IIFL Finance WhatsApp Loan now powered by RBI-backed “Account Aggregator”

IIFL Finance WhatsApp Loan now powered by RBI-backed “Account Aggregator”

· IIFL Finance’s loan on WhatsApp offers interest rates as low as 11.75%

· IIFL Finance offers India’s first end-to-end loan journey on WhatsApp

MUMBAI (November 12, 2021) : IIFL Finance, one of India’s largest non-banking financial companies (NBFC) today launched India’s first Account Aggregator services backed by Reserve Bank of India on its WhatsApp number (9019702184) in an effort to meet credit need of underserved customers across India. The retail-focused NBFC had launched up to Rs 10 lac loan on WhatsApp for the first time in India about a month ago. The WhatsApp loan offering has crossed over 100,000 users within just a month.

Now, IIFL Finance is also allowing users to verify their bank details using RBI-backed “Account Aggregator”. IIFL Finance which has over 60 lakh customers is the first NBFC to have reached this milestone.

Account aggregators are entities that allow individuals to share and access data from one financial institution to another in the consolidated networks of account aggregators. With account aggregator, IIFL Finance plans to enhance and cater to the large untapped pool of potential borrowers who are underserved. Additionally WhatsApp is one of the most powerful tools to communicate with users, especially for MSMEs.

Mr Sanjeev Shrivastava, Chief Risk Officer at IIFL Finance said, “WhatsApp makes it easy, secure, and transparent for businesses to get credit from IIFL Finance through the ease and comfort of their homes - available 24x7. The complete journey till disbursal can be completed on WhatsApp. ” said

Loans focused on serving micro, small and medium-sized enterprises (MSMEs) starting off with Rs 10,000 and going up to Rs 10 lakh. Interest rates start at just 11.75% and for a minimum period of 6 months.

Loans will be offered for a period of 48 months. Users will have to complete the application through a 100% digital process with minimal documentation. At the backend a powerful AI-bot matches the users’ inputs to the loan offer, and facilitates the application process.

One can avail up to Rs 10 lakh loan at 11.75% interest rate by just saying ‘Hi’ on WhatsApp at 9019702184 and selecting the loan amount, tenure from options available. Then one needs to confirm bank details, use account aggregator option, complete KYC and mandate registration to avail the loan. The complete chatbot journey takes maximum 10 minutes.

About IIFL

IIFL Finance Ltd is one of the leading retail focused diversified NBFC in India, engaged in the business of loans and mortgages along with its subsidiaries - IIFL Home Finance Limited and IIFL Samasta Finance Limited. IIFL Finance, through its subsidiaries, offers a wide spectrum of products such as Home loan, Gold loan, Business loan, Microfinance, Capital Market finance and Developer and Construction finance to a vast customer base of over 6 million customers. IIFL Finance has widened its pan-India reach through extensive network of branches spread across the country and various digital channels.