Navi Personal Loan Review: Is Navi Loan App Safe in 2023?

Thinking about getting a personal loan? Navi offers low-interest rates on personal loans, but is the Navi app safe?

In this article, we’ll review the Navi app and its loan process to see if they’re a reputable lender. We’ll also discuss the pros and cons of using Navi for a personal loan.

1. What is Navi: Loans & Health Insurance App?

Navi Loans & Health Insurance App is a new financial application that allows you to take a loan from the bank.

Sachin Bansal, the former CEO of Flipkart, released the Navi loan app in 2020. It is one of the first apps that let people get a loan right away for up to Rs 5 lakh.

It has a simple dashboard that is easy to use and an interest rate that is reasonable based on the user’s profile. Users have an easy way to keep track of their credit without having to fill out a lot of paperwork.

The Navi loan and health insurance app work on Android and iOS smartphones.

It’s a digital loan resource app that offers easy, affordable, and flexible ways to get money.

It offers almost every kind of loan, such as a Navi personal loan, a Navi home loan, a Navi health loan, etc.

🟠The goal of Navi Loans & Health Insurance App is to help people find the best loan or health insurance options available in their area.

Navi Personal Loan Details

Following are the key Navi loan app details: 

Minimum Loan AmountRs. 10,000
Maximum Loan AmountRs. 20 Lakhs
Tenure3 to 72 months
Rate of Interest9.9% p.a.
Processing Fee3.99% to 6% of the loan amount
CollateralNot required
Foreclosure ChargesNil

2. How Does Navi Loan Resource App Work?

Navi Loan is a new loan application that aids anyone in need of immediate cash. Borrowers can use the app to ask for loans from friends and family, and loan approvals happen quickly.

It works similarly to another Loan App. It works with simplicity. It is easy to use, even newbies can use this Application due to its simple User Interface.

To use it:

  • ➡️Just open the Navi Loan app,
  • ➡️Enter your information, and choose how much money you want to borrow.
  • ➡️Then, your friends and family can either say yes or no to your request.
  • ➡️After you get a loan, all you have to do is pay back the amount you borrowed plus interest, and the money will go straight into your bank account.

3. Navi Loan Resource App Key Features:

Some of the key features, I want to mention here for your more understanding of this app. So, let’s get started with the specialty or key features of the Navi Loan App:

  • ✅You can get a Loan here up to Rs 20 Lakh, maximum at a time.
  • ✅The interest rate on Navi app loans is low, beginning with 9.9% p.a.
  • ✅You can get your loan money instantly and the Navi Loan app will transfer money directly to your Bank Account, just after your application gets approved.
  • ✅It is a 100% paperless process and also provides a cashless loan(which means money is directly transferred to your Bank Account).
  • ✅For Loan Applications at Navi Loans, don’t require a large number of documents.
  • ✅/7 customers support is available.
  • ✅There are flexible EMI choices and a variable tenure of up to 72 months available.
  • ✅Instant online check for eligibility.
  • ✅To get the loan, no security deposit or collateral is needed.
  • ✅There are no fees for paying off the loan early to avoid foreclosure.
  • ✅Getting a loan online, using Navi Loan App, will save you valuable time because you don’t have to go around with different banks.
  • ✅If the loan is paid back on time, the credit card limit gets higher.
  • ✅Helps to raise your credit score.
  • ✅You don’t need a bank statement or a pay stub for this.
  • ✅Here, you can put the monthly payment for the loan.
  • ✅Loan Payment Besides Net Banking, you can use Paytm, Phonepe, Amazon Pay, and Google Pay. A credit card can do what a debit card can do.
  • ✅With this, you can also get a home loan, health insurance, and other things from the comfort of your own home.

4. Pros & Cons Of the Navi Loan App

Before using any application, you just need to know about both its Advantages & Disadvantages. So, now I am going to tell you the Pros & Cons of the Navi Loan App. Keep Reading!!

Pros Of Navi App Loan
🟢This is India’s first app that lets people get loans right away.
🟢KYC doesn’t request payslips or bank statements, so you aren’t required to fill out a long list of forms.
🟢The loan request is handled completely online, and the money is sent right away after it is approved.
🟢You can easily find out if you are qualified for a loan.
🟢To get a loan through the Navi app, you don’t need to put up any collateral or a security deposit.

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Cons Of the Navi Loan App
🔴Loan Interest is high as compared to Bank loans.
🔴The interest rate on the loan can range from 9% to 36% per year.
🔴No Chat Option is available in the Profile Section. So, not as good as customer care support.

5. Navi Loan App Review

The Navi loan app is a recently released personal finance app.

After collecting information on the app, I determined that it is trustworthy. Sachin Bansal and Ankit Agarwal launched the Indian financial services company Navi, which is a well-known financial technology company.

The app has a lot of features that can help you with your finances. You may use the app, for instance, to track your expenditures, create a budget, and gain insights into your financial health.

The Navi loan app is a well-known and reputable lending app that has been downloaded by over 10 million users from the Google Play Store. The app’s 4.2 rating⭐⭐⭐⭐ in the app store indicates that people are generally satisfied with it.

I believe the Navi loan app is an excellent solution for anyone seeking a personal financial application. It is a feature-rich product manufactured by a reputed manufacturer.

