Loan App Fast Approval | Navi Personal Loan

Hello friends, in this vlog, we'll discuss Navi personal loans and I'll show a live demonstration of the entire process. From the Play Store or App Store, whichever you use, you first need to install the Navi instant loan app. I'll surely show you the process. I've never applied for a personal loan from Navi, but I've seen quite a lot of reviews by many. Navi says that their processing fee is zero. But if we talk about any other personal loan app and look at their processing fees, then I've seen that they charge 5% or 7% or even 8% for that. It means that if someone takes a ₹1,00,000 loan and pays an 8% processing fee, they will only receive 92,000 rupees in their account. And the interest rates of these instant loan apps are often 25%, 30%, 35%, or even 40% yes, they impose that much interest. So, if someone takes a loan of 1 lakh, pays 8% processing fee to that instant loan app, and receives 92000 rupees in the account, but the loan amount stays at 1 lakh, on which the interest rate applied is 35-40%. . So, there are some good factors of Navi as they claim, like, the zero-processing fee, and the interest rate starts from 9.9% and goes up to 45%. Now I don't know whether you'll get a loan at 9.9% or not it's possible that they won't give it at that rate, but we'll discuss everything about it and I'll do a live demonstration too the rate might even go up to 45%. So, you can see everything clearly here. The person I'm going to apply for gets their salary on their bank account, but the amount of the salary is 15K only. So, we'll see whether the Navi Personal Loan is available to someone with a 15K salary or not Secondly, before I proceed, let me be prepared with a calculator on my other phone, so that we can calculate and discuss the interest rate. Another thing I always say in my videos is that you should always prioritize taking loans from banks. The reason is – here, I'm opening the iMobile app and going to the loan section. I took a personal loan from ICICI Bank. You can see the option for personal loan here. My loan amount was 3.17 lakhs, the tenure was 12 months, and I've already paid 4 installments, with 8 remaining. If I click on 'More Details', you'll see that the interest rate is 12.4%. So, I've shown you the details from the iMobile app to make everything clear. The interest rate is 12.4% now because there are only 8 months left in the tenure, but when I took the loan, the interest for 12 months was 13.4%. What I mean is that banks can give us loans at 13.4% or 12%, so why go for instant loan apps that charge 25%, 30%, 40%, or even more? Why choose instant loan apps to get a loan? However, if someone doesn't have a proper salary or doesn't file ITR, then it becomes necessary to get a loan from instant loan apps. In such cases, if I talk about Navi, then yes, it's safe, RBI-registered, and not at all fraudulent. But, you do have to give a lot of permissions. Well, let's discuss this along with the demo. So, let's start the application process. So, first, you've to install this app and then open it. After opening, the app asks for the first permission, that is for sending notifications. There's no problem with it, so let's allow it. Next, it says, “Allow Navi to track your activities across other companies' apps and websites?”. Now, this is an iPhone. If it was an Android phone, then I'd have to 'Allow' it, or else it'd get declined. So, I'm clicking on 'Ask app not to track'. So, that's okay. Now, first, it asks for my mobile number on which an OTP will be sent. So, let me quickly enter the mobile number of the person I'm applying for. Just a second – here I've entered the mobile number. After that, I'll click on the 'Get OTP' option down here. The OTP is here, so now I'll enter the OTP. After entering the OTP, it says here that you've to give the permission to access location and contacts, which I find absolutely atrocious. It means that all the contacts that I have on my phone, all of that information is now can be accessed by Navi. Now, why we're doing this? There are 'Chinese' loan apps, RBI-registered instant loan apps, and banks. When you take a loan from a bank, it never asks for the contact information of your friends and family. If someone defaults on a bank's loan, the bank does recover the amount. Suppose I default, then the bank would come to my place for recovery. But with these apps, you have to give access to your contacts and location information. Location is understandable, but what's the point of sharing contact information? What if God forbid, someone takes a loan from Navi Well, I'm not just talking about Navi, but all the instant loan apps out there. The 'Chinese' loan apps are nothing but scams they'll take access to your contacts and gallery, and then blackmail you with fake obscene photos. So, forget about those. Although Navi is RBI-registered, you still need to share your contact information. If God forbid, you default on their loan, they will contact you demanding repayment. However, if you can't respond or have a genuine reason, they may not understand. Instead, they might contact your relatives to pressure and insult you, demanding money. This can distress your relatives, pressure you, and tarnish your reputation. Their methods of recovery are quite low-class. Well, since we were talking for a while, the app moved to the next step by itself. Now – well, let's begin again to avoid confusion. Ok, so it has logged me in. The main interface looks like this. We've allowed the basic permissions and now we've reached the main interface. As you can see here, it offers different types of loans, such as cash loans, home loans, mutual funds, digital gold, health, etc. There's a 