Finance

How to Avail Video KYC for Personal Loan & Why is it Important?

Personal Loan

When you do a personal loan apply, the verification process will be done online. Banks and non-banking financial institutions conduct a verification check to ensure that they know their customers (KYC) in order to provide a better lending experience. Usually, the KYC is done at the bank branch. However, with the digital sphere and borrowing, the video KYC has become famous.

Essentials for a Successful Video KYC

It is important that you do the video KYC successfully. There are a few essentials that you need to follow. It will help you finish your KYC successfully:

  • Original copy of the PAN card and all the other important documents.
  • Strong mobile network.
  • Keep a white paper and a blue or black pen with you.

Precautions to be taken during Video-KYC

  • When you start the video KYC, it is important to take a few precautions. When you follow the precautions, it will help you have a successful KYC.
  • Third-party video calls are not supported or permitted by RBI. Therefore, the video call will be done by the officials, which you need to take care of.
  • Click only the joining link that is received from an authentic source. There are a lot of online scams and fraudulent actions going on where individuals are cheating with various links and OTPs.
  • Do not share the joining link with anyone else. It will be a completely private video call where all your information will be shared.
  • Ask for the identity card from the officer that is conducting the KYC. You also need to note down the employee ID of the official that is conducting the video call. This way, it will be easier to trace if anything wrong happens.
  • Never provide any kind of OTP or username password during the video call or through any text.

Benefits of Video-KYC

  • Video KYC is very easy to conduct. It does not require a lot of time or energy. The process is very simple and can be done within a few minutes.
  • Individuals don’t need to visit the bank or other non-banking financial institutions personally. The verification is done right from your home. It does not need any physical visits.
  • The loan providers can complete the online and remote on-boarding of the customers from any location. The financial institution doesn’t need to have a branch in order to onboard the customers. This means that even if you are outside your home town or anywhere else, you can complete your KYC from any location.
  • It shows the safety of health during the pandemic. Theree is no need to travel in order to get the KYC completed. During the COVID pandemic, it is not at all a safe way to travel for borrowing or completing your KYC. It can be done right from your home without going out during the pandemic.

Documents for Video KYC for an Instant Personal Loan

  • ID proof like an Aadhaar Card, Voter ID, or Driver’s License.
  • PAN Card
  • For salaried people, it is important to offer a salary slip for the last 3 months or any other proof of income.
  • Appointment letter or any other employment proof.
  • Statements from the last six months’ savings or salary accounts
  • For self-employed people, all the business-related documents, including financial statements and registration, are available.
  • Current account statement of the last 6 months.
  • Step-by-Step Instructions for Completing Your Video KYC
  • Individuals will get an online form on the official website of the particular financial institution. Every bank and non-banking financial institution provides an online form for completing the video KYC. Fill up that form completely with all the information.
  • You will then receive a confirmation message and an adjoining link. This link will redirect you towards the video KYC. You will receive the link and the confirmation details on your mobile and email address.
  • By clicking on the link, you can easily connect with the verification officer. A particular date or time according to the working hours of the concerned financial institution will be given.
  • When you get connected, the verification officer will ask you a few questions and also ask for the documents. You need to show all the documents on the live video camera along with your own picture. Your live picture will be captured.
  • The officer will ask a few questions also. It will be just a process of verification. The audio visual call of video kyc will be completely done on the individuals’ consent.
  • The official will always match your live photo taken during the KYC verification process with the photo on your documents. This will be done with the help of an artificial intelligence facial recognition feature.
  • After verification, the officer will ask you to end the video call, and the confirmation will be given right away.

Wrapping up

Video KYC has made the personal loan apply process smooth and quick. When you take an instant personal loan online, you can easily conduct the process. Get a personal loan in Noida from Clix Capital and complete the entire process online.

 

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button