The Navi Lending App which was launched in June has received an overwhelming response across cities and towns in Maharashtra with customers in cities like Mumbai, Pune, Nagpur, Nashik and Aurangabad availing instant paperless loans through the app.
Aimed at middle-income Indians who are comfortable with smartphones and technology, the Navi app provides instant loans of up to INR 5 lakhs 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 of any documents like payslips or bank statements. With most people unable or reluctant to venture out and banks offering only basic services due to lockdown and social distancing norms, customers who need loans for medical / family emergencies, education fees, or other urgent needs have turned to app-based loans that offer a completely online, hassle-free and instant experience.
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.
According to Samit Shetty from Navi “We have received an excellent response from Maharashtra and across India for the Navi Lending App since its launch. Customers in Maharashtra availing loans up to Rs. 5 lakhs to tide over their needs is a sign of their comfort and confidence with the app. Navi’s technology platform is built for scale with an emphasis on leveraging Artificial Intelligence (AI) and Machine Learning (ML) so that we can continuously improve the choices and experience we offer our customers.”