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IIFL Finance offer loan services to MSMEs on WhatsApp

Updated: Nov 15, 2021 09:42:15am

IIFL Finance offer loan services to MSMEs on WhatsApp

New Delhi, 15 Nov (KNN) For the purpose of disbursing loans through WhatsApp categorically for MSMEs, the Retail-focused non-banking financial company (NBFC) IIFL Finance has adopted the Account Aggregator (AA) framework by the Reserve Bank of India (RBI).

According to the information given by the company, the IIFL’s Whatsapp number is enable through the AA service to provide credit under its existing offering of providing up to INR 10 lakh loan.

It was launched almost a month ago and has accounted more than 1 lakh users within just a month.

The finance company is planning to enhance and cater the large undeserved sector with the help of its AA Service.

“WhatsApp is one of the most powerful tools to communicate with users, especially for MSMEs,” the company said in a statement.

Sanjeev Shrivastava, Chief Risk Officer at IIFL Finance, said that the complete loan journey from application to disbursal can be completed on WhatsApp.

Their MSME-focused loans range from INR 10,000 to INR 10 lakh with an interest rate of 11.75 per cent and for a minimum period of six months, the company added.

IIFL Finance said that the chatbot journey of applying for the loan takes up to 10 minutes.

RBI announced the AA framework in 2016 and launched in September this year.


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