2 weeks Ago By Moneycontrol
A personal loan is a versatile financial tool that can help you manage urgent expenses, whether it's medical bills, education fees, or other financial needs. With the rise of digital lending, getting a personal loan online has become quicker and more convenient. One key step in the process is KYC (Know Your Customer) verification, which ensures that lenders confirm your identity before approving the loan.
When done digitally, it’s called e-KYC. To make the process even faster and more convenient, the Reserve Bank of India (RBI) now allows lenders to conduct e-KYC verification via video calls – a method known as video KYC. This eliminates the need for physical document submission, making loan approvals quicker and hassle-free.
What is a personal loan video KYC? As the name suggests, video KYC is a video-based method to verify your identity. It is just like a normal video call. A front-facing camera on your laptop, computer, or smartphone is used so that the officials at the lending institution can verify your identity.
The officials may capture your image during the video call. During the process, you also need to present important documents such as an Aadhaar card and PAN card for verification. The officials will ask you some questions as per their Anti-Money Laundering and KYC guidelines.
It is important to keep the live location tracking on so that the lender knows about your location at the time of the personal loan KYC. Is video KYC compulsory for getting a personal loan? The requirement for video KYC can vary across lenders. Some lenders may have it as a compulsory requirement for providing a personal loan, while others may keep it optional.
You can check bank-wise personal loan video KYC details to see if video KYC is required for getting online loans from a particular bank. Get Instant Loan Up To Rs.50L Advantages of video KYC Here are some of the major advantages of video KYC: No need to submit physical documents One of the key advantages of video KYC is that you don’t need to submit any documents physically.
You can simply show the documents during the video call to complete the process. Fast loan approval With video KYC, you can finish the identity verification within minutes. This leads to a reduction in the time required to sanction your loan.
But which loan should you pick? By using the Moneycontrol app and website, you can check the loans provided by eight lenders. You can get loans of up to Rs 50 lakhs , with interest rates starting from 10.5% annually.
It is a fast and online way to search for loans, and you won’t even have to provide collateral. Increased accessibility and remote boarding Video KYC lets customers complete the personal loan KYC process from the comfort of their homes. This is a stress-free and convenient process, and customers don’t need to make any effort to physically visit a lender’s local branch.
It can be particularly beneficial for people in remote and underserved areas. Steps to Complete the Video KYC You need to follow the following steps to complete the video KYC: Set up your device First, decide which device you will use for the video KYC. You could use your desktop, laptop, or your smartphone.
It must be equipped with a webcam or a front-facing camera and must have access to a good internet connection. The room must have sufficient lighting and no noise. Complete aadhaar-based eKYC Your lender will provide you a link from which you need to complete the Aadhaar verification.
An OTP will be sent to your Aadhaar-registered number which you need to enter to complete the verification. Receive the video KYC link The lender will send you the link for joining the video call. Your appointment will be scheduled as per the availability of KYC officials.
Join the video call As per the schedule, punctually join the video call. Turn on the camera and microphone to start the process. Show necessary documents You need to show the relevant documents such as the Aadhaar card and PAN card to the officer during the video call.
You may be asked to show proof of employment or income as well. Answer questions The KYC official will ask some questions based on your loan application and the documents you showed in the call. Answer all the questions correctly.
Finish the KYC process It usually takes a few minutes for KYC officials to go through your KYC application and approve or reject it. If the video KYC is successful, the lender will evaluate your loan application. As the loan is approved, the loan amount will be disbursed to your bank account.
Conclusion To conclude, video KYC is a revolutionary addition to the loan application process. It is a highly convenient and secure way to complete the KYC process. It saves you a lot of time and effort and also encourages financial inclusion.
If you are looking forward to availing a personal loan, Moneycontrol app lets you apply for loans up to Rs 50 lakhs from eight lenders. All you need to do is go to the section for loans, apply for a loan that suits you, fill up the application form, and upload the necessary documents. The interest rates starting at as low as 10.
5% per annum..
