Indians have seamlessly transitioned to the online medium for various processes, and loan acquisition is no exception. The advent of digital banking and other online financial services has positively impacted both urban and rural populations. The idea of physically going to the bank or the office of a non-banking financial company (NBFC) to deposit cash or obtain a loan is on the way to becoming obsolete, with the digital ecosystem supporting people to conduct transactions and complete all the necessary processes from the comfort of their homes. Identity verification was perhaps the only process that wasn’t deemed possible through digital mediums until recently; however, the emergence and legitimization of video KYC for loan has changed that.
This article gives you a comprehensive insight into what video KYC for business loans is, the many advantages it offers, and how it puts forward a secure solution to expedite your KYC for business loan acquisition process.
Indians have seamlessly transitioned to the online medium for various processes, and loan acquisition is no exception. The advent of digital banking and other online financial services has positively impacted both urban and rural populations. The idea of physically going to the bank or the office of a non-banking financial company (NBFC) to deposit cash or obtain a loan is on the way to becoming obsolete with the digital ecosystem supporting people to conduct transactions and complete all the necessary processes from the comfort of their homes. Identity verification was perhaps the only process that wasn’t deemed possible through digital mediums until recently; however, the emergence and legitimization of video KYC for loan acquirement has changed that.
Video KYC for loan, which was launched in 2020, is a video-based customer identification process (V-CIP) that authenticates the user’s identity in real-time. It requires you to upload a live video that is either recorded using the front-facing camera of your mobile phone or the webcam of your laptop or desktop computer. The video is submitted along with digital copies of your Aadhaar and PAN card.
As a completely digital process, video KYC presents a variety of benefits, including:
While technology has made life convenient, it has also raised questions in terms of data security. Banking and loan processes require submitting a lot of sensitive information, the exposure of which can be concerning for business owners.
Video verification makes use of artificial intelligence and machine learning tools to authenticate users. While the technology is accurate and completely secure, there are a few steps that you need to be aware of to keep your data safe at your end:
In terms of monitoring, the RBI has permitted NBFCs, banks, and other financial bodies to leverage video KYC for loans. The RBI has also presented a set of guidelines that need to be mandatorily followed by all financial institutions.
Video KYC for loans has played a pivotal role in transforming Kinara Capital’s loan application and disbursement process, allowing us to deliver collateral-free loans to MSMEs in an astonishingly short period of just 24 hours. By harnessing the power of this digital innovation, we have been able to streamline the identification and verification processes, drastically reducing the time and effort required for loan approval.
With video KYC, our customers can complete the entire loan application process from the comfort of their own premises, eliminating the need for physical visits to our branches or offices. This not only expedites the process but also enhances the overall customer experience, making it more convenient and accessible for MSMEs in need of quick and hassle-free financial support. The security and accuracy of video KYC ensure that our commitment to providing loans within 24 hours remains unwavering, making Kinara Capital a reliable and efficient partner for MSMEs seeking to fuel their growth.
If you’re looking for a quick way to acquire a loan for your business, you can connect with our team at Kinara Capital. We have a fully digital application process, and our doorstep customer service caters to over 3,000 pin codes and offers exceptional support in your regional language. So, acquire a collateral-free loan with Kinara Capital and witness the sustainable growth of your enterprise.
