2 min read.Updated: 11 Oct 2021, 02:45 PM ISTLivemint
To get business loans from IIFL Finance via WhatsApp, the user will have to send a ‘Hi’ to 9019702184 and complete the KYC process
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Getting a loan via banks and other financial institutions is a cumbersome process. Borrowers have to run from pillar to post even in today's world, where technology has evolved a lot.
To ease this burden and make the process simple, IIFL Finance on Monday said it has come up with an instant loan disbursal via WhatsApp. Under the scheme of things, customers can get business loans up to ₹10 lakh through the social media platform.
"In today’s omnichannel world of texts, chats, and tweets, merchants want to interact with businesses the same way they connect with their family and friends. Indians love to chat on WhatsApp - it’s easy, convenient, and secure end to end," IIFL Finance said.
"We are the first NBFC in the country to launch instant business loan on WhatsApp. Users will be able to avail loan up to ₹10 lakh with minimum documentation and approval in 5 mins," the company said.
India has around 450 million-plus WhatsApp users. They can avail a 24x7 loan facility to get a loan in under ten minutes.
The company is using a AI-bot that screens users' inputs to the loan offer, and facilitates the application through KYC, bank account verification (BAV) and mandate setup.
“IIFL Finance, along with Setu, our technology service provider, is bringing the ease of chat, to the complex journey of a loan application and disbursal. We’re delighted to announce that for the first time ever, a small merchant can discover, complete formalities and get a disbursal, all via a WhatsApp conversation," Sanjeev Srivastava, Chief Risk Officer at IIFL Finance said.
IIFL Finance is one of India’s largest retail-focussed non-banking financial companies (NBFC). It offers various loans for mortgages and other categories. The product category includes home loans, gold loan, business loan, microfinance, capital Market finance and others.
To get loan from IIFL Finance through WhatsApp, borrowers will have to send a “Hi" to 9019702184, then share basic details.
Once the loan is approved, the user will complete know-your-customer procedure (KYC), verify bank transfer details and mandate registration, all on the messaging app, to receive funds in account.
Sahil Kini, Co-founder and CEO, Setu said, “Our endeavour is to make business loans accessible to every MSME in India, with a 100% digital loan journey on WhatsApp this is now possible. We are happy to partner with IIFL Finance for this first-of-its kind initiative in MSME lending industry, where 100% of the loan application-to-disbursal happens digitally."
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