KYC or Know Your Customer is a crucial process mandated by the Reserve Bank of India for every financial institution and customer to successfully complete before opting for any financial services. This step has been introduced primarily to identify and authenticate customers’ identities before lending money to prevent illegal financial activities and frauds.
Moreover, over the past few years, KYC verification has become a fundamental step for beginning or completing a financial activity. Nonetheless, gaining an idea about the relevancy and steps involved to streamline the process to eliminate errors from the beginning.
3 Simple Steps of the Kyc Verification Process With Bajaj Finserv
Usually, the KYC verification process is performed periodically, and the frequency relies on the risks associated with the customer. In this regard, if individuals are willing to approach reputed financial institutions like Bajaj Finserv for availing of any credit facility, it is essential to know what is eKYC and its verification process in detail.
Let’s Take a Look at the Simple Processes of eKYC Verification Online:
- Process of Online KYC Verification
In this process, individuals have two options to select from – Aadhaar-based biometric KYC and Aadhaar OTP. The latter ensures faster completion of the procedure within minutes. Here are some of the simple steps of online KYC verification with Aadhaar OTP:
Step 1- Firstly, visit KRA’s official website
Step 2- Create your own account by submitting personal details
Step 3- Submit your Aadhaar and registered mobile number
Step 4- Enter OTP for verification process
Step 5- Now, create a self-attested document of e-Aadhaar and upload it
Step 6- Click on ‘accept’ regarding the acceptance of terms and conditions
- Process of Aadhaar-Based Biometric
In contrast to that, there are certain steps for Aadhaar-based biometric KYC, and they are –
Step 1- Visit the official website of KRA
Step 2- Follow similar steps of KYC process mentioned above
Step 3- Select online option of biometric authentication option
Step 4- Wait for the representative to visit the address specified in the form
Step 5- Submit bio-metric verification
Step 6- Provide authentic documents for KYC verification and wait for the approval
If all the submitted documents are authentic, the verification process timing will take less than 24 hours. However, offline process consumes substantial time.
In this regard, since KYC is essential to obtain any financial product or start off investments such as personal loan and more, eKYC verification is mandatory.
- Process of offline KYC verification
This process includes certain steps; however, in this case, individuals need to submit physical copies of the documents. Additionally, they are required to furnish documents such as identity and address proof, income proof etc. Not providing authentic documents is one of the mistakes to avoid while applying for a personal loan.
Nonetheless, the Following are Some Simple Steps to Complete KYC Verification Process Offline:
Step 1- Get the KYC form from the respective lending institution
Step 2- Fill up the form carefully by providing details of PAN and Aadhaar card. Also, do not forget to attach a copy of necessary documents with the application form
Step 3- Look for your nearest KRA for form submission
Step 4- Apart from providing identity proof, individuals need to undergo a bio-metric scan
Step 5- After successful completion of the process, an application number will be provided to the applicant that can be used for tracking the application in the future
Note that document verification can take substantial time. However, this period varies depending on the authenticity of information provided in the application form. Hence, it is essential to carefully feed in the details when applying for a personal loan.
Documents Required for KYC Verification
To apply for a Bajaj Finserv personal loan in minutes, individuals need to submit the following documents for KYC verification beforehand to ensure a hassle-free loan procedure:
- PAN card
- ID card verified or certified by affiliated any Statutory/Regulatory/College/University etc.
- Utility bills
- Ration card
- Aadhaar card, driving license, passport
- Residential proof
- Financial statements
Besides noting the list of documents for KYC verification, individuals must have a fair knowledge of the verification process of a personal loan.
Moreover, apart from ensuring seamless KYC verification, reputed financiers also extend pre-approved offers on a wide range of financing options such as business loans, credit cards, personal loans etc. These offers eliminate the hassle of extensive documentation and save time. Existing borrowers can check their pre-approved offers by submitting their names and contact details.
To conclude, KYC verification process is essential to obtain any financial services and products without hassle. Since such verification involves certain documents, it is essential to keep them handy to eliminate inaccurate information and ensure a better experience.