If you're looking for a quick and hassle-free personal loan, the Navi app might be one of the best digital options available. Whether it’s for emergency expenses or short-term financial needs, Navi offers instant personal loans up to ₹20,00,000 with zero foreclosure charges. But how smooth is the process really?
Here’s my personal and professional review of the Navi personal loan-from applying to repaying and even earning rewards with the app.
Quick and Easy Application Process
I applied for a ₹21,000 personal loan on the Navi app. The application process was 100% online and completed in just a few minutes:
- Verified my income with my salary credit bank account using just one OTP.
- Uploaded bank statements and completed e-KYC quickly.
- Loan was instantly approved and disbursed within 5 minutes.
There was a processing fee of ₹999 + 18% GST = ₹1,178. So the final credited amount was ₹19,821.
EMI Breakdown & Loan Repayment Experience
I chose a 6-month loan tenure. Here’s the detailed EMI breakup for each month:
| Month | Principal | Interest | Penalty | Total EMI | Outstanding |
|---|---|---|---|---|---|
| 1st | ₹3,393 | ₹516 | ₹0 | ₹3,909 | ₹17,607 |
| 2nd | ₹3,326 | ₹583 | ₹0 | ₹3,909 | ₹14,281 |
| 3rd | ₹3,436 | ₹473 | ₹0 | ₹3,909 | ₹10,845 |
| 4th | ₹3,561 | ₹348 | ₹295 | ₹4,204 | ₹7,284 |
| 5th | ₹7,284 | ₹39 | ₹0 | ₹7,323 | ₹0 |
I missed a repayment once and was charged a bounce fee of ₹295. However, Navi allowed me to pre-close the loan in the 5th month without any extra charges.
What Makes Navi a Great Loan App
- Instant loans up to ₹20,00,000 with zero paperwork
- Zero foreclosure charges
- Fully digital onboarding process
- Funds disbursed in minutes
Loan Rejected? Possible Reasons
If your application is rejected, it might be due to:
- Missed EMIs on other loans
- Multiple active personal loans
- High credit card usage
Navi App Uses Beyond Loans
After closing the loan, I started using the Navi app for daily payments. Here’s why I liked it:
- 0 platform fee on utility and mobile payments
- UPI transfers with cashback rewards
- 1% back in Navi Coins on transactions (10 coins = ₹1)
So far, I’ve earned 1,837 Navi Coins (worth ₹183). Plus, I regularly get offers like:
- Win up to 1,000 coins on UPI payments
- Flat 5% coins (up to 100) on electricity bill payments
Other Financial Services on Navi
Navi is more than just a loan app. You can also:
- Buy Health Insurance
- Invest in Mutual Funds & SIPs
- Buy Digital Gold
- Apply for Home Loans up to ₹5 Crore
Home Loans also come with zero processing and foreclosure charges. Personal loan interest rates range between 18% to 26%, with flexible tenure up to 84 months.
Final Thoughts
Based on my experience, Navi is one of the most user-friendly, fast, and rewarding digital financial apps in India. If you're 21+ and need a personal loan with minimum hassle, this app is worth trying.
Remember to read all terms and conditions and review the privacy policy before taking any financial decision.