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What is eKYC - Meaning, Documentation, Application Process & Eligibility

Published on Sept 26, 2023Updated on Nov 8, 2023

What is eKYC - Meaning, Documentation, Application Process & Eligibility

In an era where everything around us is being digitized, the aspect of identification and verification has undergone a significant transformation, offering streamlined solutions that enhance efficiency and security. One such innovation is eKYC, short for electronic Know Your Customer. This process has revolutionized traditional identity verification methods by digitizing the collection and authentication of personal information. Through this blog, you can learn more about the eKYC process.

Understanding The eKYC Process

eKYC is the digital version of the “Know Your Customer” process that has been mandated by the RBI. It is a secure and paperless method that allows individuals to verify their identities and provide essential personal information electronically. The objective of e KYC is to simplify the verification process for various services, from opening savings accounts to applying for loans, and even for online subscriptions.

Eligibility For eKYC

You must be an Indian Citizen holding an Aadhaar number. This option is not available to anyone who is not an Indian Citizen or does not hold an Aadhaar number.

Benefits Of eKYC

The adoption of eKYC online offers a multitude of benefits for individuals, businesses, and regulatory authorities, such as:

  1. eKYC reduces the need for physical paperwork, saving time for both applicants and service providers.
  2. Electronic verification minimizes errors that can occur during manual data entry.
  3. Businesses can reduce administrative costs associated with manual verification processes.
  4. Biometric authentication enhances security, making it difficult for unauthorized individuals to access services.
  5. Only selected organizations are licensed by UIDAI to carry out the eKYC process, which also helps in the protection of personal data.

Application Process For eKYC

There are two types of Aadhaar-based e KYC verification processes:

Using Biometrics:

  1. Visit the official Aadhaar website or the website of the service provider that offers eKYC using biometric verification.
  2. Look for the option that specifically mentions eKYC using biometric verification. This could be labeled "Biometric eKYC" or similar.
  3. An authorized representative will visit your registered address.
  4. Show the required original documents to the representative.
  5. Wait for the eKYC approval.

Using OTP:

  1. Visit the official website of the service provider or organization that requires your eKYC online verification, i.e., KYC Registration Agency (KRA).
  2. Navigate to the e KYC section on the website. Look for the option that mentions "Aadhaar OTP Online Application" or an equivalent.
  3. Enter your 12-digit Aadhaar number and your registered mobile number.
  4. Give your consent, authorizing the service provider to access your Aadhaar details for verification.
  5. Click on the "Generate OTP" button. An OTP will be sent to your registered mobile number. Enter the OTP and click on “Verify OTP”.
  6. Once the OTP is successfully verified, submit a self-attested copy of your e-Aadhaar.
  7. You will receive a confirmation message indicating that your e KYC verification has been completed.
Must Read: What is Video KYC & How You Can Avail it for Personal Loan?

Documentation for the eKYC Process

You are not required to submit any physical documents except for your passport-size photo. When you opt for e KYC verification, you are allowing the service provider to gain access to the electronic version of your data. These include the name, address, gender, contact details, date of birth, and other personal information.

If you are completing the eKYC for a SEBI-registered company, you would only have to enter the Aadhaar number and upload the digital version of the Aadhaar card. Any additional required documents would be mentioned on the portal, and only digital copies would be required.

However, you can keep the following documents handy while doing the eKYC:

  • Aadhaar Card (digital version, self-attested)
  • PAN Card
  • Passport-size Photo

What is the Aadhaar Paperless Offline eKYC Process?

Aadhaar Paperless Offline eKYC is a method where you can download a shareable document that can be used by any Aadhaar number holder for offline identification verification.

Here is the process to complete the Aadhaar Paperless Offline eKYC:

  1. Visit the myAadhaar website.
  2. Provide either your 'Aadhaar Number' or 'VID' and enter the indicated 'Security Code' on the screen.
  3. Click 'Send OTP'. An OTP will be sent to your registered Mobile Number linked to the given Aadhaar number or VID.
  4. Access the OTP from the m-Aadhaar mobile Application of UIDAI and input it.
  5. Enter a Share Code, which will serve as the password for the ZIP file, and then click the 'Download' button.
  6. The digitally signed XML will be contained within a Zip file, which you can download onto the device where you completed the steps. You can also download the Offline Aadhaar XML from the mAadhaar app.
  7. For sharing purposes, provide the XML ZIP file along with the Share Code to the service provider, based on your mutual convenience.
Must Read: How to Get a Personal Loan Using Aadhaar and PAN Card ?

Conclusion

With eKYC making identity verification seamless, SMFG India Credit leverages this efficiency to ensure that accessing personal loans is just as convenient.

At SMFG India Credit, we provide tailored personal loans for your specific needs. With our personal loans, you get the convenience of 100% online application process, and collateral-free personal loans. Our personal loans extend up to INR 25 lakhs*, with attractive interest rates. We provide flexible tenures ranging from 12 to 60 months.

* 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

FAQs

How do I activate my eKYC?

To activate your eKYC, you can either use biometric verification by an authorized representative visiting your address or complete it online using OTP-based authentication.

How do I submit my eKYC online?

You can submit your eKYC online by visiting the official website of the service provider or organization requiring the verification and following their eKYC process.

How can I link my Aadhar card with eKYC?

You can link your Aadhar card with eKYC by providing your 12-digit Aadhaar number and verifying it through OTP-based authentication on the service provider's website.

How to Check e-KYC Status?

To check your e-KYC status, you can typically log in to your account on the service provider's website and navigate to the KYC or profile section to view the status.

How to Change KYC Details Online?

To change KYC details online, visit the official website of the service provider and follow their specific process for updating or editing KYC information.

Why is e-KYC Important?

e-KYC is important as it streamlines the identity verification process, making it more efficient and secure, and is used for various services like opening savings accounts and availing loans.

Will the information I provide during an eKYC be secure?

Yes, the information you provide during eKYC is typically secure as it is encrypted and follows stringent data protection regulations.

How do I download my e-Kyc certificate?

To download your e-KYC certificate, you may need to log in to your account on the service provider's website and navigate to the KYC or profile section, where you can usually find an option to download the certificate.

Is eKyc Mandatory?

eKYC is often mandatory for certain services and institutions as it ensures the authenticity of the individuals availing those services. However, its applicability may vary.

Do we need to update Kyc every year?

The frequency of KYC updates can vary depending on the service provider and the regulations governing the specific service. Some services may require annual KYC updates, while others may have different timelines.

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