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

India has effectively transitioned towards digital banking and the positive effects of this movement have been widely felt. Gone are the days when customers had to physically visit a bank to get funding through loans. The Reserve Bank of India (RBI) has now introduced the facility of video KYC. It lets you conveniently complete the loan application process through a video call that can be made from any location. Read on to know more about video KYC and its benefits when getting a personal loan.

Video KYC – What Does it Mean?

The video KYC is an online process that lenders use in order to verify the identity of a customer. Video KYC is also widely known as the video-based customer identification process (V-CIP). As part of video KYC, you are expected to switch on the camera of a laptop or smartphone and the authorities will capture a live photo. During the call, you must also present your Aadhaar card and PAN card. It is also essential to switch on your GPS so that the lender can track your live location. The lender will pose some questions regarding the given details and the presented guidelines. Imagine the video KYC as being seated at the lender’s office. However, in this case, you use a digital medium.

Video KYC Process – How does it work?

The video KYC process is simple and here are the steps that it involves.

Step 1 – Begin by completing your Aadhaar-based KYC. At this point, you must provide the Aadhaar number on the link provided by the lender. Also, enter the OTP that you receive on your mobile number.

Step 2 – The lender will then send the joining link for the KYC to your registered mobile number and email address.

Step 3 – When you use the link, you will connect to the banking authority that conducts the KYC verification.

Step 4 – On the call, you must answer the questions posed by the officer and also provide the required documents.

Step 5 – The authority will then take your picture. This concludes your KYC verification process.

Video KYC – Requirements

 In order to ensure that you enjoy a good experience with the video KYC verification, you must ensure.

  • Good internet connectivity

  • Be seated in a well-lit room

  • Have a notepad and pen

  • Possess personal detail documents

Important Factors to Note During Video KYC

There are some essential factors to note during the process of a video KYC,

  • Verify the identity of the bank official. Note down the employee ID and view the official ID card.

  • Connect through the link only if it is an authentic source.

  • Do not mention any passwords over the session. Also, do not pass on any important credentials related to your identity or fund accounts.

The video KYC is simple and works well for anybody seeking a personal loan. Schedule an appointment to apply for your loan through a paperless online procedure. What’s more? The application is approved within a short timeframe. As long as you meet the eligibility and fulfil other criteria, rest assured that your loan will be disbursed in no time!