What is video KYC?

What is video KYC?

Video KYC allows users to complete identity verification online through a video call for banking and financial services. With Bajaj Finance video kyc online, the process becomes quick, simple, and fully digital.
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Key takeaways


Video KYC allows users to complete identity verification online through a secure live video call, making the process quick and convenient.


  • Complete identity verification remotely without visiting a branch.
  • Submit and verify documents digitally with minimal paperwork.
  • Save time with a simple and secure online process.
  • Used for various banking and financial services, including eligible loan applications.
  • Supports a seamless digital onboarding experience.

Video KYC simplifies the verification process by making it faster, more convenient, and fully digital for eligible users.

Wondering if you’re eligible to open a financial account or apply for a personal loan instantly? Know Your Customer (KYC) is essential for verifying your identity when opening financial accounts. The vKYC full form is video KYC, a modern method authorised by the RBI to verify customers via video calls. This process uses a KYC application to collect documents like utility bills, driving licences, or passports, ensuring real-time identity verification and added security. Digitisation has simplified KYC, reducing paperwork and speeding up onboarding. Video KYC makes the verification process convenient, safe, and compliant with regulatory standards in the BFSI sector.


You can also check your loan eligibility using just your mobile number and OTP through a 100% online process, making borrowing quicker and hassle-free.

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What is video KYC?

Video KYC, or video-based KYC, is a digital method that lets financial institutions verify customer identities through video calls. This remote process simplifies traditional KYC, making eKYC verification faster, more convenient, and cost-effective. It enhances customer experience, ensures regulatory compliance, reduces fraud risk, and removes location barriers. What is video KYC? It’s a secure, efficient solution transforming identity verification in modern financial services.

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Why do you need KYC?

It is mandatory to meet all eligibility requirements of KYC verification before you may apply for a personal loan or any financial product. KYC includes documents such as Aadhaar, PAN card, passport, and voter’s ID. But, one of the key benefits of the video KYC facility is that you do not need to submit physical documents. All the documents can be submitted electronically in a simplified manner.


Read more: What is e-KYC

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What are the benefits of video KYC?

In the modern financial landscape, the benefits of video KYC have become increasingly apparent as institutions seek more efficient and secure methods for customer identification. KYC through video call is revolutionizing the traditional Know Your Customer (KYC) process by integrating advanced technology to streamline verification and enhance the overall experience. Here, we explore the key advantages of adopting video KYC solutions.


  • One of the key benefits of the video KYC facility is that you do not need to submit physical documents. All the documents can be submitted electronically in a simplified manner.
  • Video KYC enables a quicker loan approval process, eliminating the need for a physical visit to the branch.
  • This process enables faster loan approvals and disbursals.
  • Security measures enhance fraud prevention, safeguarding both the lender and the borrower.
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What are the requirements for video KYC?

The requirements for video KYC typically include a valid government-issued photo ID, proof of address, a stable internet connection, a smartphone or computer with a camera, and the customer's active participation in a real-time video call with a KYC agent. This method ensures secure and compliant customer onboarding while eliminating the need for in-person visits.

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What are the steps for video KYC process?

The video based customer identification process is a relatively recent innovation in the realm of KYC that has gained popularity due to its convenience and accessibility. Below is a breakdown of the video KYC process.

  • Pre-registration
    Pre-registration is the first step of video KYC procedure. Customers who intend to participate in the video KYC procedure are required to register with the financial institution beforehand. This requires providing personal information such as their full name, address, and identification provided by the government.
  • Arranging the video call
    Once the customer has registered, a time and date for the video call will be provided. Typically, the video conversation is done via a secure platform that protects the privacy of the customer's personal information.
  • Identity verification
    During the video conference, the customer will be required to give additional personal information and papers for identity verification. This may involve answering questions regarding their personal background or submitting extra evidence, such as a utility bill or bank statement.
  • Record-keeping
    The video call is recorded and stored as part of the KYC procedure. This is to ensure that a record of the verification process exists in the event of future disputes or governmental regulations.
  • Approval
    After the video call has ended and the customer's identity has been confirmed, the financial institution will analyse the customer's information and decide whether to approve the application. If accepted, the customer will have access to the financial institution's services.
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How video KYC works?

  • Video KYC is a simple digital process used for identity verification during financial onboarding. It allows customers to complete verification through a secure online video call.
  • The process begins when the customer joins a video call on a verified platform to complete KYC video identification with a bank representative or automated system.
  • During the call, the customer shows valid identity documents such as PAN, Aadhaar, or passport for verification in real time.
  • The representative matches the live image with submitted documents to confirm identity accuracy.
  • Advanced systems may use facial recognition and biometric checks to improve security and reduce fraud risks.
  • The entire video-based KYC process is recorded for compliance, audit, and verification purposes.
  • This method makes Know Your Customer (KYC) faster, safer, and more convenient by removing the need for physical paperwork and branch visits.
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How does video KYC differ from KYC?


AspectTraditional KYCVideo KYC
ProcessPhysical document submission and in-person verificationDigital verification through a live video call
Time takenCan take several days or weeksUsually completed within minutes or hours
DocumentationPaper-based Know Your Customer (KYC) process with physical formsDigital submission of documents with real-time verification
ConvenienceRequires branch visits and manual stepsCan be completed from anywhere using a smartphone or computer
SecurityManual checks with higher chances of delaysReal-time identity verification reduces errors and fraud risk
EfficiencySlower onboarding processFaster and smoother customer onboarding

Banks, financial institutions, and businesses must follow Know Your Customer (KYC) rules to verify customer identity. Traditional methods often involve manual checks and in-person verification, which can delay onboarding and lead to drop-offs.


In contrast, video-based KYC offers a fully digital process where identity verification happens through a live video call. This improves speed, accuracy, and convenience while reducing paperwork and operational delays. It also enhances customer experience by allowing remote verification from any location.

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Conclusion

In conclusion, video KYC represents a significant advancement in the field of customer verification, offering a modern and efficient alternative to traditional methods. By leveraging real-time video calls, video-based KYC provides enhanced security through live interactions and biometric checks, reducing the risk of fraud and identity theft. This method streamlines the verification process, making it faster and more convenient for customers who can complete their KYC requirements from anywhere, at any time. Additionally, video KYC helps financial institutions cut costs associated with physical documentation and manual processing while improving overall operational efficiency. With its ability to meet regulatory standards and provide a superior user experience, video KYC is transforming how institutions approach customer onboarding and identity verification. As digital solutions continue to evolve, video KYC stands out as a pivotal tool in ensuring secure and seamless customer interactions.


Read more: What is e-KYC

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term (Dropline) Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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