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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 loan application process<\/a> via a simple video call from the comfort of your home.<\/p>\n\n\n\n Let\u2019s understand this KYC process, its benefits, and some things to keep in mind.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n 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\u2019s camera, your GPS is used for live location tracking.<\/p>\n\n\n\n Also, read – <\/strong>What is CKYC?<\/a><\/p>\n\n\n\n\n\n Once your video KYC is completed, the lender assesses your eligibility and notifies you within a week regarding your personal loan application\u2019s approval.<\/p>\n\n\n\n\n Also, read – <\/strong>How to Apply for Personal Loan Top Up<\/a><\/p>\n\n\n\n\n To ensure a hassle-free KYC verification, you must have:<\/p>\n\n\n\n Also, read – <\/strong>What is cooling off period?<\/a><\/p>\n\n\n\n\n There are countless advantages of video KYC for personal loans<\/strong>, from speed to security. <\/p>\n\n\n\n – Reduced errors<\/strong>: Since everything is handled digitally, there is no need for physical paperwork, which reduces errors and speeds up documentation. <\/p>\n\n\n\n – Faster processing<\/strong>: The process is much faster, allowing loan applications and account openings to be completed in a shorter time. <\/p>\n\n\n\n – Better security<\/strong>: Security is stronger as well, thanks to technologies like biometric checks, facial recognition, and encrypted data transfer. <\/p>\n\n\n\n – Increased convenience<\/strong>: Most importantly, Video KYC is highly convenient. Customers can complete their verification anytime, anywhere with a smartphone and a stable internet connection. <\/p>\n\n\n\n These are some of the reasons why video KYC is important<\/strong>. <\/p>\n\n\n\n\n Also, read – <\/strong>What is EMI?<\/a><\/p>\n\n\n\n\n In most cases, what documents are needed for video KYC<\/strong> will depend on the financial institution. At Tata Capital, the following steps and video KYC documents<\/strong> will be required to complete the process:<\/p>\n\n\n\n 1. For starters, you will need to connect with a representative via video call. During this, you will be asked identity verification questions. A live photograph will also be taken. <\/p>\n\n\n\n 2. The only documentation to keep ready will be your PAN Card. During the call, a live photo of the PAN Card will also be taken. <\/p>\n\n\n\n 3. Lastly, following completion, the application status is then sent on your registered email or phone number. <\/p>\n\n\n\n There are only a few documents needed for Video KYC, meaning<\/strong> your PAN Card, good lighting, and a device to complete the call are usually enough. <\/p>\n\n\n\n\n Also, read – <\/strong>Personal Loan for Cibil Score 550<\/a><\/p>\n\n\n\n\n Different financial institutions and lenders will offer a range of financial products through video KYC. <\/p>\n\n\n\n These could include:<\/p>\n\n\n\n – Video KYC for accounts<\/strong>: Many institutions allow users to complete video KYC during bank account opening. <\/strong><\/p>\n\n\n\n – Video KYC for mutual fund<\/strong>: Many financial institutions may also allow users to invest in mutual funds via video KYC. <\/p>\n\n\n\n – Video KYC for personal loans<\/strong>: Many banks and other lenders will also offer personal loan facilities via video KYC. <\/p>\n\n\n\n To know which services and financial products can be availed via video KYC, it is crucial to contact your own bank or financial institution. Consult with experts at Tata Capital to understand which financial products can be availed through our video KYC feature!<\/p>\n\n\n\n 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.<\/p>\n\n\n\n If you\u2019re looking for competitive loan terms, turn to Tata Capital! Avail of attractive personal loan interest rates<\/a>, flexible repayment options, and easy eligibility criteria.<\/p>\n\n\n\n Get extended loan tenure to comfortably repay the loan. Calculate your potential EMIs with our personal loan EMI calculator<\/a> today!<\/p>\n\n\n\nWhat is video KYC?<\/strong><\/h2>\n\n\n\n
How does the video-based KYC process work?<\/strong><\/h2>\n\n\n\n
Here\u2019s the step-by-step video KYC process:<\/strong><\/h3>\n\n\n\n
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Requirements for Video KYC<\/strong><\/h2>\n\n\n\n
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Things to keep in mind during the video-based KYC process<\/strong><\/h3>\n\n\n\n
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Benefits of video KYC for personal loan applicants\u00a0<\/strong><\/h2>\n\n\n\n
Here are some benefits of video KYC:<\/strong><\/h3>\n\n\n\n
Documents required for video KYC verification\u00a0<\/strong><\/h2>\n\n\n\n
Which financial products can be availed through video KYC?\u00a0<\/strong><\/h2>\n\n\n\n
Wrapping up<\/strong><\/h2>\n\n\n\n