IIFL Finance launches instant business loans on WhatsApp.
The retail-focused non-banking finance company (NBFC), IIFL Finance, has launched instant business loans on WhatsApp. It has now become the first NBFC to establish an instant business loan platform. It claims that the users can avail loans up to ₹10 lakh. The loan would require minimum documentation and will get approved within 5-10 minutes.
WhatsApp has around 45 crores plus users across India. These users who can now avail of a 24/7 instant business loan facility mentions IIFL Finance.
The users need to send a “Hi” message on WhatsApp to a specified number, share their basic details, complete the KYC, verify their bank transfer details, mandate registration, and receive funds in the account instantly.
Chief Risk Officer of IIFL Finance, Mr Sanjeev Srivastava, said that the intention is to bring ease of chat to the complex and tedious process of a loan application. Sahil Kini, the Co-founder and CEO, said that this endeavour is to make sure that the business loans are accessible to every MSME in India. It is now possible with 100% ease of digital loans.