Sachin Bansal, the genius entrepreneur, left Flipkart for greener pastures in 2018. Since then he has been relatively obscure from both the media and the public’s glare. But a few weeks ago Mr Bansal launched ‘Navi’, a personal loan providing app on the Play Store.
This app is the banking arm of Navi Technologies Pvt. Ltd. The company itself is just fifteen months old and thus it is yet to prove its salt in the Indian banking world.
The app provides personal loans upto to Rs 2,00,000. The borrower after giving his or her pan number and Aadhar card details can take a no collateral loan. In terms of repayment, the app offers a range of easy and flexible EMIs out of which the user can pick what suits his or her income. The company aims to cash in the large and primarily offline rural banking universe and aims to provide loans to families with incomes as low as Rs 10,000.
Meanwhile, Mr Bansal has still some waiting to do, as his universal banking license is still being sanctioned. The app is still in beta mode as it is not dispensing loans as of now.
Navi Technologies, headquartered in Koramangala, Bengaluru is still in its infancy and the ripples caused by the ongoing pandemic are sure to be felt. Recently the startup got an influx of Rs 3,007 crores by its founder in April
The company has acquired Chaitanya Rural Intermediation Development Services or CRIDS as it has been focusing on the rural banking sector for years. The acquisitions will open up here to unexplored and low-income group areas of Jharkhand, Bihar and Odisha.
While the company’s and the app’s premise look positive, time will tell whether it actually gains popularity or not.