6. Navi Loan App: Fake Or Real?

You might be wondering if the Navi loan app is real or not if you’re thinking about taking a loan from it. So, we have described some factors about Navi Loan App, through which you can justify by yourself only whether it is Fake or Real.

Before using for Navi Loan Resource App, you must aware of the fact that it is currently available in a few states and districts in India. The States and District where Navi Loan App is available are:

Andhra PradeshVisakhapatnam (Vizag), Ananthapur, Chittoor, Guntur, Krishna, East Godavari
BiharPatna, Gaya
Delhi NCRNew Delhi, Gurgaon, Noida, Greater Noida, Ghaziabad, Faridabad
Gujarat Ahmedabad, Vadodara, Valsad
HaryanaAmbala, Karnal, Kurukshetra, Panchkula, Panipat
PunjabAmritsar, Ludhiana, Jalandhar, Mohali, Ropar, Bathinda, Fatehgarh Sahib
RajasthanJaipur, Udaipur, Ajmer, Alwar, Kota, Jhujhunu
Tamil NaduChennai, Tiruchirappalli, Erode, Madurai, Vellore, Salem
TelanganaHyderabad, Secunderabad, Mahabubnagar
Uttar PradeshGhaziabad, Noida, Lucknow, Jhansi
West BengalKolkata, Hoogly, Howrah
KarnatakaBangalore, Mysore, Udupi, Dharwad, Kolar, Hassan, Mandya
KeralaErnakulam, Kollam, Kottayam, Thiruvananthapuram, Thrissur
Madhya PradeshIndore
MaharashtraMumbai, Navi Mumbai, Thane, Pune, Nagpur, Ahmed Nagar, Kolhapur, Aurangabad, Nashik, Satara
OdishaBhubaneshwar, Cuttack

If you are from these states, you can use this App easily.

Some people have complained that the app doesn’t work right. There have also been reports that people who used the app couldn’t get their money back. But you should keep in mind that these are just a few isolated cases. The Navi loan app has helped the vast majority of people who have used it.

Navi is a loan app that has been approved by the RBI, which means it is a real business that you can trust.

The Navi Loan app is pretty new. It didn’t come out until a few years ago. This means there may still be some problems that need to be fixed. But the company is always working to make the app better and fix any problems that come up.

On the Play Store, fake loan apps don’t get good reviews or ratings. This is because most of the time they are scams that can cost people a lot of money. But that’s not the case with Navi. It has a good rating and has been downloaded millions of times from the play store.

Overall, it seems like the Navi loan app is a good choice for people who need a short-term loan.

7. Types Of Loan At Navi Loan App

1. Navi Personal Loan

If you need a quick and easy way to deal with your money problems, the Navi loan app is just what you need. Navi offers loans that are quick and easy to get, and they are available 24/7. Their rates are also very competitive.

Plus, their customer service is excellent, so you can be sure that any problems or questions you have will be answered quickly and thoroughly. Overall, the Navi loan app is a great choice for anyone who is having money problems and wants a quick and easy way to solve them.

2. Navi Home Loan

You can get an instant home loan of up to 20 lakhs. Navi home loan with flexible EMI and an annual interest rate of 7.89% p.a. You can take up to 30 years to pay back your Navi Loan. A customer can use the Internet to apply for a Navi home loan.

3. Navi Health Insurance

You can also be able to take Navi Loans & Health Insurance App. It is providing competitive Health Insurance amounts.

Up to one crore in coverage for both before and after hospitalization is provided by Navi Health Insurance. The monthly premiums start at 235 rupees.

8. How To Take a Personal Loan at Navi Loan App?

➡️Step 1: Install the app, Get the Navi app from the Google Play store.
➡️Step 2: Sign up. You can use your phone number to sign up.
➡️Step 3: Finish your profile. Fill in your basic information and finish your profile so you can get a loan.
➡️Step 4: Choose how much money you want to borrow (Enter the amount of money) and how much you want to pay each month.
➡️Step 5: Fill out the KYC. Use your Aadhar card and PAN card to fill out the KYC.
➡️Step 6: Fill in the information about your bank account.
➡️Step 7: Get your money right away by entering your bank information for a money transfer.

9. Eligibility Criteria For Taking a Loan

🟢Nationality: You must be an Indian citizen.

🟢Occupation: You can work as a salaried employee or as a self-employed individual.

🟢Age: The person who wants the loan must be between 18 and 65 years old.

10. Document Required: During Navi Loan Application

  • ✅PAN Number
  • ✅Aadhaar Number

To get a loan from Navi App, you only need these two things.

As we have discussed, One of its best features is that it required fewer documents.

11. Customer Service Number for Navi Finserv Personal Loan

If you have any trouble getting a personal loan from the Navi App, you can talk to their customer service to find a solution. This facility can be used at any time of day or night.

In addition to this, you can also find a solution to your problem through email. Below, you’ll find information about how to do this.

12. Conclusion

Hope you liked our Navi Loan App Review and will be able to clarify your doubts regarding Navi Loan Resource Application.

Navi App is a helpful mobile app with more than 15 million happy users and a loan worth 7600 crores that has helped the process. It has also sold more than 53,000 policies of health insurance to its customers.

But before you use any loan app, it’s best to only get a loan when you need money quickly for something else. If you can’t pay back the loan amount and interest rate, it’s best not to take out a loan. If not, the money lender can sell the thing you put up as collateral.

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