OTP-Based KYC (OKYC) Policy

a. Customer Declaration:

• Customers must declare that no other OTP-based e-KYC account has been or will be opened in non-face-to-face mode with any other Regulated Entity (RE).
• KYC data uploaded to the Central KYC Registry (CKYCR) must explicitly mark the account as OTP-based e-KYC to prevent misuse.

By agreeing to the terms and conditions of the OTP-Based KYC (OKYC) or E-KYC Policy, the customer hereby confirms and consents to the following:

1. Voluntary Consent for Aadhaar/VID Authentication:

• The customer voluntarily provides their Aadhaar number or Virtual ID (VID) to LoanFront (Vaibhav Vyapaar Private Limited) and its authorized service providers for the purpose of identity verification. It is understood that the Unique Identification Authority of India (UIDAI) may share a “Yes/No” authentication response or demographic details. This information will be used exclusively for OTP-based e-KYC in connection with loan processing. The customer’s Aadhaar number or VID will not be stored by LoanFront.

2. Aadhaar-Mobile Linkage Confirmation:

• The customer confirms that the mobile number registered with LoanFront is linked to their Aadhaar number and is capable of receiving OTPs for authentication.

3. Single Non-Face-to-Face e-KYC Account Declaration:

• The customer declares that no other OTP-based e-KYC account has been or will be opened by them in a non-face-to-face mode with any other Regulated Entity (RE), in accordance with regulatory requirements.

4. KYC Data Upload to CKYCR:

• The customer acknowledges that the KYC data collected will be uploaded to the Central KYC Registry (CKYCR), with the account explicitly marked as OTP-based e-KYC to prevent misuse, as per applicable regulations.

b. Account Restrictions on Borrowal Accounts:

• Only term loans up to ₹60,000 per year are permitted.

c. Account Validity:

• Accounts opened via OTP-based e-KYC are valid for up to one year.
• Verification through the Video Customer Identification Process (V-CIP) or re-verification using e-KYC is mandatory for account extension.
• Failure to complete Customer Due Diligence (CDD) within a year will result in the blocking of further loan issuance.

d. Fraud Prevention:

• OTPs, transaction alerts, and updates must be sent only to the Aadhaar-registered mobile number.
• Post-CDD, alternate mobile numbers cannot be linked without a robust and board-approved due diligence process.