'Refer and Earn' option, and below that, it says that, the loan amount can go up to 20 lakhs and the processing fee will be zero. So far everything seems good about Navi, but I don't know yet whether they'll charge a processing fee or not. The processing fee is zero, but maybe, the rate of interest turns out to be very high. I won't comment, I'll show you the calculations as I proceed with the application process, and tell you whether you should go for it or not. Anyway, now, I'll select the 'cash loan' option and click on the 'Get Now' option. Now, you've to fill out some basic details, like, your full name, DOB, your PAN card number, and PIN code. I won't show it directly as blurring out can be tricky, so I'll display its screenshot instead. So, you've to check if all these details are correct, and if they're not, you can edit. Then, you've to simply click on the 'next' option. It's taking a bit of time to load. If I show the screen recording, then it'd be a little troublesome to blur out the details. Then, the next page opens. Here it asks to select employment type. As I mentioned, the person I'm applying for is salaried. Next is the total monthly income. Although the person's salary is 15k, but to ensure that the loan gets sanctioned, I'll enter 40K here. It's showing 50K by default, so I'm going to enter 40K here, so that the probability of getting the loan increases. After that, I'll click on the 'Next' option. Now, it's taking a bit of time to load and process the application. So, let's see whether we get the loan or not. Next, it asks to upload the bank statement. You can see that claims of easily obtaining a loan from Navi with just an Aadhar and PAN card number is absolute nonsense. Such misleading videos are prevalent all over YouTube. But you can see the live process here. It asks you to select your bank and then upload the bank statement. though we entered 40K as the salary amount, but 15K gets deposited in the account anyway, so it's alright. Let's select the bank. Here I've selected the bank. It declares OTP-based verification down here, so let's click on that. So, on the mobile number linked with the bank account, an OTP will be sent. So, let's wait a bit for the OTP. The OTP is here, so let me enter that here. After entering the OTP, I've clicked on 'Verify' here. After clicking on 'Verify', it is processing, which means, it is verifying the bank. I think they will automatically pick up the statement as I've had the bank verified. Now, it's asking you to share your bank statement. Now, the bank is being shown here, and there are different types of accounts visible. Now, I think I'll have to select one account here. I'll just go through this once. So, there are total 5 accounts and I will deselect 2 or 3 current accounts from here, and I will select the savings account. So, whichever account you select, that's your personal matter. So, after we select the account, we'll click on 'proceed'. It says that another OTP will be sent for verification. So, let's wait till the OTP comes. So, I have entered the OTP that was sent to me. Now, I will click on the 'verify OTP' option below. So, my OTP has been verified and now it's taking a little bit of loading time again. Let's see how the process develops. You can see the entire process live right in front of your eyes. Friends, these kinds of detailed videos take a lot of hard work to be prepared. I show the whole process properly. Now, I am showing you the truth of the app, whatever it is. It could so happen that the rating of this video gets downgraded. So, I'm showing you the exact truth; it's not as if I'm doing a promotion or something or giving you a link. I am not providing you with any links here. Now, I have one request to you that if you find this video informative, and wish me to make more informative videos, please like this video – meanwhile, it's loading – and subscribe to the channel, and comment, "Sir, this is the best video on the Navi personal loan app", so that I stay motivated to make more such videos. So, what do we have here? It says, "Application not approved". So, if someone's salary is 15K, at least we know that Navi is not equally applicable to everyone. So, if someone has a proper salary, that is when they will have their loan approved. Now, I'll apply for the loan myself and demonstrate the process. Let's see if I get approved or not Now, one thing is clear If someone's salary is 15K, then no matter how much money comes into the account, Navi will reject the application. So, let's how it goes if I apply for myself. Now, I will input the same basic details again. as I'm doing a fresh application. So, here, I've put my mobile number. So, the same process applies here too – an OTP will be sent for verification. So, I've put the OTP here. After that, it's verifying Now, again have to allow access to location and contacts. Allowing all these again, all that the app demands. So, we're back to the main interface. I'll click on the 'Get it now' here. Now, I have to put in all the details – full name, date of birth, PAN card number, PIN code – I'll put all these details and then click on 'next'. So, I'll quickly enter all these details. After that, it's again the same stuff – you've to select your bank name. My bank is the same bank. Then, I'll click the 'OTP-based verification'. So, it's basically the same process all over again. So, let me go through that again, then I'll show you the further process. So, now, after I've put in all my details here, on the next page, it shows that I'm eligible for a loan of 3.6 lakhs. I couldn't show you the process in the middle, but I've got the screen recording of the loan approval, so let me show that on the side. So, I have the approval for 