Loans are that we borrow the amount from banks or any financial institutions. We have to repay this amount in a certain period and in the form of installments and with interest applied on it. Loans are always helpful to fulfill our financial needs when our funds might fall short. Personal loans are a prevalent source of additional funds. You can use these funds for marriage, vacation, medical needs or business needs, etc.
What is a personal loan?
A personal loan is a type of unsecured loan. In this type of loan, you need not put any of your assets. This loan is for personal use, such as to fulfill business needs. A personal loan can get without any formalities. Therefore, one can use this loan to fulfill different financial needs.
Steps to apply for Navi App personal loan
You can apply for a personal loan through the Navi app; follow these steps:
Step 1– Download the Navi app from the play store.
Step 2– After downloading the application, open it and click on the “Apply” tab.
Step 3– Now, you need to fill in all the required details for the loan procedure, such as:
Full name, age, marital status, pin code of your residence.
Step 4– After filling in these details, you need to fill in employment and income details.
Step 5– At last, you need to add your PAN number.
Step 6– After filling in all these details, the loan will proceed, and all the further details, such as your credit score and others, will be checked at the backend.
Step 7– After the formalities are completed, the loan will proceed in just 10 minutes.
Eligibility Criteria for Personal Loan:
The lenders fix some eligibility constraints; when you avail of a personal loan, you need to fulfill them. Some of them are:
Age: While availing of a loan, your age should be between 18 to 64 years. But in some cases, the minimum age could be increased to 21, 23, or 25.
Interest rate: Some loan rates depend on your eligibility parameters and some lending policies, such as a two-wheeler loan.
Credit score: A person should have a credit score of at least 650 for an application for the loan; if he has a credit score below 650, he is not eligible to apply for a loan, and the application might be rejected.
Occupation: A person should either be self-employed means he should have a business or salaried; that is, he should have a job.
Income level: The income here varies among different types of lenders. They have a minimum income that a person should earn every month to repay the loan.
So, suppose you are thinking of getting a personal loan for extra funds. In that case, you should once check out the eligibility criteria for a personal loan that will help you understand the crucial points for getting a loan and if you are ready to get a loan and thinking of an application to apply. Then, you can apply for a personal loan through the Navi application; this will be easier for you to get a loan.