Thinking MSME Business loan? Think IIFL Finance

While starting a new business, the first thing you need to focus on is getting it off the ground as soon as possible. And if you are starting a venture that needs significantly more initial capital than your resources can allow, you need a msme loan.

Prospective borrowers need a good credit history and need to be solvent to get such a loan. In addition, borrowers do need to provide collateral to become eligible for a msme loan.

A msme loan, just like any other loan, has to be paid back periodically, typically in monthly installments.

Interest rates can vary from lender to lender and so it is best to avail such a msme loan from a reputable lender like IIFL Finance, which can not only offer the best deal in terms of interest, but also flexible repayment options.

IIFL Finance, one of India’s largest retail-focused non-banking finance companies (NBFC), has a convenient solution to meet the msme loan requirements of micro, small and medium enterprises (MSMEs).

In fact, IIFL Finance is the first NBFC in the country to have launched an instant business loan option on WhatsApp for MSMEs. This will allow small business owners to avail business loans up to Rs 10 lakh in less than ten minutes, with minimal documentation.

What can you use a business loan for?

MSMEs can avail business loans for one or more of the following requirements:

• Buying inventory
• Buying equipment
• Expanding their business
• To meet working capital needs

What Is IIFL Finance’s WhatsApp Facility For Business Loans?

This is a 24x7 business loan facility that allows more than 450 million WhatsApp users in India to avail much needed money to meet their short-term business needs.

The IIFL Finance business loan facility is backed by a powerful artificial intelligence-driven bot. The chatbot matches the user’s inputs on the loan offer and facilitates the application via a setup that comprises verification of the user’s Know-Your-Customer (KYC) and bank account details. The bot then enables a KYC and Bank Account Verification (BAV) mandate.

How Does IIFL Finance’s WhatsApp facility Actually Work?

A person desirous of taking a business loan can reach out to IIFL Finance by sending a WhatsApp message. The WhatsApp-based AI chatbot will ask simple questions like name, whether the business is self-owned or with a partner, turnover, number of years for which it has been in existence, and so on.

After submitting the above information, the chatbot will ask the prospective borrower to confirm the details. It will then check the borrower’s credit history.

Based on the credit history and successful verification, IIFL Finance will offer the loan amount.

A Step-By-Step Process To Avail A Business Loan From IIFL Finance On WhatsApp

1. The user needs to first send a “Hi” message to 9019702184.
2. The user must then share their basic details and complete the KYC process.
3. The user must then verify their bank transfer details and mandate registration.
4. The loan amount, interest rate and EMI details will be sent to the borrower.
5. The borrower chooses the loan amount as per their eligibility and requirement.
6. The borrower shares details like bank account number and IFSC code.
7. After the submission of details, IIFL Finance credits the money into the borrower’s account.

What Makes IIFL Finance A Better Choice As Compared To Other NBFCs And banks?

The debt market in India is crowded, with dozens of scheduled commercial banks, regional rural banks, small finance banks and literally hundreds of NBFCs looking to offer business loans and other forms of credit.

IIFL Finance is part of one of the biggest financial services groups in India, IIFL Group, and provides a wide variety of loan offerings to meet every possible requirements of borrowers.

The biggest advantage that IIFL Finance offers is that the business loan application-to-disbursal process is 100% digital. This means you don’t need to visit the company’s branch and can complete the entire process online.

IIFL Finance’s WhatsApp chat facility, for which it has partnered with a fintech company called Setu, makes taking a business loan almost as easy as messaging with your friends or family.

Conclusion

As a new business which is looking to take off, it is always advisable to choose a reputable lender that can offer you the best and the quickest financing option, with minimal paperwork and no hassle. IIFL Finance fits the bill perfectly.

In a world where people increasingly spend a substantial amount of their waking hours on social media apps like WhatsApp, NBFCs like IIFL Finance want to talk to their customers the same way as their customers talk to their families and friends. So, if you want your next business loan to be as easy as a WhatsApp chat, IIFL Finance has the right solution for you.