Navi Finserv disburses Rs 1,750 cr in personal loans in 2021
Navi’s Non-Banking Financial Company (NBFC) arm, Navi Finserv, on Tuesday announced that it had disbursed personal loans worth INR 1750 crore in the calendar year 2021. NBFC claimed that 85% of loans disbursed in 2021 were approved in 10 minutes or less, with the fastest loan approval being 45 seconds.
The company has received loan applications for over 97% of PINs in India and has served customers in over 4,500 cities across all states and union territories in the country. The top 5 cities for Navi personal loans business in 2021 were Bengaluru, Delhi, Mumbai, Pune and Jaipur.
The company launched personal loans in the first lockdown in April 2020 with loan offers of up to INR 5 lakhs with tenure of up to 36 months. With most people unable to go out during this time, customers have turned to the convenience and hassle-free experience of app-based loans for medical and family emergencies, school fees, and other urgent needs. In January 2022, Navi launched high-value loans of up to INR 20 lakh.
“More and more Indians are feeling comfortable opting for online channels and applications for all their needs, including financial services. This trend has only accelerated over the past year and a half and is reflected in the incredible customer response and the boom in our lending business,” said Navi Co-Founder Sachin Bansal. Group.
Customers can avail loans through the Navi app, which have no pre-closing fees if they wish to prepay their loans before the chosen term. On the app, customers check eligibility, select loan amount and EMI, and receive loan amount in their bank account within minutes of completing Know-Your-Customer (KYC). The process is completely paperless and does not require the physical submission of documents such as payslips or bank statements.
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