Sachin Bansal’s Navi launches lending app for contactless and instant personal loans

Flipkart co-founder Sachin Bansal-promoted financial services startup Navi has announced the launch of a mobile app to provide instant personal loans targeted at customers in the middle-income segment. 

The Navi lending app will provide instant loans of up to Rs 5 lakh with tenures of up to 36 months, via a completely digital and contactless process for customers. 

The app is available for download on the Google Play store, through which 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, the company said. 

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Samit Shetty, CEO of Navi Finserv, an NBFC owned by Navi, said,

“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-I, II and III 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.”

The app was launched in Beta mode in the midst of the lockdown in April. With most people unable or reluctant to venture out and banks offering only basic services during the lockdown, customers who needed loans for medical and family emergencies, education fees or other urgent needs turned to app-based loans. 

During the Beta phase, 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 five minutes from the time they installed the app. The Navi app is now out of Beta mode and has been launched officially. 

In March, Sachin Bansal led a fund infusion of around Rs 3,000 crore into Navi which included Rs 253 crore in cash and securities worth Rs 2,675 crore. The other filing made by the Bengaluru-based company in April also revealed that Gaja Capital had invested Rs 204 crore which witnessed the transfer of 1.45 crore shares. There were also other high net worth individuals who have invested in Navi.

Following his departure from Flipkart in 2018, Sachin Bansal co-founded Navi in December of that year, along with Ankit Agarwal. Navi was previously known as BACQ.