IIFL Finance has launched instant business loan on WhatsApp, whereby users of the latter will be able to avail loan up to ₹10 lakh with minimum documentation and get approval in five minutes.
The retail-focussed non-banking finance company (NBFC), in a statement, claimed that it has become the first NBFC in the country to launch instant business loan on WhatsApp.
WhatsApp’s 45 crore-plus users across India can avail a 24×7 loan facility to get a loan in under ten minutes from IIFL Finance, per the statement.
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Underlying this facility is an AI-bot that matches the users’ inputs to the loan offer, and facilitates the application through KYC, Bank Account Verification (BAV) and mandate setup, it added.
To avail loan from IIFL Finance through WhatsApp, the user will have to send a “Hi” message to a specified number, then share basic details, complete KYC, verify bank transfer details, mandate registration and receive funds in account instantly.
Sanjeev Srivastava, Chief Risk Officer, IIFL Finance, said his company, along with technology service provider Setu, is bringing the ease of chat, to the complex journey of a loan application and disbursal.
Sahil Kini, Co-founder and CEO, Setu, said his firm’s endeavour is to make business loans accessible to every MSME in India and this is now possible with a 100 per cent digital loan journey.