Get Business Loan on WhatsApp

Now get a Business Loan on WhatsApp up to ₹ 10 Lakhs in 10 minutes with minimal documentation.

25 Jan,2022 10:35 IST 7309 Views
Get Business Loan on WhatsApp

Every business needs a sufficient cash runway to keep operations steady and grow consistently. From meeting day-to-day operational expenditure to investing in new machinery and expanding the business reach, a good source of finance is essential. Here, banks and financial institutions come to your aid by offering products like Business Loans to meet short-term and long-term fund requirements.

However, obtaining business loans from banks and financial institutions can be tedious and time-consuming. To ease this, IIFL Finance, India’s leading Non-Banking Finance Company (NBFC), has made business loans more convenient by making them accessible via platforms like WhatsApp.

Why IIFL Finance introduced instant loans via WhatsApp to create the first ever end-to-end WhatsApp loan journey in India:

  • No need to download a new application on your mobile phone
  • There’s data privacy, security, and no access to personal data
  • The process is as easy as texting a friend. In this case, you text your digital assistant or friendly financial support

IIFL Finance is the first NBFC to launch business loans via WhatsApp. With this new initiative, India’s 450 million WhatsApp users can access business loans 24*7 from anywhere, at any time.

IIFL Finance leveraging technology

IIFL Finance is using AI-powered bot technology to provide loans via WhatsApp. We have partnered with Setu, a technology service provider, for streamlining the entire loan process from application to disbursal. 

Key features

IIFL Finance offers instant business loans up to Rs. 10 lakhs to fund MSMEs with small financing requirements. We offer MSME business loans starting at the rate of 11.75% p.a. with tenure of up to 5 years. IIFL Finance approves Rs. 10 Lakh loan within 10 minutes and disbursement is done within 48 hours.

How to apply for IIFL Finance Business Loan on WhatsApp

To avail of a business loan from IIFL Finance via WhatsApp, follow the following steps:

  1. Say Hi: Send a text message “Hi” on the contact number (9019702184) on WhatsApp to start the process. 
  2. Enter basic details: Start your loan journey by entering your full name, select the business type (Proprietorship, Partnership, Company), and specify business vintage and business turnover. 
  3. Check Credibility: Post submission of the above-specified details, the WhatsApp bot will request you to send confirmation on the details furnished to check your credit history with Experian & CIBIL bureaus. Post confirmation, IIFL Finance will send an OTP on the registered contact number to verify your credit history. On successful verification, furnish PAN details, date of birth and email ID. The WhatsApp chatbot will search your credit profile with CIBIL and confirm via OTP on your registered contact number. 
  4. Bank Account Verification: Enter bank account details and IFSC code. Select the account type and review your bank account details. WhatsApp chatbot will further verify your account.
  5. Bank statement of 6 months: Choose account aggregator method to share your banking data. It is recommended to be the safest option. After this WhatsApp chatbot will sanction the final details of loan amount and interest rate.
  6. KYC Document Verification: You can choose Offline-KYC through Aadhar Verification or E-KYC. Upload documents like Individual PAN, proof of present and permanent address.
  7. Sign Agreement: E-sign agreement either through Aadhar based or OTP based.     
  8. Set Up Auto-Pay through E-NACH (NACH by NPCI) – For early repayment of your loan, set up EMI auto debit facility.

Business loans are crucial for the sustenance and growth of any business. Timely access and the cost of financing are of utmost importance for companies using business loans to invest in their business. 

IIFL Finance offers quick business loans via WhatsApp at low-cost interest rates to support growing enterprises. 
By leveraging state-of-the-art technology and sanctioning loans via WhatsApp, IIFL Finance is set to provide instant business loans to a wider section of underserved MSME borrowers. 

Click  to apply for a business loan via WhatsApp.

Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.

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