Navi Loan App Review: My Sad, Horrible Experience (2022)

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Navi Loan App Review - Is Navi Loan App Legit or Scam

Navi Loan App Review: My Sad, Horrible Experience has been shared on this page please take note of it so you don’t fall a victim.

Most of the Navi loan app reviews that I’ve seen have not said much good about the lending platform neither will this one. The reason is simple: no one enjoys a horrible, shady, and unfair lending experience. The Navi app is a digital lending platform that may provide you with loans of up to 20 lakhs Indian rupees using a totally paperless method. In addition to being a fast loan app provider, Navi also claims to be able to issue loans in a matter of minutes and without a significant amount of documentation.

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How Loan Apps Work – Brief Overview

Apps that provide instant personal loans are simple to use, and the loan application process is straightforward with these apps. The procedure is quite simple; there is (almost) no involvement from a person, hardly no paperwork. Most times, all that is required from the loan apps is a request for some personal information from the borrower like a few permissions from the mobile device, biodata, selfie, national security number, etc.

In addition to requesting access to the camera in order to snap a photo and upload it with PAN and AADHAR card information, it also requests permission to access CONTACTS. In the event that you are late with your loan repayment, it will be much simpler to get in touch with your contacts so that they may be sent warnings, messages, and alerts. This may cause a great deal of anxiety for you and everyone in your household.

It stands to reason that these apps will require some sort of financial backing in order to operate. If you take a loan from them and you are unable to pay it back, they will most certainly find a way to get back their money including the use of threats, insults, embarassment, etc.

Navi Loan App Review: How the Navi Loan App Works

To make this Navi loan app review concrete, it is important to start from the basics with a brief overview of how Navi Loan App works.

To get a loan from Navi Loan App you simply visit either the Apple App Store or the Google Play Store and install the app. Nevertheless, the company (Navi Loan App) may contact you at some point to ask you to install their app and apply for a loan through them. It is possible that you will receive two to three automated calls every day asking you to download this rapid loan app. I can acquire an immediate loan of Rs. 10,000 within two minutes and without having to fill out any documentation.

After you have installed the Navi loan app, the next step is to setup your profile on the app at which point the app will request access to your contact information and gallery which you have to grant it. After that, you make request for a loan from the loan app.

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Is Navi Loan App Legit or a Scam? Oh Yes, Quite Shady!

Because the actual interest rate that would be charged to borrowers is not disclosed in a transparent manner by the Navi Lending app, it is fair to state that the Navi loan app is a fraudulent loan app. They impose a processing fee that is double the standard amount and have a very high interest rate overall. As is the case with the majority of loan applications, this one has terrible customer service and a difficult loan collection procedure and staff.

Before approving a loan, the Navi Loan app does not provide the total annual percentage rate of interest it would charge. They conceal it extremely deftly so that you don’t have to recognize it and won’t know at a glance the percentage of interest that you pay annually, which ranges from 20% to 36%. They do this so that you don’t have to realize it.

If you are approved for a loan in the sum of ₹25,000, you will be asked to pay ₹1,500 as processing fee in addition to ₹300 in GST. They make an advance deduction for the processing charge and the GST. to Therefore, the sum that will be transferred to you is ₹23,200 with an interest rate of 22 percent and an EMI payment schedule of three months.

Therefore, EMI should equal ₹7966, which is 23200 plus 700 int/3. However, according to Navi, they compute that 25000 plus 700 int/3 equals EMI 8566. This means that they essentially charge the processing cost twice. They begin by making an advance deduction, and then they make a subsequent addition via EMI. This is completely absurd and not fair.

Do not obtain loans via rapid loan apps such as Navi or Dhani, among others. Avoid falling prey to scams like Navi’s or Dhani’s by avoiding their advertising.

Insults and Threats

Another reason for sharing this Navi Loan App Review is to address the issue of insuls and threats by lending applications Navi loan app inclusive. After receiving a loan through the Navi loan app, if you postpone your EMI payment by even one day, all of your contacts will receive a phone call informing them that you are a dishonest person and that you have taken the money and run. You should also expect to get phone calls from those working on your recovery. That will attempt to extract money from you by abusing you in various ways. They may even make you fear for your physical safety by threatening to hurt you.

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Defamation of Character/Image

A situation arose in which the person’s photograph was taken from a gallery, and paid advertisements were distributed on social media. In the caption, it was said that he is not an honest person. And this completely tarnished his reputation.

Just imagine thtat as you were scrolling through your Instagram or Facebook feed you you come across a photo of you or someone you know with an insulting caption warning readers (i.e. the public) not to give you (i.e. the dishonest person) any money or trust you or whoever is concerned. How would you feel and react?

Their Customer Care Sucks

Customer service representatives for Navi are even more dishonest than thieves. They mistreat you, threaten you, and other things like that. Completely unprofessional, and the functionality is exactly the same as Chinese mobile apps. Should be put under a ban by the RBI! Please register a significant number of complaints about Navi on the RBI website. It makes perfect sense, and I can’t tell you how relieved I am that the RBI rejected their sister company Chaitanya. Additionally, Navi need to be prohibited.

Conclusion

This Navi loan app review is simply a clarion call to warm the public of the dangers of getting a loan from Navi loan app. There are countless of more articles just like this one, detailing how people fall for rapid lending apps and then come to regret their decisions later on. Because of these Chinese business financing apps, I do not want individuals to put their lives in jeopardy. I am quite concerned about this. Please make every effort to stay away from getting a loan. If you need a loan, go to a bank. When looking for a loan, you shouldn’t rely on rapid loan apps.

I am opposed to not only the Navi loan app, but also any and all instant lending apps that are now available.

If you are in need of financial assistance, there are many other options available to you besides applying for loans. Avoid using any applications for instant loans. Ensure that you will be able to repay the principal amount combined with the interest before you borrow money through the Navi Loan app or any other app.

I beg of you not to be caught up in the cycle of loans and debt. It has no other effect but to make the affluent even richer while simultaneously making the poor even destitute. Never put your faith in another person. Put in some long hours and you’ll get paid. Avoid applying for the Loan. Don’t make your troubles any worse by doing this. You are at the mercy of so-called debt collection firms if you do not repay your loan on time from one of these loan apps. If you do not repay your loan on time, you will get calls.

Do not get a loan from NAVI because if you are even late with a single payment, they will begin calling you between 20 and 30 times a day and will never listen to your concerns even if you plead with them. They don’t give a damn; all they want is their money returned, in contrast to banks, which may offer to extend the repayment period or modify the loan terms.

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