Home / Companies / News /  Navi Finserv launches zero-fee personal loans in April

Navi Finserv has launched its fee-free April campaign under which customers availing of a personal loan in April will enjoy zero processing fee.

The offer is applicable to all customers who take a personal loan, irrespective of the loan amount. The sanctioned loan amount will be credited to the customer’s account without any deductions. According to the press release, a customer can use the Navi app to avail of a loan through a completely digital route whereby the loan amount credited will be credited to his / her bank account within a few minutes of logging in, by following a few simple steps.

Navi launched its personal loan business in April 2020 and disbursed personal loans worth around 1,750 crore between January and December 2021. These loans have interest rates starting at 9.9% per annum. As per the company website, it provides personal loans of up to Rs. 20 lakh with a tenure range of up to 84 months. Navi Finserv’s loan products include personal and home loans and loans against property.

Generally, personal loans come with a processing fee of 2-2.5% plus GST subject to a minimum and maximum limit. The largest lender in the country, State Bank of India (SBI) too had an offer running from August 15, 2021 till March 31,2022 whereby the processing fee on personal loans was waived off for salaried employees having salary accounts with SBI.

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