Navi Personal Loan Eligibility Calculator

The Navi Personal Loan Eligibility Calculator is an AI tool provided by Navi Finance Limited (NBFC), headquartered in Bangalore, which is one of the fastest-growing non-banking financial companies. The company offers a variety of digital lending products for personal finance nationwide. With the assistance of their personal loan eligibility calculator, you can easily determine the maximum loan amount you are eligible for, compare various loan products offered by Navi, and apply for the most cost-effective option.

Hence, to help you secure the best financing option that perfectly aligns with your needs and references, Urban Money introduces a detailed view of the Navi Personal Loan Eligibility Calculator. Hereunder, we will discuss its key features, benefits, usage guidelines, and (almost) everything you need to know about this calculator. Furthermore, we offer some tips and strategies to help you understand factors that influence Navi Personal Loan eligibility criteria, and how to improve your eligibility in case you fail to meet the minimum requirements.

Navi Personal Loan Eligibility Calculator –  Key Features & Benefits

Let’s take a look at a list of the key features and benefits of the Navi personal loan eligibility calculator:

Swift and Handy

This robust calculator enables you to determine your eligibility within seconds, eliminating the necessity for manual and complex calculations or reliance on any financial experts. This empowers you to make quicker decisions and take timely actions to opt for the ideal financial option. Furthermore, this robust calculator is conveniently accessible on Navi’s official website at any time and from anywhere, completely eliminating any time or geographical constraints. By doing so, there is no longer a requirement to visit the lender’s branch to secure a personal loan.

Comparison Capabilities

The Navi personal loan eligibility calculator allows you to compare the various personal loan options offered by Navi. Namely, by using this calculator, you can compare interest rates, EMIs, loan tenure, and other relevant parameters across a diverse range of loan products that you may qualify for from Navi. As a result, this dynamic feature empowers you to identify the most cost-effective financing option that aligns perfectly with your unique financial situation and needs.

Free From Error

Whether you need to calculate your eligible loan amounts, loan tenure, monthly EMI, or interest rates, these calculators guarantee accurate results and a comprehensive insight into your financial status and possibilities concerning your personal loan. Furthermore, this calculator is equipped with the most up-to-date financial parameters, ensuring that you can make calculations based on the latest data, thereby improving accuracy and relevance.

User Friendly 

The Navi personal loan eligibility calculator is well-known for its user-friendly UX design. Instead of presenting a tedious textual description, this handy calculator uses a visually engaging interface to display information. Hence, with just a quick glance, you can readily grasp your current financial status in terms of your personal loan eligibility.

How to use Navi Personal Loan Eligibility Calculator?

To use the Navi personal loan eligibility calculator, follow these simple steps:

  • Visit the Navi website.
  • Click on the “Calculators” tab on the top menu bar.
  • You will be redirected to another page titled “Calculators,” where you can find a variety of calculators offered by Navi.
  • Select the “Personal Loan EMI” option from the list.
  • A digital calculator will be displayed on your screen.
  • Enter the required information.
  • In a jiffy, the calculator will display the result. 

Navi Personal Loan Eligibility Criteria

Navi Finance Limited offers a range of personalised loans designed to suit different individuals and professions. Let’s examine the eligibility criteria for each category:

Navi Personal Loan Eligibility Based on Salary 

  • The applicant must be between 18 and 65.
  • The applicant must meet the minimum income requirements based on their city of residence. Ideally, a monthly salary of Rs 25,000 is considered favourable.
  • The applicant must have a minimum credit score of 650. However, a credit score of 750 or above is considered ideal.
  • The applicant must be an Indian resident.

Note: The eligibility criteria for salaried individuals are the same as those for NRIs and women employed. For further verification, it is recommended to visit the official website of Navi Finance Limited.

Navi Personal Loan Eligibility Criteria for Self-Employed Individuals

  • The applicant must be between 22 and 65 years old.
  • The applicant must have a minimum annual income of Rs. 4.8 lakh.
  • The applicant must have at least 5 years of business continuity.
  • The applicant must have a good credit score.
  • The applicant must be an Indian resident.

List of Factors Affecting Navi Personal Loan Eligibility

Here is the list of factors affecting Navi personal loan eligibility:

  • Credit Score: As your credit score is the foremost factor that the bank considers, having a good credit score greatly enhances your loan eligibility. Ideally, the bank assesses your credit score to evaluate your repayment behaviour and financial capability.
  • Income: Applicants with a high income boost the lender’s confidence, often resulting in lower interest rates. Conversely, applicants with lower income or frequent job changes may encounter challenges in securing a loan, as the bank views them as risky applicants.
  • Age: The lender typically favours younger applicants, believing they have greater potential and time for future growth. Older applicants, on the other hand, may encounter challenges in securing loan approval and could face less favourable rates and terms.
  • Debt-to-Income Ratio (DTI): The debt-to-income ratio measures how much of your monthly income goes to debt payments. A low debt-to-income ratio greatly enhances your likelihood of loan approval, while a high ratio may result in your loan application being rejected.
  • Loan Amount: The correlation between the loan amount you wish to borrow, your income, and your credit score holds significant sway over your eligibility for a Navi personal loan.

