What is e-KYC : Meaning, Eligibility and Process

Loans can help us meet planned and unforeseen expenses, such as medical emergencies, sudden need for home renovation, and many more. The Know Your Customer (KYC) process is a significant element in the process of getting a loan.
 
Be it any loan, a Personal Loan, a Home Loan, or any other, The need to get KYC done will always be there. KYC stands for "Know Your Customer", and to make the process simple, we provide eKYC as well.
 
eKYC means electronic Know Your Customer, and this process of ours is online, so you don't need to go anywhere. Let's learn more about this process of identity verification below.
 

What is eKYC?

The involvement of digital technology to collect and verify the information is a process that allows us to verify the applicant's identity and is known as eKYC. It is different from KYC as we use electronic means rather than the traditional paper-based methods. With e-KYC, our purpose is to make the process of identity verification faster, more efficient, and more secure for you.
 
Also Read: What are the Documents Required for Personal Loan Application Online
 

How eKYC differs from traditional KYC

Traditional KYC requires physical copies of ID proof, such as an Aadhaar Card. This document is then manually checked and verified by a representative of the financial institution. Whereas in Hero FinCorp eKYC, we use digital technology to verify the authenticity of the documents that you have submitted. Let's see the key differences between traditional KYC and eKYC online.
 

Key Points	Traditional KYC	eKYC
Method	Physical documents are submitted and verified	Digital verification of Aadhaar, PAN or other identity documents
Process	Time-consuming, manual, and paper-based	Quick and efficient due to online verification and digital authentication
Cost	High operational costs due to manual processing and physical storage of documents	Reduced cost due to online verification and digital authentication
User Experience	Inconvenient as customers need to physically visit the bank or financial institution to submit documents	Convenient and hassle-free as customers can complete the process from anywhere using their mobile phone or computer
Accuracy	Dependence on manual processing may lead to errors in verification and authentication	Enhanced accuracy due to digital verification and authentication, reducing the possibility of errors
Security	Risks associated with physical documents being misplaced, stolen or tampered with	Enhanced security as the process is entirely online, reducing the risk of document theft or tampering

 

Documentation required for eKYC

To complete the eKYC process, we ask individuals to provide their Aadhaar number linked with their mobile no. and PAN card. With this document, we verify the identity and address proof of the applicant.

The eKYC process

The Hero FinCorp eKYC process involves a few steps that allow individuals to verify their identity online. This real-time verification gets you Online instant Personal Loans within minutes of filling out the online form. For the process, you need to provide your Aadhaar number after filling in the loan application form. And to complete the eKYC verification enter the One-Time Password (OTP) you have received on your mobile. Once you enter that OTP, the verification process is completed.

Advantages of eKYC

 Here are some advantages of eKYC (electronic know-your-customer):

1. Faster verification

   eKYC means less time is required to verify customer identity than the traditional method. So we don’t ask for any physical paperwork and don’t put you through a manual verification process.

2. Convenient

   Customers can complete our eKYC process from the comfort of their homes or offices, using their smartphones, tablets, or computers.

3. Secure

   eKYC uses advanced security measures such as encryption and two-factor authentication. And all this ensures that sensitive customer information is protected while verifying the eligibility of the applicant for a Loan.

4. Compliance

   eKYC helps us comply with regulatory requirements, which mandate that financial institutions verify the identities of their customers to prevent fraud and money laundering.

5. Improved customer experience

   eKYC provides a streamlined and seamless customer experience, eliminating the need for customers to fill out lengthy forms or wait in long queues to complete the verification process.

Conclusion

eKYC is an important process that allows us to verify your identity online. And it offers many advantages to you as well, including faster processing times, reduced paperwork and increased security. If you are eligible for our Loans, complete our eKYC and meet your financial needs.

Frequently Asked Questions

1. How does eKYC differ from traditional KYC?

A. eKYC uses digital verification instead of physical documents, making it faster, more efficient, and more secure.

2. How does eKYC improve the loan application process?

A. eKYC makes the loan application process faster and more efficient by reducing the time required for verification, eliminating the need for physical paperwork, and enhancing security.

3. Is eKYC mandatory for all types of loans?

A. Yes, whether you are applying for a Personal Loan, Home Loan, or any other type of loan, completing the KYC process is mandatory. eKYC simplifies this process.

4. What Are The Documents Required For KYC?

A. To complete the KYC (Know Your Customer) process, certain documents are required for KYC. These include an Aadhaar card, PAN card, passport, voter ID card, and driver’s license.