Store
- 2. Enter a few basic details like name, address, PAN details, DoB, monthly income, and employer name to check your eligibility
- 3. Enter loan amount and tenure
- 4. Complete your video-KYC using PAN, Aadhaar and Selfie
- 5. Enter bank details and set-up auto pay, and get instant money in your bank account
Navi Personal Loan Interest Rate & Charges
Refer to the below pointers for Navi Personal Loan interest rate, charges and other details:
- Interest Rate: 9.9% - 45% p.a.
- Foreclosure Fee: Zero
- Loan Amount: Up to ₹20 Lakh
- Tenure: Up to 72 months
Navi Personal Loan Eligibility Criteria
- Indian resident
- Salaried or Self-employed
- 18 - 65 years
- Credit Score - 675 or above
Navi Personal Loan Documents Required
Types of Personal Loans In India
Though personal loans can’t be bifurcated into different types, however, here are some of the ways you can use a personal loan:
- 1. Marriage Loan: Exhausting your savings for a wedding can be financially draining. In such situations, taking a personal loan for wedding can be a solution
- 2. Travel Loan: You can get a personal loan to cover your travel expenses. This could also help you mitigate over-dependency on credit cards and let you save on the interest that’s charged on credit card transactions
- 3. Personal Loan for Home Renovation: Planning to give your home a makeover? Instead of exhausting your savings, you can take a personal loan for home renovation
- 4. Medical Loan: Medical expenses can be daunting at times. You can take a personal loan for medical expenses to sail through unforeseen medical emergencies
- 5. Used Car Loan: You can apply for an instant personal loan if you’re planning to buy a second-hand car
- 6. Small Cash Loan: Whether it’s shopping for the festive season or paying your child’s school admission fee, you can apply for a small cash loan or personal loan
- 7. Top-up Loan: If you need additional funds above and beyond your existing personal loan, you can go for a top-up loan on your existing personal loan
- 8. Personal Loan for Two-wheeler: Need instant funds to buy a new two-wheeler? Save your time and effort, and apply for a personal loan for two-wheeler.
- 9. Personal Loan for Vehicle: Apply for an instant loan in order to gather funds to buy or repair your vehicle. Since personal loans are unsecured loans, you don’t have to worry about pledging collateral or seeking a guarantor.
- 10. Computer/Mobile Phone Loan: Have your eye on the latest iPhone model or Macbook but don’t want to exhaust your savings? Apply for a personal loan and get instant funds transferred to your account.
- 11. Consumer Durable Loan: Planning to buy lifestyle and household items in bulk? Take a consumer durable loan. These loans are personal loans that you can use to purchase things like fridge, TV, washing machine, laptop, AC, and other durable items.
Things to Remember Before Taking a Personal Loan
Here are a few factors to consider before taking a personal loan:
- Check your credit score: Having a good credit score could help you fetch better deals like lower interest rates, instant approval, etc., on your loan. Lenders prefer customers having a credit score of 750 or above. If your credit score is low, follow the best financial practices to improve your credit score
- Compare interest rates: Compare lenders on the basis of fees and charges, interest rates, and other terms and conditions before taking a loan. This would help you to make an informed decision
- Evaluate your repayment capacity: Remember that you have to repay your loan in EMIs. So, evaluate your repayment capacity before taking a loan. Defaulting on your personal loan could put a serious dent in your credit profile
- Have a repayment plan: Smart and responsible borrowers always have a repayment plan in place so that they don’t have to struggle during personal loan EMI due date
- Apply for the amount you need: Try not to go overboard while taking a personal loan. You might be pre-approved for a bigger loan amount, however, it’s recommended to apply for the amount you actually need. This would also help you ease the EMI burden
How to Calculate Personal Loan EMI?
It’s good to calculate your personal loan EMI beforehand so that you can plan your finances accordingly. This could also help you make an informed decision while applying for a loan. You can use a personal loan EMI calculator to calculate your personal loan EMI. All you need to do is enter the loan amount, interest rate, and tenure. Once done, you will be able to check your monthly repayment obligations.
Formula for personal loan EMI Calculation -
P x R x (1+R)^N / [(1+R)^N-1], where
P = Principal loan amount
N = Loan tenure in months
R = Monthly interest rate
The rate of interest (R) on your loan is calculated per month.
R = Annual Rate of interest/12/100
If the rate of interest is 7.2% p.a. then r = 7.2/12/100 = 0.006
For example, If a person avails a loan of ₹10,00,000 at an annual interest rate of 7.2% for a tenure of 120 months (10 years), then his EMI will be calculated as under:
EMI = ₹10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 - 1) = ₹11,714
The total amount payable will be ₹11,714 * 120 = ₹14,05,703. Principal loan amount is ₹10,00,000 and the Interest amount will be ₹4,05,703.
Navi offers instant personal loans with minimal documents. All you need to do is download the Navi App, enter your personal details, complete your V-KYC, and link your bank account. If the details are accurate, the amount would be disbursed directly into your bank account within a few minutes.