IIFL Finance, a retail-focused Non-Banking Finance Company, is offering instant business loans on Whatsapp, where the users of the app can avail of a loan of up to ₹10 Lakh with minimum documentation. The NBFC claims to provide approval to the loan within 5 minutes. For this service, IIFL Finance is making use of the AA (Account Aggregator) Framework by the Reserve Bank of India to disburse loans to the underserved sector such as small, medium, and micro-businesses.
It is interesting to note that IIFL Finance is the first such NBFC to launch this feature on Whatsapp. To apply for the business loans offered by IIFL Finance over Whatsapp, users have to send “Hi” to 9019702184 and then get done with the KYC process.
Instant Loan Disbursal via Whatsapp
There are more than 45 crore users of Whatsapp, now a Meta-owned app in India. Just in a month since its launch, this instant business loan facility boasts of surpassing over 1 lakh users.
In a release, the company said “We are the first NBFC in the country to launch an instant business loan on WhatsApp. Users can get a loan of Rs 10 lakh in 5 minutes with minimal documentation and approval.” The instant loan provision is being rolled out in partnership with technology service provider Setu. Using the Account Aggregator framework, which is enabled on IIFL’s Whatsapp Number to provide credit, IIFL Finance plans to “enhance and cater to the large untapped pool of underserved potential borrowers. Additionally, Whatsapp is one of the most powerful tools to communicate with users,” the company said in a statement.
Every step in the loan journey, from application to loan disbursal, can be completed on Whatsapp. The loan amount can be a minimum of ₹10,000 to a maximum of ₹10 lakh with an 11.75 percent interest rate and for a minimum period of 6 months.
Image Source - Economic Times
Powered by AI
To provide the instant loan, NBFC is using Artificial Intelligence-bot technology where the users’ details are matched to the loan offer, which smoothens the process of applying through KYC and Bank Account Verification.
MSMEs would have to select the “AA” (Account Aggregator) option after they confirm their bank details on Whatsapp. Thereafter, they must complete their KYC and registration to avail the loan.
How to apply?
- With the help of the chatbot shown below, the loan application process just takes 10 minutes.
- The AI will ask simple questions like name, whether business is self-owned or run with a partner, turnover of business, total number of years in business, etc.
- After all information is submitted, the chatbot will ask you to confirm your information to check your credit history.
- On the basis of credit history and successful verification, IIFL will offer loan amount and give other details.
Image Source - Economic Times
Here’s a step-by-step guide to avail credit from IIFL through Whatsapp -
- To apply for the loan from IIFL Finance, the user must first send a “Hi” message to the number 9019702184
- Afterwards, the user must share their basic details and complete KYC
- Thereafter, the user must verify their bank transfer details and mandate registration
- The loan amount, interest rate and EMI details will be sent to you
- Choose the loan amount as per your eligibility
- Share details like account number and IFSC code.
- After the submission of details, your account will be credited with the amount.
Image Source - Economic Times
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