IIFL Finance launches business loans up to 1m on WhatsApp

By Leandra Monteiro

IIFL Finance, one of India’s largest retail-focussed non-banking financial companies (NBFC) has become the first NBFC in the country to launch instant the business loan option on WhatsApp. Users will be able to avail loan up to INR 1 million with minimum documentation and approval in 5 mins.

Now WhatsApp’s 450Mn+ users across India can avail a 24×7 loan facility to get a loan in under ten minutes from IIFL Finance. Underlying this is a powerful AI-bot that matches the users’ inputs to the loan offer, and facilitates the application through KYC, Bank Account Verification (BAV) and mandate setup.

Sanjeev Srivastava, Chief Risk Officer at IIFL Finance said, “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.”

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.”

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.