Navi Finserv reports personal loans disbursal of INR 1750 Cr in 2021

Navi Finserv (Navi) has disbursed personal loans worth INR 1750 Crore in the calendar year 2021. Sharing highlights of “How India Borrows”, Navi said 85% of disbursed loans in 2021 were approved in 10 minutes or less, with the fastest loan approval being in 45 seconds. The company received loan applications from more than 97% of PIN codes in India and served customers in 4500+ cities across every state and Union Territory in the country. The top 5 cities for Navi’s personal loans business in 2021 were Bengaluru, Delhi, Mumbai, Pune and Jaipur.

Since launching personal loans in April 2020, Navi has seen rapid growth in its business. The company started with personal loans up to INR 5 lakhs with tenure up to 36 months during the first lockdown in 2020. With most people unable to venture out during that period, customers turned to the convenience and hassle-free experience of app-based loans for medical, family emergencies, education fees and other urgent needs. In January 2022, Navi launched high-value loans of up to INR 20 lakhs.

Customers can avail 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 eligibility, select the loan and EMI amount, and receive the loan amount in their bank account within minutes after completing KYC. The process is entirely paperless and does not require physical submission of any documents like pay-slips or bank statements.

According to Sachin Bansal, Co-Founder 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 and is reflected in the tremendous customer response and traction our lending business has seen.”