It is the middle of the month, your child’s school fee is due, and now your home appliance needs urgent repairs. 

You reach out to multiple lenders for a personal loan, but one important question remains: how much paperwork will this involve?

If your experience with KYC is linked to photocopies, forms, and a physical branch, digital verification might ease some of that.

On the Olyv app, you can complete the required identity verification using your Aadhaar-linked mobile number and a selfie. You will also need to provide personal, financial, and bank details as part of your application

While the eKYC process is simple, a lot can go wrong if your Aadhaar number is linked to an old mobile number, the selfie needs to be retaken, or the bank details provided are incorrect. 

Here’s what you should know before you apply.

What is eKYC?

eKYC stands for electronic Know Your Customer, a digital verification of your identity and address details. Instead of submitting physical documents and visiting a branch, you can complete the verification online. 

On the Olyv App, Aadhaar OTP verification is one of the steps to apply for a personal loan, along with a selfie-based identity check.

Your Aadhaar-linked mobile number is important, as the OTP will be sent to this registered number. 

It is also worth noting that completing KYC does not guarantee loan approval. Your application will still need to undergo relevant loan eligibility and other applicable checks.

What should you keep ready?

You do not need to have a folder of documents to apply, but here’s what should be kept ready before you start:

• Aadhaar and linked mobile number: Make sure you have access to the mobile number registered with Aadhaar. If you have changed your number, this is an important step to complete before applying for a loan. 
• PAN details: Your PAN card or relevant details should be kept ready for the application, credit check, and other applicable processes. 
• Bank account number and IFSC code: These should be verified and entered correctly, as the money will be disbursed to this account if your application is approved. 
• Phone with a working camera: Your selfie might be required as part of the process. Make sure you have access to a good lighting source to capture the photo. 
• Income proof documents: Based on your application, you might need to provide relevant documents about your income or bank statements for assessment

Having these ready ensures you do not have to leave the application process midway to look for a particular document.

How to complete the process on the Olyv App

1. Register using your mobile number

Install the Olyv app and register using your mobile number.

2. Enter your personal, financial, and other relevant details

Provide the information asked for in the application, including your name, address, occupation, monthly income, and more. Make sure to double-check your details before submitting, especially your name and other relevant information that might need to match your official documents.

3. Verify your Aadhaar

Provide your Aadhaar number and request an OTP. This will be sent to your registered mobile number, so make sure to enter it correctly in the application.

4. Complete the selfie verification

Take a selfie when prompted to do so. It is important to take the photo in good lighting, avoid taking it in a dark room, and make sure your face is clearly visible on the phone screen. Follow the instructions given on the app screen for the selfie verification.

5. Add your bank details

Enter your bank account number and IFSC code and double-check before submitting. This information will be used to disburse the money if your application is approved.

6. Choose the amount and tenure

Select the amount and repayment period (tenure) you would like to apply for. Depending on the amount and tenure, you will need to look at the monthly repayment amount and ensure it fits within your budget.

7. Submit your application

Once you have completed the above steps, you will be able to submit your application. It will then undergo eligibility, credit, and other applicable checks. The loan will be disbursed if your application clears the relevant assessment.

What if the OTP does not arrive?

Before you conclude that there is a technical glitch, make sure that the mobile number you have entered is the one that is registered with your Aadhaar.

There might be instances when you have used your current mobile number for years, but your Aadhaar is still linked to an older number. In that case, the OTP will reach the mobile number that’s registered with Aadhaar.

You should ensure that the Aadhaar number entered is correct, the phone has good network reception, registered mobile number is active, and the phone can receive SMS.

If you find that your Aadhaar is linked to an old mobile number, you will need to update it through the relevant process before attempting to apply again.

What if the selfie does not work?

A failed selfie verification does not necessarily mean that your application has failed. Try retaking the selfie and ensure that there are no bright lights behind you or in a dark room. Make sure your face is visible on the phone screen, and hold your phone steady while taking the photo.

Is digital KYC faster than traditional paperwork?

The biggest benefit of a digital verification process is convenience. 

Traditional KYC often involves providing photocopies of relevant documents, filling out forms, and visiting a branch. 

Traditional KYC Digital verification includes;

• Photocopies of documents might be required 
• Information is digitally submitted 
• A branch visit might be needed 
• The process can be completed from your phone 
• Documents might need to be carried.  
• Timings at the branch might need to be considered 
• The verification can be initiated from your phone

Digital verification does not mean that the application process will be completed instantly. 

Eligibility and other relevant checks still need to be completed for approval.

Why apply through Olyv?

Olyv’s application process is designed to be completed digitally, so you can provide the relevant information and complete verification without having to step into a branch. 

As Olyv is partnered with RBI-registered NBFCs, the relevant application, verification, assessment, approval, and disbursal process can be completed online. 

Since it’s an unsecured personal loan product, collateral is not required to avail of the loan. For borrowers, the biggest benefit of Olyv is being able to complete the process digitally from their phones.

How long does it take after verification?

Completing the identity verification step does not give an estimate of when the application will be approved and disbursed. Your application will still need to undergo the relevant eligibility and other applicable assessments, so the timeline will depend on those steps.

If you would like an idea of how long the entire process takes, from applying to receiving the money, Olyv’s guide to personal loan processing time provides an overview of the steps.

Way Forward

When you are applying for funds because an unexpected expense has disrupted your monthly budget, the last thing you want is to spend hours figuring out paperwork and verification.

Olyv’s digital application journey is designed to keep the process on your phone. 

Once you have your Aadhaar-linked mobile number, PAN, and bank details ready, the verification itself is fairly straightforward.

And if you do run into a problem, do not assume that something has gone wrong with your application. Check the specific step first, whether it’s an OTP going to an old number, an unclear selfie, or a detail that needs correcting.

Once the required verification is completed, your application moves ahead for the applicable eligibility and approval checks. 

Last Updated: Sep 2026 | Reviewed By: Shree Lahari, Senior Marketing Associate, Olyv