The digital revolution in banking and finance has made applying for loans easier than ever before. One of the biggest innovations is Video KYC (Know Your Customer) — a paperless, real-time verification process that allows you to complete your identity check from the comfort of your home.
For personal loan applicants, Video KYC eliminates the need for branch visits or physical document submissions. It’s fast, secure, and approved by the Reserve Bank of India (RBI) for digital onboarding.
Let’s understand what Video KYC means, how it works, and how you can use it to get your personal loan approved faster.
What is Video KYC?
Video KYC is a digital verification process where your identity and documents are verified through a live video call with a bank or NBFC representative.
Instead of submitting physical copies of your Aadhaar or PAN, you show them over video — and your live presence ensures authenticity.
This process is legally valid under RBI guidelines and uses facial recognition, geotagging, and AI tools to confirm your identity.
How Does Video KYC Work?
Here’s a step-by-step guide to how Video KYC typically works for a personal loan application:
Apply Online:
Start your personal loan application through the bank or lender’s official website or app.
Choose Video KYC Option:
Once you complete initial details, select ‘Complete KYC via Video Call’.
Schedule a Video Call:
The lender schedules a call with a trained KYC officer at your preferred time.
Show Required Documents:
Keep your Aadhaar card, PAN card, and a blank white sheet handy. You’ll need to display them clearly on the camera.
Face Verification:
The officer verifies your face in real time and cross-checks it with your Aadhaar photo.
Address & Location Verification:
Some banks use geo-tagging to confirm that you are in India during the call.
Confirmation & Approval:
Once verified, you’ll receive confirmation via email or SMS — completing your KYC instantly.
Benefits of Video KYC for Personal Loans
100% Paperless:
No need to print, sign, or courier physical documents.
Instant Verification:
Complete KYC within 5–10 minutes — no branch visits.
Safe & Secure:
Encrypted video sessions ensure privacy and data protection.
Convenient for Everyone:
Perfect for professionals, remote workers, or individuals with tight schedules.
Faster Loan Disbursal:
Once KYC is verified, your personal loan can be approved and disbursed quickly.
Eligibility for Video KYC
You can avail Video KYC if you:
Are an Indian resident with a valid Aadhaar and PAN card.
Have a stable internet connection and smartphone or laptop with a camera.
Are physically present in India during the video call.
Documents Required for Video KYC
Keep these ready before starting the call:
Aadhaar Card
PAN Card
Blank white sheet (for signature verification)
Good lighting and stable internet connection
Conclusion
Video KYC has revolutionized how people apply for personal loans in India. It’s fast, convenient, and completely secure — helping you skip the paperwork and long queues.
If you’re planning to take a personal loan, choose a lender that offers Video KYC for seamless and hassle-free verification. With this process, your loan approval is just a few clicks away!
FAQs
Q1. What is Video KYC for personal loans?
Video KYC is a process where your identity is verified through a live video call with the lender instead of submitting documents in person.
Q2. Is Video KYC safe?
Yes, it’s completely safe. Lenders use encrypted connections and RBI-approved verification tools.
Q3. How long does Video KYC take?
Usually, the process takes 5–10 minutes, depending on connectivity and verification speed.
Q4. Can I complete Video KYC from outside India?
No. As per RBI norms, you must be physically present in India during the verification.
Q5. What if my internet disconnects during the call?
You can reschedule your Video KYC at a later time — most lenders provide flexible slots.
Published on : 6th November
Published by : SMITA
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