The startup is offering personal loans of up to Rs 5 lakh for a maximum of three years.
Bengaluru-headquartered Navi Technologies has forayed into consumer-lending through a mobile-based application for loan disbursals, making the process paperless.
The company, founded by Flipkart co-founder Sachin Bansal, is offering instant personal loans of Rs 5 lakh for a period of three years.
Available for download on the Google Play Store, consumers can check their loan eligibility, select the loan amount as well as the EMI amount.
The loan amount will be sent directly into the bank accounts of consumers who will need to enter their permanent account number (PAN) and Aadhaar numbers to link their accounts.
It does not require uploading documents like pay slips and bank statements as it is a paperless procedure.
Samit Shetty, chief executive officer of Navi Finserv, which is the registered NBFC within the Navi group, said they had already received good response from customers in tier one two and three locations across the country. The app was launched in a beta testing mode in April.
“Navi’s technology platform is built for scale with an emphasis on leveraging artificial intelligence and machine learning (ML) to continuously improve the choices and experience we offer our customers… We are now scaling the app across 150 cities in India,” said Shetty.Bansal who quit Flipkart after selling a majority stake to Walmart started Navi with ex-banker Ankit Agarwal.