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IIFL uses an A / C aggregator for SMB loans

Mumbai: IIFL Finance, backed by Fairfax, has announced that it will be among the first to introduce digital lending on an account aggregator basis that can reach millions of new customers. IIFL Finance had Rs 43,160 billion in loan assets under management as of June 30, 2021, with around 93% of the book being in retail stores including small-ticket loans. The account aggregator platform designed by RBI enables customers to give the lender software access to their bank details. This makes it possible to extend loans to people with no creditworthiness.
IIFL Finance aims to use the Account Aggregator to better draw small businesses. The private lender focuses on digital underwriting of unsecured loans up to 10 lakh for MSMEs. Customers can take out instant loans within a few minutes using the MyMoney app managed by IIFL Finance. IIFL Finance Chairman Nirmal Jain said, “We believe the Account Aggregator will be a determining factor in the days ahead. Many borrowers are denied access to credit due to the unavailability of financial data. Creating an account aggregator will solve that. ”
He added that currently around 8% of IIFL platform users can provide digital financial data to process the application. “We believe the Account Aggregator will help us fill the data gap and enable 70-80% of businesses to apply for digital loans,” he added.


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Richard Dement

The author Richard Dement