A valid bank account is required to apply for a personal loan. As part of the personal loan application process, verifying your bank details is a crucial step. This helps lenders confirm your identity and assess your financial health before approving the loan. The process is now quick and digital, thanks to the Account Aggregator framework.
The customer is taken through the Account Aggregator flow. Upon OTP verification and explicit consent by the customer, they are asked to fill in all the relevant details. The electronic bank verification process then comes into action wherein all bank accounts linked to the provided mobile number are displayed. The customer can then select the bank account they mentioned during the application process to securely fetch their bank statements for a defined period (3 to 6 months).
The Account Aggregator flow is designed to make financial data sharing simple, safe, and secure for every user. Platforms like OneMoney, RBI licensed Account Aggregator, offer a seamless experience that puts users in control of their own data.
The process is easy to follow, even for first-time users. With just a few clicks, customers can view all their linked bank accounts and choose what they want to share. There's no need for paperwork or complicated steps.
Nothing is shared without the user's permission. The customer must give clear, digital consent before any financial information is accessed. This ensures complete transparency and control at every step.