Navi Finserv, Navi’s non-banking financial company (NBFC), announced on Tuesday that it has disbursed personal loans worth INR 1750 crore in the fiscal year 2021. According to the NBFC, 85 percent of disbursed loans in 2021 were approved in 10 minutes or less, with the fastest loan approval taking 45 seconds.
The company received loan applications from over 97 percent of India’s PIN codes and served customers in over 4500 cities across every state and union territory. Bengaluru, Delhi, Mumbai, Pune, and Jaipur were the top five cities for Navi’s personal loans business in 2021.
During the first lockdown in April 2020, the company launched personal loans with loan amounts up to INR 5 lakhs and terms of up to 36 months. Customers turned to the convenience and hassle-free experience of app-based loans for medical and family emergencies, education fees, and other urgent needs, as most people were unable to venture out during that period. Navi launched high-value loans of up to INR 20 lakh in January 2022.
“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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