Here’S How Technology Has Made Online Document Verification For A Personal Loan An Absolute Breeze

Personal loan have become quite common because they are very easy to avail and they do not require any collateral. Personal loans are helping people to fulfill their dreams, such as studying abroad, planning a wedding, making home renovations, travelling internationally, and much more.

Documentation is a crucial part while taking loans, due to the increasing number of frauds happening in India. According to RBI, India loses approximately 5,000 Crores every year because of cyber-crimes. This is why document verification is a necessary step in counteracting financial frauds.

Among all the documents submitted to a bank in any given day, it’s been estimated that at least 10% of these are fake. Therefore, financial institutions and lenders require a few important documents to verify a customer’s identity, and to prevent financial frauds.

Personal Loan

How are the documents verified online?

On an online platform, it has become easier to verify the documents. This is because this platform is connected to the document submitter, the issuing authority of the document and the organisation who needs the document verified.

Because of the connectivity between these three parties, the time taken in verifying the documents has reduced significantly. Now, all you have to upload the documents and in 24 hours, your documents will get verified. Isn’t that great?

The hassle of submitting the documents by all the way traveling to a bank, then waiting for almost a week to get your documents verified has vanished, all due to the introduction of online document verification.

Steps to avail an online personal loan

  1. Apply or register for the personal loan online

You need to fill a form for registering for a personal loan.

  1. Submission of documents

Click here to check the documents required for a personal loan. They are:

  • Address proof: Aadhaar card
  • Age proof: Voter ID, Driving license
  • PAN Card
  • If you are a salaried employee: Salary slips of the last 3 months, account statement of last 3 months, etc.
  • If you are a business person: IT returns, GST registration number, etc.
  1. Verification of documents

After you have submitted all the documents required for a personal loan, it may take one or two working days for your documents to get verified. And after the verification is done, you will be notified about the approval or rejection of your application. If any of your documents are detected fake, your application gets immediately rejected. So, always submit original and genuine documents.

  1. Loan sanctioning

If your application gets accepted, your loan would be sanctioned and it will take one day for the loan amount to get reflected in your bank account. If your application gets rejected, you will be notified about the rejection and the reason behind the rejection.

Personal loans are a very efficient way of balancing your finances and expenses. You should always be careful while choosing a bank for your loan. You should compare the interest rates, repayment tenure, etc. The online document verification system has made personal loan procedure a cakewalk for customers. Now, you can avail a personal loan by sitting on your couch in the comfort of your home.