KYC is a regulatory requirement for all Indian financial institutions to verify the identity, address, and financial profile of customers before onboarding. Documents required: PAN card, Aadhaar card, passport/voter ID/driving license, address proof, and photographs.
Types include in-person verification, video KYC (V-KYC, allowed by RBI for remote onboarding), and CKYC (Central KYC Registry) which stores verified KYC records centrally so customers don’t need to repeat the process with each institution.
KYC is part of anti-money laundering (AML) compliance. Failure to complete KYC can result in account freezing or loan application rejection.
KYC is the first step in any loan application. Having documents ready streamlines the process and prevents delays in loan processing and disbursement.
Nihal Fintech guides clients through KYC requirements for each lending partner, ensuring complete and correct documentation from day one to avoid processing delays.
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