IIFL Finance Launches Instant Business Loan on WhatsApp

IIFL Finance has launched an Instant Business Loan on WhatsApp, whereby WhatsApp users will be able to get a loan of up to 10 lakh with minimal documentation and get approval in five minutes.

The retail-focused non-bank finance company (NBFC), in a statement, said it had become the first NBFC in the country to launch an instant business loan on WhatsApp.

Digital solutions for Gen Next bank

WhatsApp’s 45 crore-plus users across India can take advantage of a 24/7 loan facility to get a loan in less than ten minutes from IIFL Finance, the statement said.

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Underlying this setup is an IA-bot that matches user inputs to the loan offer and facilitates application through KYC, bank account verification (BAV), and money order setup. he adds.

To qualify for an IIFL Finance loan via WhatsApp, the user will need to send a “Hi” message to a specified number, then share basic information, complete KYC, verify bank transfer details, mandate registration and receive the funds into the account instantly.

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Sanjeev Srivastava, chief risk officer, IIFL Finance, said his company, along with technology service provider Setu, brought the ease of chat to the complex journey of a loan application and disbursement.

Sahil Kini, co-founder and CEO of Setu, said his company’s effort is to make commercial lending accessible to all MSMEs in India and that is now possible with a 100% digital lending journey.

Rosalie M. Dehner