Published on Oct 22, 2020Updated on Apr 10, 2025
With RBI allowing Indian lenders to onboard new customers via the video KYC process, it has enabled a 100% digital ecosystem where users can make financial transactions seamlessly from the comfort of home.
Compared to in-person KYC verification, the video KYC verification process is completely paperless and contactless. Let’s learn more about the video KYC and understand how does it work?
Also known as video-based customer identification process (V-CIP), video KYC is a real-time online digital KYC verification process used to establish the real identity of the customer. It is done by taking a live photo of the customer via the webcam of the desktop/laptop or front-facing camera of the mobile phone along with the submission of a digital copy of AADHAR for PAN Card.
The video KYC process is more technologically advanced and accurate. It requires advanced technological tools for live location tracking of the user, consent-based audio-visual interaction and secure storage of the data. Apart from these requirements, the lender also requires trained manpower to conduct a video KYC verification process. The good news is, that for borrowers, the process has become much simpler. Now, they can complete their KYC verification without needing to step into a branch!;
Must Read: How Personal Loan Verification Process Works?
Must Read: How Personal Loan Verification Process Works?
Customers applying for an instant personal loan on the lender’s website are required to complete the following steps for video KYC.
The internal risk management team of the lender will now review the details and process the KYC application accordingly, following which you will be notified whether the KYC activation is successful or not.
As per the latest RBI guidelines, the video KYC is equivalent to full KYC and lenders can offer an instant loan as per the personal loan eligibility of the customer.
When applying for an instant personal loan, the following documents are required:
For self-employed applicants, the documents required for personal loan include a business registration certificate, financial statements and other documents.
With online frauds and scams are on the rise nowadays, therefore, while performing video KYC, you need to undertake the following precautions:
The following things will be required for video KYC application:
Apart from the above requirement, the customer should be present in India at the time of conducting the video KYC verification process and should not use VPN, proxy or static IP during the whole exercise, as it could result in rejection of your KYC application.
Must Read: How to Get a Personal Loan Using Aadhar Card & PAN Card
Must Read: How to Get a Personal Loan Using Aadhar Card & PAN Card
* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us
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