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written by | November 16, 2021

IIFL Finance is offering business loans over WhatsApp to MSMEs

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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 -

  1. To apply for the loan from IIFL Finance, the user must first send a “Hi” message to the number 9019702184
  2. Afterwards, the user must share their basic details and complete KYC 
  3. Thereafter, the user must verify their bank transfer details and mandate registration
  4. The loan amount, interest rate and EMI details will be sent to you
  5. Choose the loan amount as per your eligibility
  6. Share details like account number and IFSC code.
  7. After the submission of details, your account will be credited with the amount.

 

Image Source - Economic Times

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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.