Getting a loan from banks and financial institutions is a complicated process even when digitalization and technology have evolved to a great extent.
To make the process simple, IIFL Finance has come up with an instant loan approval through WhatsApp. Customers will be able to avail a loan of up to 10 lakhs within 10 minutes by just texting ‘Hi’ on the social media app.
In today’s omnichannel world, people want to connect with businesses the same way they interact with their family and friends. People find it convenient to communicate through WhatsApp. IIFL Finance is the first NBFC (Non-Banking financial company) in India to launch an instant business loan approval process on WhatsApp with the least documentation and approval. It is a 24*7 loan facility.
The company is using Artificial Intelligence-bot technology that screens users’ details to the loan offer and facilitates the application through KYC. Along with their technology service provider, Setu, IIFL Finance is easing the cumbersome journey of a loan application.
With the help of this initiative, even a small merchant can discover, complete formalities, and get a disbursal, all via a WhatsApp conversation. WhatsApp has over 45 crore users in India.
Here is how one can apply for the loan:
- The borrowers need to send a ‘Hi” message to 9019702184 on WhatsApp.
- Then share some basic details like name, type of business you are into, turnover of your business, etc.
- Once all the details are given the AI bot will ask you to confirm the details to check your credit history.
- OTP will be sent by IIFL to confirm your credit history.
- Based on the successful verification and credit history, an eligible loan amount with all details related to EMI and interest will be offered.
- As a final step, you need to choose the loan amount according to your eligibility and share bank account details.
- After submitting all the details, the loan amount will be transferred to your bank account.
With the help of technology, IIFL Finance has made business loans accessible to the MSME sector in India through an instant process via WhatsApp. It is the first kind of initiative in India that leverages technology for providing 100% loans digitally.