What Is Video KYC & How Can You Avail It For A Personal Loan?

The current digital age has witnessed profound changes across various aspects of our lives, particularly in the finance sector. Lengthy paperwork and in-person verification procedures are gradually being replaced by more efficient methods. One such innovation is Video KYC (Know Your Customer), which has revolutionized the way banks and financial institutions operate. In this blog, we will delve deeper into the concept of what is video KYC and explore how you can take advantage of its benefits to secure a personal loan with ease, avoiding unnecessary complications along the way.

Advantages of Video KYC for Personal Loans

Convenience

One of the major advantages of Video KYC is convenience. It eliminates the need for physical visits to the bank, saving both time and effort for borrowers.

Time-Efficient

Video KYC significantly reduces the processing time for personal loan applications. Unlike traditional KYC methods that could take days or weeks, Video KYC enables instant verification, allowing banks to process loan applications quickly.

Security and Privacy

Video KYC follows stringent security measures to ensure the safety and privacy of customer data. The video calls are encrypted, and personal information is handled with utmost confidentiality.

Remote Accessibility

Video KYC enables people residing in remote areas to access financial services without the need to travel long distances to the nearest branch. It promotes financial inclusion by reaching customers in distant locations.

Contactless Process

In the wake of the COVID-19 pandemic, contactless services have gained tremendous importance. Video KYC is a contactless and safe alternative to in-person verification, reducing health risks for both customers and bank employees.

Steps to Avail Personal Loan Through Video KYC

Research and Choose a Lender

Start by researching various banks and financial institutions that offer personal loans. Compare interest rates, loan amounts, and repayment terms to find the best deal that suits your needs

Check Eligibility

Once you've chosen a lender, check their eligibility criteria for personal loans. Before proceeding with the application, make sure you fulfill all the requirements.

Online Application

Visit the lender's website or use their mobile app to fill out the online application form for a personal loan. Provide accurate information and submit the necessary documents as per their requirements.

Video KYC Call

After the loan application is submitted, the lender will schedule a video call with their representative. During the call, keep your official identification documents handy for video KYC verification.

Document Verification

Display your documents clearly during the video call and answer any questions the representative may have. The bank representative will validate the information provided and conduct the video KYC process.

Loan Approval

Once the Video KYC is successfully completed, the lender will assess your loan application based on various factors like credit score, income, and repayment capability. Upon KYC approval, the loan amount will be credited to your bank account.

The Key Features of Video KYC for Personal Loans

Video KYC has emerged as a game-changer in the financial industry, revolutionizing the process of availing personal loans. Below are some of the key features that make Video KYC a preferred choice for borrowers:

Real-time Verification

Video KYC enables instant, real-time verification of customer identity. Through secure video calls, bank representatives validate official documents and biometric data, ensuring a swift and accurate verification process.

Convenient and Contactless

With Video KYC, customers can complete the verification process from anywhere at their convenience. There is no need for physical visits to bank branches, making it a contactless and safe option, especially during challenging times like the COVID-19 pandemic.

Secure Encryption

Banks use advanced encryption technology to protect the privacy and security of customer data during video calls. This ensures that sensitive information remains confidential and is not susceptible to unauthorized access.

Elimination of Paperwork

Video KYC reduces the need for extensive paperwork, simplifying the application process for borrowers. This streamlining of documentation saves time and effort for both customers and financial institutions.

Advancing Financial Inclusion: How Video KYC Expands Access to Personal Loans

Financial inclusion remains a critical goal for governments and financial institutions worldwide. Video KYC plays a pivotal role in advancing financial inclusion by extending access to personal loans to a broader population:

Reaching Remote Areas

Traditional brick-and-mortar branches are often concentrated in urban centers, leaving individuals in remote and underserved areas with limited access to financial services. Video KYC allows banks to reach out to customers residing in far-flung regions, bridging the urban-rural divide.

Accessibility for Differently

Abled Individuals: People with physical disabilities or mobility constraints may find it challenging to visit bank branches in person. Video KYC offers a barrier-free approach, enabling these individuals to avail personal loans without any difficulty.

Reducing Documentation Barriers

For many individuals, lack of proper documentation can be a significant hurdle in accessing financial services. Video KYC minimizes the need for extensive paperwork, making it easier for individuals with limited documents to apply for personal loans.

Empowering the Unbanked Population

A considerable proportion of the global population remains unbanked, lacking access to formal banking services. Video KYC presents an opportunity to bring these individuals into the formal banking system, offering them the benefits of credit facilities and financial stability.

Conclusion

Discover a faster, secure way to avail personal loans at Indiainfoline! Embrace video KYC for hassle-free loan applications from home. Say goodbye to paperwork and in-person verifications. Experience face-to-face interactions with experts, ensuring confidentiality and convenience. Apply anytime, day or night, and fulfill your financial goals seamlessly. Simplify the process, trust cutting-edge technology, and get the funds you need at your fingertips. Transform your borrowing experience with Video KYC and Indiainfoline! Head over to Indiainfoline now and leverage their cutting-edge Video KYC technology to streamline your loan application process.