Explanation:

• Bengaluru-headquartered Navi Technologies, a financial services startup founded by Flipkart co-founder Sachin Bansal, has launched a mobile app to provide instant personal loans, targeted at consumers in the middle-income segment.
• The ‘Navi Lending’ app will provide instant loans of up to Rs 5 lakh with repayment tenures of up to 36 months.
• The loan process will be done completely using digital and contactless process for customers.
• 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.