Required to submit an Officially Valid Document (OVD) as proof of identity and proof of address and a recent photograph, while availing the loan. The e-KYC service of Unique Identification Authority of India (UIDAI) is also accepted as a valid process for KYC verification.
The customer also has to provide information about the nature of business activity to be undertaken location of the business and its clients, mode of payments, volume of turnover, social and financial status etc. to enable the company to decide risk profile.
When a customer does not possess any of the OVDs with the current address, the following alternative documents to be collected:
However, the customer will be required to provide updated OVD with current address within three months.
If any of the OVDs submitted does not have the address details (either current or permanent) of the customer, then another OVD for proof of address has to be submitted.
If an existing KYC compliant customer desires to take another loan, there is no need for submission of fresh proof of identity and/or proof of address for the purpose.
If the address of the customer mentioned as per ‘proof of address’ undergoes a change, fresh proof of address shall be submitted to the branch.
OVD with the current address is not necessary if the customer submits an OVD with permanent address. However, in such cases, the customer has to submit a declaration about his current address which the Company has to verify independently and submit the updated OVD within three months.
Existing customers are required to submit KYC documents for to periodically update KYC. The frequency of KYC updates is 2/8/10 years basis their risk categorization into high/medium/low risk customers.
The company need not seek fresh proofs of identity and address at the time of periodic updates from those customers who are categorized as ‘low risk’, in case of no change in status with respect to their identities and addresses. A self-certification by the customer to that effect should suffice in such cases. In case of change of address of such ‘low risk’ customers, they can forward a certified copy of the document (proof of address) by mail/post, etc. The company may not insist on the physical presence of such low-risk customers at the time of periodic updates.
The company may deny extension/release of pending disbursement payment of the loan facility for non-compliance of KYC.
PAN Card or Form 60 are mandatory documents in addition to the KYC document provided by the customer.
for KYC processes to be followed by different customers and for different activities, based on customer profiling.
For Individuals – OVD Documents
For opening an account of a company, one certified copy of the following documents shall be obtained:
For opening an account of a Partnership firm, one certified copy of each of the following documents shall be obtained:
For opening an account of a Partnership Trust, one certified copy of each of the following documents shall be obtained:
For opening an account of an unincorporated association or a body of individuals, one certified copy of each of the following documents shall be obtained:
For opening accounts of juridical persons not specifically covered in the earlier part, such as Government or its Departments, societies, universities and local bodies like village panchayats, one certified copy of the following documents shall be obtained:
For Proprietorship firm any two of the following documents as a proof of business/activity in the name of the proprietary firm shall also be obtained:
For Identification of the Beneficial Owner For opening an account of a Legal Person who is not a natural person, the beneficial owner(s) shall be identified and all reasonable steps in terms of Rule 9(3) of the Rules to verify his/her identity shall be undertaken keeping in view the following:
|KYC – know your customer||Norms issued by our regulators (both RBI & NHB) are to be followed as applicable from time to time.|
|The KYC to be completed for all borrowers /co-borrowers.|
|All KYC documents are to be certified and OSV (original seen & verified) done.|
|PAN verification from the verification facility available with the issuing authority|
|Authentication of Aadhaar number with customer consent & in case of already available Aadhaar with authentication, customer consent shall suffice for periodic KYC updates.|
|In case of low-risk category customer, a self-declaration for no change of address and their identities shall suffice for periodic KYC updates.|
|For Individuals – OVD Documents|
|Voters Identity card issued by the Election Commission of India|