Getting a loan through banks and other financial institutions is a tedious 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 streamline the process, IIFL Finance announced Monday that it has offered instant loan disbursement through WhatsApp. In the scheme of things, clients can obtain commercial loans up to ??10 lakh via social media platform.
“In today’s omnichannel world of texting, chats and tweets, merchants want to interact with businesses the same way they connect with family and friends. Indians love to chat on WhatsApp – it’s easy, convenient and secure from end to end, ”IIFL Finance said.
“We are the first NBFC in the country to launch an Instant Business Loan on WhatsApp. Users will be able to receive a loan for up to ??10 lakh with minimal documentation and approval in 5 minutes, ”the company said.
India has around 450 million WhatsApp users. They can benefit from a 24×7 loan facility to get a loan in less than ten minutes.
The company uses an AI-bot that filters user input into the loan offer and facilitates application through KYC, bank account verification (BAV), and money order setup.
“IIFL Finance, together with Setu, our technology service provider, brings the ease of chat to the complex journey of loan application and disbursement. We are delighted to announce that for the first time ever, a small trader can discover, complete the paperwork and get a payout, all via a WhatsApp conversation, ”said Sanjeev Srivastava, Chief Risk Officer at IIFL Finance.
IIFL Finance is one of the largest retail oriented non-bank financial companies (NBFCs) in India. It offers various loans for mortgages and other categories. The product category includes home loans, gold loans, business loans, microfinance, capital market finance and others.
How to get a loan?
To get a loan from IIFL Finance via WhatsApp, borrowers will need to send a ‘hello’ to 9019702184 and then share the basic details.
Once the loan is approved, the user will complete the Know Your Customer (KYC) procedure, verify the bank transfer details and money order registration, all on the messaging app, to receive funds into their account.
Sahil Kini, Co-Founder and CEO of Setu, said: “Our effort is to make commercial lending accessible to all MSMEs in India, with a 100% digital lending journey on WhatsApp, it is now possible. We are pleased to partner with IIFL Finance for this one-of-a-kind initiative in the MSME lending industry, where 100% of loan request to disbursement is done digitally. “
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