Financial marketplace BankBazaar.com today said it has launched a multi-brand paperless e-KYC platform for instant loan approvals.
This eliminates the need for physical document submission for loan approvals through the companys online platform, BankBazaar.com said in a statement.
This would be available for personal and car loans.
“We, along with our partners, have been working towards this moment where we take the loan application process completely online and paperless,” BankBazaar.com CEO Adhil Shetty said.
This step promises to increase customer satisfaction and decrease operational costs for the banks, he added.
This would also reduce the loan sanction time to as little as one business day, it said.