How is E-KYC Changing Loan Approval Significantly?

Loan Approval Significantly

Have you recently applied for a loan? Now, submitting physical documentation to banks is no longer mandatory. The introduction of e-KYC has changed the game completely. Now, more and more people can apply for loans online and have loan approval. Using this blog, we will give you an overview of the e-KYC method, how important the Aadhar card has become in the process, and the help we can get.

After reading the complete blog, you will eventually understand the importance of the e-KYC process, what you should do, and what you need to avoid for fast approval. Consultation with DSA franchisee agents will help you learn more and guide you in the best possible way.   

Basics You Need to Know About E-KYC

The Electronic Know Your Customer form is the newest document filing process that most banks and financial institutions have adopted in the last few years. Earlier, we used to attach all of our documentation in physical form with our loan application. Now, verification has become quite easy since the use of the Internet and digital platforms.

Andromeda loans is India’s largest distributor of loan products for people, their homes, businesses, and properties.

What Are the Major Changes We Are Facing in The Loan Segment?

Since the introduction of e-KYC methods, we have been witnessing several changes in the loan segments. Here are some of the important aspects that we need to know before applying for any loan-

  1. As the whole process has become digital, security measures are now far more developed. The banking industry is taking all kinds of precautions to avoid possible fraud.
  2. Banks and financial institutions need to have government approval to accept UIDAI information during the loan process.
  3. In the past, we have seen issues like identity theft in loan matters. However, since everything is now connected with Aadhar cards and the unique number attached to them, the chances of identity theft have become low.
  4. The whole process has made the loan verification process easy and efficient.

 Choose any bank that you rely on and file for a loan to understand the complete process firsthand. It will help you learn everything and get the loan as quickly as possible.

Details About e-KYC

Online KYC verification is the smartest way to file for a loan and get approval. During the process, you need to upload your photographs and other personal and professional documentation. Almost every citizen of India has Aadhar cards. These cards hold all the important information about an individual. Once you fill out the unique Aadhar card number, you can fetch all that information and use it in different ways.

Aadhar-Based e-KYC Filling Process

Both the Aadhar OTP system and the biometric system are equally efficient ways to deal with the online KYC process. It will hardly take a few seconds to ensure your identity. Once the bank gets all the information, it will take around a week to analyze your loan application and approve it. Here are some of the essential tips that you must keep in mind-

  1. If you have chosen the OTP method, visit the official Aadhar website and start your registration process.
  2. You need to open an account and fill in some of your personal information for that.
  3. Your Aadhar card number is the key element that you need to submit along with the registered mobile phone number.
  4. In a few seconds, you will receive an OTP.
  5. Submit the code in the allocated space for approval.

The biometric method is similar but lengthy. You should only choose that option when you have lost your unique ID or phone number.

How Will the Banks Use the Biometric Data Saved in The Card?

After discussing this with professional loan agents, we learned that it is now possible to check whether we have already filed our e-KYC. To do so, we need to visit the bank’s official website and check the details using our PAN number.

Benefits You Can Have

Here are some of the essential benefits we can expect from choosing e-KYC-

  1. Almost every place now has an internet connection. We can easily save a lot of time by submitting documents online and getting approval there.
  2. Getting a loan is now less hectic.
  3. You can be sure of the security of your financial information. Without a unique ID and the OTP, information cannot be gathered.

If you need any more help, hiring a professional finance person can be helpful.