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Tata Capital > Blog > What is Video KYC & How You Can Avail it for Personal Loan?

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What is Video KYC & How You Can Avail it for Personal Loan?

What is Video KYC & How You Can Avail it for Personal Loan?

Gone are the days when one had to physically visit a bank to get a loan. With the Reserve Bank of India (RBI) introducing the video KYC, you now can easily complete the personal loan application process via a simple video call from the comfort of your home.

Let’s understand this KYC process, its benefits, and some things to keep in mind.

What is video KYC?

Video KYC, also known as the video-based customer identification process (V-CIP), is an online KYC process lenders use to verify your identity as a customer. Lenders use the front-facing camera of your laptop or smartphone to capture your live photo.

You also have to present your Aadhaar Card and PAN card during the call for document verification. The lender asks you a few questions as per their AML/KYC guidelines. Besides your device’s camera, your GPS is used for live location tracking.

Also, read – What is CKYC?

How does the video-based KYC process work?

Here’s the step-by-step video KYC process:

  1. Complete your Aadhaar-based eKYC process. Here, provide your Aadhaar number on the link given by the lender and enter the OTP you’ve received on your registered mobile number.
  2. The lender sends you the joining link on your email address and phone.
  3. The link will connect you to the official conducting the video KYC verification. Note that your appointment can get scheduled for later, depending upon the availability of KYC officers.
  4. Once the call starts, the officer will ask for the required documents. You must also answer questions the officer asks you.
  5. The official will take your picture for identity verification.

Once your video KYC is completed, the lender assesses your eligibility and notifies you within a week regarding your personal loan application’s approval.

Also, read – How to Apply for Personal Loan Top Up

Requirements for Video KYC

To ensure a hassle-free KYC verification, you must have:

  • Good internet connectivity for an uninterrupted verification process
  • A well-lit room
  • Blank sheet of paper with a pen
  • All KYC and loan documents

Things to keep in mind during the video-based KYC process

  • Note that for video KYC, banks never request your passwords. Don’t disclose any important credentials via email, text, or during the video call.
  • Don’t display your Aadhaar number during the call, as it’s already verified in the first step.
  • Verify the video KYC officer’s identity before displaying your documents or answering any questions. Ask for the official’s ID card and note down their employee ID.
  • Access the joining link only if an authentic source sends it. If it’s a WhatsApp, Facetime, or Skype link, refrain from clicking on it.

Also, read – What is cooling off period?

Benefits of video KYC for personal loan applicants 

There are countless advantages of video KYC for personal loans, from speed to security. 

Here are some benefits of video KYC:

– Reduced errors: Since everything is handled digitally, there is no need for physical paperwork, which reduces errors and speeds up documentation. 

– Faster processing: The process is much faster, allowing loan applications and account openings to be completed in a shorter time. 

– Better security: Security is stronger as well, thanks to technologies like biometric checks, facial recognition, and encrypted data transfer. 

– Increased convenience: Most importantly, Video KYC is highly convenient. Customers can complete their verification anytime, anywhere with a smartphone and a stable internet connection. 

These are some of the reasons why video KYC is important. 

Also, read – What is EMI?

Documents required for video KYC verification 

In most cases, what documents are needed for video KYC will depend on the financial institution. At Tata Capital, the following steps and video KYC documents will be required to complete the process:

1. For starters, you will need to connect with a representative via video call. During this, you will be asked identity verification questions. A live photograph will also be taken. 

2. The only documentation to keep ready will be your PAN Card. During the call, a live photo of the PAN Card will also be taken. 

3. Lastly, following completion, the application status is then sent on your registered email or phone number. 

There are only a few documents needed for Video KYC, meaning your PAN Card, good lighting, and a device to complete the call are usually enough. 

Also, read – Personal Loan for Cibil Score 550

Which financial products can be availed through video KYC? 

Different financial institutions and lenders will offer a range of financial products through video KYC. 

These could include:

– Video KYC for accounts: Many institutions allow users to complete video KYC during bank account opening. 

– Video KYC for mutual fund: Many financial institutions may also allow users to invest in mutual funds via video KYC. 

– Video KYC for personal loans: Many banks and other lenders will also offer personal loan facilities via video KYC. 

To know which services and financial products can be availed via video KYC, it is crucial to contact your own bank or financial institution. Consult with experts at Tata Capital to understand which financial products can be availed through our video KYC feature!

Wrapping up

Now that you know how the video KYC works and its various requirements, you can schedule an appointment to begin your loan application. With this online and paperless process, you can get your application approved in no time.

If you’re looking for competitive loan terms, turn to Tata Capital! Avail of attractive personal loan interest rates, flexible repayment options, and easy eligibility criteria.

Get extended loan tenure to comfortably repay the loan. Calculate your potential EMIs with our personal loan EMI calculator today!

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FAQs

What is Video KYC and why is it important for personal loans?

Video KYC allows customers to complete their entire verification process online using a smartphone or computer. It eliminates the need for in-person visits or paperwork, making the KYC process faster, simpler, and far more convenient for anyone applying for a loan or opening an account.

How can I complete the video KYC process for a Tata Capital personal loan?

 

To complete the Video KYC process with Tata Capital, you’ll receive an SMS and email link from Tata Capital. Click it, accept the terms, and follow the instructions to test your camera, mic, and location settings. You’ll then join a video call with a representative who will verify your identity and PAN. After completion, you’ll receive your application status.

What documents are required for successful video KYC verification?

 

For video KYC, requirements vary by institution. At Tata Capital, you need your PAN card. A representative will verify your identity via video call, take a live photo of you, and take a live photo of your PAN. After completion, your application status is shared on your registered email or phone.

Is Video KYC safe and secure?

 

Yes, video KYC for account opening and other financial products is generally safe. It uses encryption, biometric verification, and other advanced security measures to protect the user’s data and ensure a secure verification process. Since the interaction happens in real time, it also reduces chances of fraud or identity misuse.

Can Video KYC be used for services other than personal loans?

 

Yes, Video KYC is used across a wide range of services beyond personal loans. It is common in banking, financial services, and insurance, and is also expanding into other industries as digital verification becomes more convenient and secure.

What happens if my internet connection is poor during Video KYC?

 

If your video KYC is interrupted due to internet or technical issues, the process will usually be restarted. However, it is vital to contact a representative at your bank or financial institution if your connection is interrupted during a KYC video call.

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