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 loanapplication 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.
How does the video-based KYC process work?
Here’s the step-by-step video KYC process:
- 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.
- The lender sends you the joining link on your email address and phone.
- 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.
- Once the call starts, the officer will ask for the required documents. You must also answer questions the officer asks you.
- 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.
Additional Read: Why Have Personal Loan Interest Rates Dropped So Low?
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.
Additional Read: How Does a CIBIL Score Impact Your Personal Loan Eligibility?
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.
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