How can you Improve your Navi Personal Loan Eligibility?

Here are some tips that you can consider to improve your eligibility for a Navi personal loan.

Maintain a Good Credit Score

To enrich your eligibility for a Navi personal loan, ensure timely payment of your bills and existing loans, and reduce your credit card usage. Following these practices can substantially improve your eligibility, often resulting in lower interest rates and more favourable loan terms. Typically, the bank considers a credit score of 750 or higher as favourable.

Reduce Your Debt-To-Income Ratio

The Debt-To-Income Ratio involves comparing your total monthly debt to your monthly income. I.e., a higher debt-to-income ratio indicates fewer funds available for loan repayment, potentially resulting in your loan application being rejected by the lender. Hence, it is recommended to maintain a debt-to-income ratio below 40%. You can generally reduce your debt-to-income ratio by increasing your income or reducing your debt load. 

Present All Your Income

Present a comprehensive overview of your diverse income sources, which extend beyond your monthly salary and may encompass investments, rental properties, retail businesses, and income-generating hobbies. This will strengthen the bank’s confidence in your capacity to repay the loan amount. However, adhering to this approach ultimately improves your eligibility for securing a personal loan.

Affix Co-applicant

Including your spouse, sibling, or other family members as co-applicants on your loan application can significantly increase your chances of securing loan approval. In such instances, the bank evaluates the financial capability of both you and your co-applicants, thereby reinforcing the overall eligibility of your personal loan application.

Avoid Multiple Loan Applications

Each loan application you submit negatively impacts your credit report, potentially resulting in a lower credit score. Moreover, making numerous loan applications quickly can raise concerns with the lender. Ultimately, the bank may view the applicant as someone seeking excessive credit and possibly facing challenges in loan repayment.

Understanding the Impact of Credit Score on Navi Personal Loan Eligibility

Your credit score is a numerical representation of your creditworthiness, determined by factors such as your credit history, repayment patterns, existing debts, and other relevant financial factors. It typically ranges from 300 to 850, with higher scores indicating greater creditworthiness. And a credit score of 750 or higher is usually considered ideal by the bank. Moreover, having a good credit score can significantly impact various aspects of your personal loan, including your interest rate, loan amount, loan duration, approval speed, and the terms you are offered.

You can follow these steps to maintain a positive credit score:

  • Set reminders for payment and be disciplined with credit.
  • Ensure you maintain older credit cards to lengthen your credit history.
  • Opt for a longer tenor when you take a loan.
  • Avoid taking on too much debt at one time.

Comparing Navi Personal Loan Eligibility for Various Applicants.

Following is the comparison of Navi personal loan eligibility criteria for various applicants.

Applicant’s Type

Minimum Age

Maximum Age

Minimum Income

Credit Score 

Salaried Applicants 

18 years

65 years

Not specified

650 or above

Self-employed Applicants

22 years

65 years

Rs. 4.8 lakh P.a.

Not specified

NRI Applicants

18 years

65 years

Not specified

650 or above

Women Applicants

18 years

65 years

Not specified

650 or above

Frequently Asked Questions (FAQs)

What is the minimum salary requirement to be eligible for a personal loan in Navi?

Typically, the minimum salary requirement to be eligible for a personal loan in Navi is Rs 25,000. However, this requirement may vary based on your city of residence. 

What is the minimum CIBIL Score for a Navi Personal Loan?

A credit score ranging from 700 to 750 is considered favourable. Notably, applicants with a credit score of 650 and above may also be eligible but might encounter less favourable terms and higher interest rates.

Do I have to be an existing Navi customer to qualify for their personal loan?

No, you do not have to be an existing Navi customer to qualify for their personal loan.

Is my eligibility for a Navi personal loan solely dependent on my income?

While your income is a vital factor in assessing your eligibility for a Kotak personal loan, it is not the only determinant. Various other factors come into play, including your age, credit score, employment status, and work experience, which collectively influence your eligibility.

What steps can I take to improve my eligibility for a higher Navi personal loan amount?

To enhance your eligibility for a higher Navi personal loan amount, consider the following steps: maintain a positive credit score, lower your debt-to-income ratio, affix a co-applicant, present all your income sources, and avoid multiple loan applications. 

Urban Money