Navi provides Paperless Loans. Sachin Bansal, is the co-founder of successful e-commerce platform Flipkart. However he also owns financial services startup Navi. Which, has just launched a mobile app. Furthermore, it provides instant personal loans targeted at consumers. These are in the middle-income class segment.
Also, the Navi borrowing app will provide direct loans of up to ₹5 Lakh. Which come with repayment tenures of up to 36 months. Moreover, the loan process is passed completely using digital and contact less process for the customers.
Firstly, the app is currently available for download on the Android platform. Secondly, through which clients can check their eligibility. Lastly, they can then select the loan and EMI amount. And enter their PAN and Aadhaar card number. In order to receive the loan amount in their bank account within minutes.
Paperless Loans: The New Age Overdrafts
Since, Navi provides Paperless Loans. It does not require customers to upload any documents like payslips or bank statements. Because, of recent advancements in know your customer (KYC) norms. As well as and due to the availability of rich consumer data.
In order to assess loan applicants and prevent fraudulent transactions. App-based lenders source customer data from trading and brokerage accounts. And credit and debit card transactions directly from banks. Besides, a customer’s employment information and credit history are also accessed. From credit bureaus approved by the Reserve Bank of India.
“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 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. We are now scaling the app across 150 cities in India.” Said Samit Shetty, chief executive of Navi Finserv, the NBFC owned by Navi.
Bengaluru-based Navi was founded by Bansal in May, 2018. Soon after he moved out of Flipkart. Bansal has also backed several technology entrepreneurs across different sectors in his personal capacity. While Navi has also been making strategic investments in several financial sector firms in the last few months.
In April, Navi had raised ₹204 crore in equity capital. From Mumbai-based private equity firm Gaja Capital and other ultra-rich individual investors. This was a second fund-raise following a ₹3,226-crore funding led by Bansal and other individual investors in March.