12 October 2021
IIFL Finance, one of the largest retail-focused non-bank financial companies (NBFCs) in India, has become the first NBFC in India to launch Instant Business Loan on WhatsApp, where users will be able to qualify for a loan up to Rs. 10 lakh with minimal documentation and approval in 5 min.
Now, WhatsApp users across India can take advantage of a 24/7 loan facility to get a loan in less than ten minutes from IIFL Finance. To qualify for the loan from IIFL Finance via WhatsApp, the user will need to send a ‘hello’ to 9019702184, then share basic information, complete KYC, verify bank transfer details, mandate registration and receive funds on the account instantly.
Sanjeev Srivastava, Director of Risk Management at IIFL Finance, said: “IIFL Finance, together with Setu, our technology service provider, brings ease of discussion through the complex journey of loan application and disbursement. We’re excited to announce that for the first time ever, a small merchant can find out, complete paperwork, and get cash out – all through a WhatsApp conversation.
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. “