BankBazaar.com, an online marketplace for financial products, has launched a multi-brand, paperless e-KYC platform for instant loan approval. This eliminates the need to submit physical documents for loan approvals through the company’s online platform.
Currently, the service is available for personal loans and auto loans, according to a statement released by BankBazaar.com.
Adhil Shetty, CEO of BankBazaar.com, said: “BankBazaar Paperless stack is a multi-brand, paperless e-Know Your Customer (KYC) platform for instant loan approval. This is the first step in moving from paper documentation to a more inclusive and convenient digital setup. This promises to increase customer satisfaction and lower operational costs for banks. “
As part of a proprietary infrastructure stack, Bankbazaar’s paperless stack can provide paperless authentication in a completely device independent manner, for products from multiple brands registered under this program. It allows customers to speed up personal and car loan applications by downloading bank statements via net banking. This makes the documentation process completely paperless for the first time and cuts the loan sanction period to just one business day, the statement added.