BankBazaar.com Launches Multi-Brand Paperless Platform for Instant Loans
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, said a statement from 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 away from paper documentation to a more inclusive and convenient digital setup. This promises to increase customer satisfaction and reduce operational costs for banks. »
As part of a proprietary infrastructure stack, the Bankbazaar Paperless Stack can provide paperless authentication in a completely device-agnostic manner, across products from multiple brands enrolled under this program. It allows customers to expedite personal and car loan applications by uploading bank statements via net banking. This makes the documentation process completely paperless for the first time and reduces loan sanction time to one business day, the statement added.