Home / Companies / Start-ups /  Navi Finserv disburses Rs1,750 cr worth of personal loans in 2021

The non-banking financial company (NBFC) arm of Navi, Navi Finserv on Tuesday announced that it has disbursed personal loans worth INR 1750 Crore in the calendar year 2021. The NBFC claimed that 85% of the disbursed loans in 2021 were approved in 10 minutes or less, with the fastest loan approval being in 45 seconds. 

The company received loan applications from more than 97% of PIN codes in India and served customers in 4500+ cities across every state and Union Territory in the country. The top 5 cities for Navi’s personal loans business in 2021 were Bengaluru, Delhi, Mumbai, Pune and Jaipur. 

The company launched personal loans during the first lockdown in April 2020 with loan offerings up to INR 5 lakhs with tenure up to 36 months. With most people unable to venture out during that period, customers turned to the convenience and hassle-free experience of app-based loans for medical and family emergencies, education fees and other urgent needs. In January 2022, Navi launched high-value loans of up to INR 20 lakh.

 “More and more Indians are becoming comfortable with opting for online channels and apps for all their needs including financial services. This trend has only accelerated in the past one and a half years and is reflected in the tremendous customer response and traction our lending business has seen," said Sachin Bansal, co-Founder, Navi Group. 

Customers can avail loans through the Navi app which come with zero pre-closure charges if they wish to pre-pay their loans before the chosen tenure. On the app, the customers check eligibility, select the loan and EMI amount and receive the loan amount in their bank account within minutes after completing Know-Your-Customer (KYC). The process is entirely paperless and does not require physical submission of any documents like pay-slips or bank statements.

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