Basic KYC Verification

Basic KYC verification is the first step wherein the identification and address of the applicant is validated by means of documents such as Aadhaar card or PAN card. KYC is the acronym for ‘Know Your Customer’ and is mandatory in all financial services. This allows the lender to be assured about the authenticity of the applicant and lowers the possibility of fraud. In digital lending, KYC is generally done through online or app-based verification methods.