3.6 lakhs, which you can see here. Now I can increase or decrease this. So, say I don't want rupees 3.6 lakhs, rather I want a loan of 1 lakh, then I can increase or decrease the amount as I wish. I can also increase the EMI amount if I want, as to how much I want to pay back per month. Anyway, the loan amount that I am eligible for is a maximum of 3.6 lakhs. The most important thing to note is that they truly don't charge any processing fee. Just as Navi says on its website, that their processing fee is zero, it is indeed zero. Now, see that the amount transferable is rupees 360000. So, if the processing fees were 10%, for example, then instead of 3.6 lakhs, I'd have received it with a 10% deduction, i.e., 36K less. But, as the processing fee is zero, I'll receive all of the 3.6 lakhs in my account. Now the most important thing – the rate of interest. They're charging 20% as the rate of interest. Another good thing is that if I want to decrease the loan amount from 3.6 lakhs to 80K then in that case too, even though the EMI will change, the interest rate is still 20%. So, whether my loan amount is 3.6 lakhs, 80K, or 10K, it doesn't matter; my interest rate is 20.06% irrespective of the loan amount. But one good thing is that when we take loans from banks, the rate of interest would be 12%, 13%, or 14%. But the interest rate here is 20%. Now when you compare it to other instant loan apps, this is definitely better. They are providing a better, lower rate of interest and the processing fee is zero. But let me tell you another thing – well, let's proceed with this. First, as a demo, let's bring the loan amount down to 10K. I'm just showing this to educate you. Else, I'd have to pay 20% interest unnecessarily. So, I'll just choose 10,000 rupees, and here's the 20% interest. The EMI was written here – the first EMI would be deducted next month yes, the interest payment, total loan repayment – ​​well, it'll come later. I'm clicking on 'continue' now. On the next page, it asks to select the bank where I wish to receive the loan, put the account number and the IFSC code. So, let's quickly enter these. Now, I have put in the bank's details – its name, account number, IFSC code, etc. After that, I'll click on the 'Next' option. Now, it's taking some time to load and verify the bank account, probably by sending 1 rupee. So, we have to wait a little bit. It has completed the process of verifying the bank account. Here, it's showing 'setup auto-pay for EMI'. It says, "EMI of 1000 rupees will be auto-debited starting 2nd June 2024". So, I've to select 'auto-debit' here. Now, after I select auto-debit what will happen is that the bank will be verified and auto-debit will be set up, and the loan amount will come to my account. So, I've shown you everything. I'll have to take this loan of 10K rupees unnecessarily. So, let's just wrap it up here, because I don't actually need the loan. I've demonstrated the process till the end. Now, after clicking on this 'auto-pay' option, I'll receive the 10K in my account. However, the main point of discussion was whether Navi is a good instant loan app or not. Let's come to a conclusion. If I discuss about other apps, like, Moneyview, True Balance, or KreditBee, etc., their processing fees are very high, such as 25%, 30%, 35% For True Balance, it's even higher, as they also provide loans. to the age group of 18 years. But Navi is providing loan at 20% interest. Even banks sometimes reach that figure. But, you may wonder, how Navi is providing instant loans at a lower interest Note that our application was rejected by Navi when we applied with a salary of Rs 15,000. Similar to banks, Navi is selective in its lending approach So, if someone needs an emergency loan but earns in cash, or if their salary, though credited to their account, is very low, Navi doesn't operate like an instant loan app Instead , similar to banks, Navi is selective in its lending approach But if I talk about the instant loan apps like Moneyview, KreditBee, True Balance, Fibe, or any random RBI-registered apps, they're providing loans to anyone and everybody. Someone who earns 10K in cash can get a loan from there, even if it's as low as 5K. Now, a personal loan is such a thing. Take banks, for example. They typically charge higher interest rates for personal loans compared to home loans. That's because the bank knows that 10 out of 100 people will turn out to be defaulters. So, they adjust or recover that amount from the remaining 90 people. Now, if loans are given to everyone without any discrimination If a random XYZ app gives loans to 100 people, they anticipate that around 40 to 50 people will default. So, they need to recover the amount from the remaining 40 to 50 people. That is why their rates of interest soar as high as 25%, 30%, or 35%. So, Navi has the same thing – they are filtering and then providing loans. So, the point is that if you're taking a loan from Navi well, the thing is, you should always go to a bank first, and your second alternative can be Navi. But if it's an emergency and you don't have a good CIBIL score, and you end up going to Navi, keep in mind that Navi won't provide you with a loan easily without a good CIBIL score or proper income. In that case, you'll have to go to some other app. The good thing about Navi is it doesn't charge processing fees, and you can consider this app almost as good as a bank. So, this was the overall conclusion about this app. I hope you found this video on the Navi personal loan app informative. If you found this video helpful even a bit, then please like this video and subscribe to the channel. See you in the next video. For now, this is the end of the video. Thanks for watching and thank you all.