“We are the first NBFC in the country to launch Instant Business Loan on WhatsApp. Users can get a loan of up to Rs 10 lakh in 5 minutes with minimal documentation and approvals,” the NBFC said in a release.
IIFL said the company is using Artificial Intelligence-bot technology that matches users’ details with the loan proposal, and facilitates the application through KYC and bank account verification.
How to Apply for IIFL Finance Loan on WhatsApp:
* To take the loan, you have to send ‘Hi’ message on WhatsApp to 9019702184.
* The AI bot will ask for some basic details like name, whether you own the business or run it in partnership?
* Questions also include what is your business turnover and how long have you been running the business?
* After submitting all the information, the bot will ask you to confirm your details so that your credit history can be checked.
*After verifying your details, IIFL will verify your credit history through OTP.
*Based on successful verification and your credit history, you will be offered the loan amount along with all the details like loan amount, interest rate and EMI.
* As the last step of sanction, you have to select the loan amount till your eligibility and share the bank account details like account number and IFSC code.
* After submitting all these details, the amount will be transferred to your bank account.
* Congratulations! Now you can use this money for your business.