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Navi Finserv (Navi) announced it will now be offering high-value personal loans of up to 20 lakh through the Navi Lending App, at interest rates starting from 9.9% per annum with tenure up to 72 months. 

Customers can avail of loans through the Navi app with flexible loan and EMI options, and zero pre-closure charges if they wish to pre-pay their loans before the chosen tenure. 

Customers can download the Navi lending app from the Google Play Store or Apple Store, check their eligibility, select the loan and EMI amount, and enter their PAN and Aadhaar number to receive the loan amount in their bank account within minutes. The company says that the process is entirely paperless and does not require the physical submission of any documents like payslips or bank statements.

Navi launched personal loans via its app during the lockdown last year, offering loans up to 5 lakhs with tenure up to 36 months. As per the press release, with most people unable to venture out during the lockdown, customers turned to the convenience and hassle-free experience of app-based loans for medical, family emergencies, education fees and other urgent needs. 

With its new high-value loan offering of up to 20 lakh, Navi believes that it now offers an option for customers requiring big-ticket loans for home upgrades, weddings, international holidays, education financing or business purposes, etc.

According to a spokesperson of the Navi Group, “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. With our high-value loans offered at low-interest rates, we are now competing directly with other lenders in the space and are confident that consumers are now ready to avail the convenience of digital, app-based loans for their larger financial needs."

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