Navi Announced Official Launch Of Its Navi Lending App
Available for download on the Google Play store, customers can 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.
Navi announced the official launch of its Navi Lending App to provide instant personal loans to customers. Aimed at Indians in the middle-income segment who are comfortable with smartphones and technology, the Navi app provides instant loans of up to Rs 5 lakh with tenures of up to 36 months, via a completely digital and contactless process for customers. Available for download on the Google Play store, customers can 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 process is entirely paperless and does not require uploading any documents like payslips or bank statements.
The app was launched in Beta mode in the midst of the lockdown in April. With most people unable or reluctant to venture out and banks offering only basic services during the lockdown, customers who needed loans for medical / family emergencies, education fees, or other urgent needs turned to app-based loans that offer a completely online, hassle-free and instant experience. During this phase, most of Navi’s loans were disbursed to customers’ bank accounts in less than 10 minutes, while some customers were able to avail loans in less than 5 minutes from the time they installed the app. The Navi app is now out of Beta mode and has been launched officially.
According to Samit Shetty from Navi, “With more and more people opting for online channels and apps for all their needs - including financial services - in the past few months, the Navi lending app received a strong response from Tier 1, 2 and 3 towns during the Beta phase. This gave us the insights and confidence to launch it officially in such a short time. Navi’s technology platform is built for scale with an emphasis on leveraging Artificial Intelligence (AI) and Machine Learning (ML) to continuously improve the choices and experience we offer our customers. We are now scaling the app across 150 cities in India.”