BankBazaar.com launches paperless e-KYC platform for loan approval

Online marketplace BankBazaar.com has launched paperless e-KYC platform for instant loan approval. This means customers won't have to submit physical document for loan approvals.

"Today, BankBazaar is the only platform that provides customers with instant approval from multiple brands at the fastest speed. This is the first step in moving away from paper-based documentation to a more inclusive, convenient digital setup. This pioneering step promises to increase customer satisfaction and decrease operational costs for the banks," speaking about the launch, Adhil Shetty, CEO, BankBazaar.com said.

The move is aimed at salaried people from across the country, according to the company. Customers can fast track personal loan and car loan applications by uploading bank statements through net banking. This new process pulls down the loan sanction time to as little as one business day.

"The launch of paperless platform for loans is a great example of how the management is focused on building strong technologies for the long term. This product is a first in India. BankBazaar is well poised to launch a single-destination digital platform that will cater to its customer's needs for a range of all financial services", said, Abhijeet Muzumdar, Head of Corporate Development, Amazon India.

To spread awareness about the new feature, the company has also launched a flash sale from 8 September 2016 to 5 October 2016. The sale would cover personal loan and car loan products exclusively from the enrolled partners and offer rewards and vouchers of up to Rs.5000 on successful disbursal of the loan.

BankBazaar has the widest range of financial products under its umbrella from over 50+ of the biggest public and private sector banks and NBFCs in India. It gets an average of 7,000,000 visitors per month. The company raised USD 80M through its funding from investors like Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia India and Walden International.