Need a loan? Just say 'Hi' on Whatsapp and get Rs 10 lakh instantly. Here's how to apply

In a first in India, non-banking financial company (NBFC) IIFL Finance has announced an instant business loan offer of up to Rs 10 lakh for Whatsapp users. According to the company, users can get a loan of up to Rs 10 lakh in few minutes by just saying 'Hi' on the messaging app.

“We are the first NBFC in the country to launch an instant business loan on WhatsApp. Users can get a loan of Rs 10 lakh in 5 minutes with minimal documentation and approval,” the NBFC said in a release.

The company is using Artificial Intelligence-bot technology that matches the users’ details to the loan offer, and facilitates the application through KYC and Bank Account Verification, IIFL said.


Here is how to apply for IIFL Finance loan on Whatsapp:

* To avail the loan, you have to send ‘Hi’ message to 9019702184 on WhatsApp.

* The AI bot will ask some basic details like name, whether you own the business or run it in partnership?

* The questions also include what's the turnover of your business and since when you are running the business?

* After submitting all the informaton, the bot will ask you to confirm your details to check your credit history.

* After confirming your details, IIFL will verify your credit history through OTP.

* Based on successful verification and your credit history, you will be offered a loan amount with all the details like loan amount, interest rate & EMI.

* As a final step for sanction, you have to choose the loan amount up to your eligibility and share bank account details like account number and IFSC code.

* After submitting all these details, the amount will be transferred to your bank account.

* Congratulations! You can now use the money for your business.