Unlike other loan products like personal loan, credit card loan etc EMI Cards has very easy documentation in a paperless manner i,e complete digital KYC is being followed while applying for the EMI Cards online.
Now, no need to take the copies of your KYC documents along with your original documents for verification purpose.
EMI cards follows a very seamless process of documentation without any hassle to any customer.
There are some standard set of documents which are generally known as Officially valid documents” or OVD in common terms.
These OVDs can be considered as Proof of Identity and Proof of address.
As per the regulatory requirement below are the standard set of OVDs
- PAN card
- Drivers license
- Voter ID card
- NREGA letter
Apparently, there are lot of people travelling and being migrated from their native place and hence find it difficult to product the above OVD as their current KYC document. So to mitigate the availability issues, EMI Card KYC documentation provides alternatives to the above and substantially reduce the discomfort to the applicant.
Customer can now provide easy documentation in lieu of their existing OVD for e.g
- Letter head issued by the employer can be considered as current residential proof.
- Utility bill (Electricity, Property tax, Water bill etc)
- Bank account statements or passbook having latest transaction
- Broadband fixed line phone
- Leave and License agreement
EMI card can apply by just providing the above documents and avail card limit instantly upon approval.
In Digital KYC, customer need not to submit the copy of any documents but same gets captured in digital manner and gets processed further.
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