IIFL Finance has launched an Instant Business Loan on WhatsApp, through which WhatsApp users will be able to avail a loan of up to ₹10 lakh with minimal documentation and get approved within five minutes.
The retail-focused Non-Bank Finance Company (NBFC) said in a statement that it has become the first NBFC in the country to launch an instant business loan on WhatsApp.
WhatsApp’s 45 crore-plus users across India can avail a 24/7 loan facility to get a loan within ten minutes from IIFL Finance, according to the statement.
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Underlying this facility is an AI robot that matches user inputs to the loan offer and facilitates application through KYC, bank account verification (BAV) and money order setup, he said. added.
To avail the loan from IIFL Finance via WhatsApp, the user will need to message “Hi” to a specified number, then share the basic details, complete KYC, verify bank transfer details, mandate registration and receive the funds in the account instantly.
Sanjeev Srivastava, Chief Risk Officer, IIFL Finance, said his company, along with technology service provider Setu, brings 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 endeavor is to make business lending accessible to all MSMEs in India and that is now possible with a 100% digital lending journey.