Flipkart co-founder Sachin Bansal’s financial services startup “Navi” has launched a mobile app ” Navi lending” to provide instant personal loans targeted at consumers in the middle-income segment.
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Important point of Navi lending app:
- The Navi lending app will provide instant loans of up to ₹5 lakh with repayment tenures of up to 36 months. The loan process is done completely using the digital and contactless process for customers.
- Through this app, customers can check their eligibility, select the loan and EMI amount, and enter their PAN and Aadhaar card number to receive the loan amount in their bank account within minutes.
- The process is entirely paperless and does not require customers to upload any documents like payslips or bank statements.
- Paperless lending is made possible due to recent advancements in know your customer (KYC) norms and due to the availability of rich consumer data.
- 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.
Important takeaways for all competitive exams:
- Navi headquarters: Bengaluru, Karnataka.
- Navi established: 2018.