Navi: UPI, Investments & Loans
Navi is a comprehensive financial services app developed by Navi Technologies Limited, co-founded by Sachin Bansal and Ankit Agarwal in 2018. The app offers a suite of digital financial solutions, including UPI payments, investments, and loans, aiming to simplify and enhance the financial well-being of its users.
UPI Payments
Navi’s UPI service, approved by the National Payments Corporation of India (NPCI), facilitates instant and secure money transfers. Users can send money, pay bills, recharge services, and make purchases by scanning QR codes. The UPI Lite feature allows for quick transactions without the need for a PIN, enhancing convenience for small-value payments. Additionally, Navi offers the option to link RuPay credit cards for UPI transactions, providing users with rewards and cashback opportunities.
Investments
The app provides investment options in mutual funds and digital gold. Navi Mutual Funds offer direct index funds with low expense ratios and zero commission, aiming for cost-effective investing. Users can set up flexible Systematic Investment Plans (SIPs) on a daily, weekly, or monthly basis. Investments made before 3 PM are eligible for same-day Net Asset Value (NAV), and the app boasts one of the fastest redemption order payouts in the industry.
Loans
Navi offers instant personal loans up to ₹20 lakh with an Annual Percentage Rate (APR) ranging from 9.9% to 45%, depending on the user’s credit profile. The loan tenure is flexible, ranging from 3 to 60 months, and the entire process is 100% digital, ensuring quick disbursal to the user’s bank account. A minimum household income of ₹3 lakh per annum is required to be eligible.
In December 2024, the Reserve Bank of India lifted previous restrictions on Navi Finserv, allowing the company to resume sanctioning and disbursing new loans after addressing regulatory concerns.
Conclusion
Navi stands out as a versatile financial app catering to various needs, from seamless UPI transactions and strategic investments to accessible loan options. Its user-friendly interface and commitment to digital solutions make it a valuable tool for managing personal finances.
