back Back

IIFL Finance WhatsApp Loan powered by RBI-backed Account Aggregator

By Leandra Monteiro

November 12, 2021

  • 1 million
  • Digital Lending
  • IIFL Finance
Share

IIFL FinanceIIFL Finance, one of India’s largest non-banking financial companies (NBFC) launched India’s first Account Aggregator services backed by Reserve Bank of India on its WhatsApp number (9019702184) in an effort to meet credit need of underserved customers across India. The retail-focused NBFC had launched up to INR 1 million loan on WhatsApp for the first time in India about a month ago. The WhatsApp loan offering has crossed over 100,000 users within just a month.

Now, IIFL Finance is also allowing users to verify their bank details using RBI-backed “Account Aggregator”. IIFL Finance which has over 60 lakh customers is the first NBFC to have reached this milestone.

Account aggregators are entities that allow individuals to share and access data from one financial institution to another in the consolidated networks of account aggregators. With account aggregator, IIFL Finance plans to enhance and cater to the large untapped pool of potential borrowers who are underserved. Additionally WhatsApp is one of the most powerful tools to communicate with users, especially for MSMEs.

Sanjeev Shrivastava, Chief Risk Officer at IIFL Finance said, “WhatsApp makes it easy, secure, and transparent for businesses to get credit from IIFL Finance through the ease and comfort of their homes – available 24×7. The complete journey till disbursal can be completed on WhatsApp. ”

Loans focused on serving micro, small and medium-sized enterprises (MSMEs) starting off with Rs 10,000 and going up to INR 1 million. Interest rates start at just 11.75% and for a minimum period of 6 months.

Loans will be offered for a period of 48 months. Users will have to complete the application through a 100% digital process with minimal documentation. At the backend a powerful AI-bot matches the users’ inputs to the loan offer and facilitates the application process.

One can avail up to INR 1 million loan at 11.75% interest rate by just saying ‘Hi’ on WhatsApp at 9019702184 and selecting the loan amount, tenure from options available. Then one needs to confirm bank details, use account aggregator option, complete KYC and mandate registration to avail the loan. The complete chatbot journey takes maximum 10 minutes.

Previous Article

November 12, 2021

CBUAE and central bank issued a communique on mBridge project

Read More
Next Article

November 12, 2021

PayOp partners with Clear Junction to access European payment networks

Read More










IBSi Daily News Analysis

Payments, holidays, Black friday

November 29, 2022

1 million

Black Friday sales could surge £200m if payments didn’t fail, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

African Development Fund provides $16m in loan and grant financing to Niger

Read More

Today

365 Business Finance partners with FinTech Groov

Read More

Today

Experian appointed to operate Singapore’s BNPL bureau

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q3 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q3 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022