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NEW DELHI: IIFL Finance on Monday said it has launched instant business loan facility on messaging platform Whatsapp. The non-banking financial company (NBFC) claims to be the first to have rolled out this feature over Whatsapp.

All that a borrower has to do is send a text to 9019702184 on the instant messaging app and share basic details and loan requirement, which will be matched to loan offerings by an artificial intelligence (AI) powered bot. 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.

Users will be able to avail loan of up to 10 lakh with minimum documentation and approval in 5 minutes, IIFL said in a statement.

IIFL Finance has partnered with fintech firm Setu to roll out the feature.

“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," said Sanjeev Srivastava, chief risk officer, IIFL Finance.

“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."

Whatsapp has over 450 million users in India.

“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," said Sahil Kini, co-founder and CEO, Setu.

“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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