Union bank mudra loan process

[Abyadav]

I apply for mudra loan in union bank and i got the offer of 650000 after accepting the offer i had to click a photo of my shop and video kyc .
My question is what does they check in video kyc and on what basis the gonna accept my application ?
And after video kyc and all what’s next does bank branch get involved in this or its an online process ?
And how much does i get the money?

 

[Personal Finance by Nish…]

Mudra Loan application process by Union Bank involves a Video KYC and document verification.(verification to ensure the authenticity of your identity, documents and business)

During the Video KYC, the bank's representative will:
1. Verify Your Identity-Confirm your identity through a live video interaction.
2. Check Your Business Premises-Verify the existence and location of your business through a photo of your shop.

The bank will evaluate your loan application based on:
1. Business Profile-Assessment of your business, including its nature, size, and revenue.
2. Credit History-Evaluation of your creditworthiness and repayment capacity.
3. Documentation-Verification of documents, such as your ID proof, address proof, and business registration.

After completing the Video KYC and submitting the required documents:
1. Online Processing-The application will be processed online, and you may receive updates via email or SMS.
2. Branch Verification (Optional)-In some cases, a bank representative may visit your business premises for verification.
3. Loan Approval-If your application is approved, you'll receive a loan offer with the terms and conditions.

The disbursement timeline may vary, but typically:
2-5 Working Days-The loan amount will be disbursed to your account after approval.

For any queries or concerns, you can contact Union Bank's customer support or visit their website for more information and to check the status of your application.

Thanks