Personal loans

Navi Finserv Launches No-Fee Personal Loans in April

Navi Finserv has launched its No Fee April campaign in which customers availing a personal loan in April will enjoy zero processing fees.

The offer is applicable to all customers who take out a personal loan, regardless of the loan amount. The sanctioned loan amount will be credited to the client’s account without any deduction. According to the press release, a customer can use the Navi app to avail a loan through an all-digital route through which the credited loan amount will be credited to their bank account within minutes of logging in by following a few simple steps.

Navi launched its personal loan business in April 2020 and has disbursed personal loans worth approximately 1,750 crore between January and December 2021. These loans have interest rates starting at 9.9% per annum. According to the company’s website, it offers personal loans of up to Rs. 20 lakh with tenure of up to 84 months. Navi Finserv’s loan products include personal and home loans and home loans.

Typically, personal loans come with a processing fee of 2-2.5% plus GST, subject to a minimum and maximum limit. The country’s largest lender, the State Bank of India (SBI), also had an offer running from August 15, 2021 to March 31, 2022, under which personal loan processing fees were waived for salaried employees with accounts. salaries with the SBI.

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