Know What is The Procedure for Checking and KYC verification?

RBI mandated the KYC verification for each customer and financial institution before opting for any service. The aim is to reduce the occurrence of frauds and cheats. Let us explore more factors about KYC. 

Documents needed for the KYC process

Any one of these identity proof is accepted for the KYC process across India:

  • Aadhaar card
  • Driving license
  • PAN card
  • Passport
  • Voter’s ID card

Procedure for KYC verification

KYC verification can be done online and offline.

Online KYC process

  • Fill up an online form for KYC. Provide needed answers. 
  • Upload asked documents. Further, officials check the submitted documents against the provided information. 
  • When requirements are met, the KYC verification process completes. 

Offline KYC process

  • Print out the KYC form from the official website of your respective financial institution.
  • Fill up the needed information (Name, aadhar number, Pan, address, etc.) and attach a photocopy of relevant documents. 
  • Visit nearby KRA and submit the application with valid ID proof. Also, attain the biometric scan. 

In both online and offline procedures, you will receive an application number that’ll help you in tracking the status of the KYC verification process. Complete your KYC to avail a personal loan without cibil to avoid any complications. 

Conclusion

Know Your Customer or KYC is the first thing every financial institution checks when you apply for a loan. It provides them with a sense of trust in the applicant. So, ensure to complete/ renew your KYC verification on time. However, you can save time and manage your loan application by directly connecting with financiers. 

Additionally Read: Avail Best Personal Loan Interest Rates In 2022

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