Purpose of this Document
The purpose of this document is to establish Know Your Customer (KYC) documentation policy for the India Infoline Finance Limited (IIFL).All the loans originated by IIFL would follow this KYC documentation policy.
One time KYC across all our products
All products of IIFL have same KYC documentation policy defined in their respective manuals. In case of any change floated by regulator, the required changes were required to be done separately in each manual.
This document will enable us to make changes in only one document which will be followed by all products/businesses and will standardize the KYC documentation policy throughout the organization.
Documents Required for proof of Identity and Address
PAN Card
Form 60 (in case of PAN not available)
Note: In case Form 60 is provided, the same cannot accepted as an ID proof.
Officially valid documents (OVD) accepted as proof of identity & address:
| Document | Identity Proof | Residential Proof |
|---|---|---|
| Aadhaar Card
Aadhaar Card
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Passport
Passport
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Driving Licence
Driving Licence
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Voter ID card
Voter ID card
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Job card issued by NREGA
Job card issued by NREGA
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Letter issued by the National Population Register
Letter issued by the National Population Register
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
Additional Documents accepted as proof of address:
Additional proof of address alongwith one of the OVD mentioned above in case the OVD furnished by the customer does not have current address:
| Document | Identity Proof | Residential Proof |
|---|---|---|
| Utility bill
Utility bill
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Bank Statement
Bank Statement
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| e-Statement From Bank
e-Statement From Bank
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Bank Passbook
Bank Passbook
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Rent Agreement
Rent Agreement
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Life Insurance Policy Receipt
Life Insurance Policy Receipt
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Ration Card
Ration Card
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Property or Municipal Tax Receipt
Property or Municipal Tax Receipt
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Pension or Family Pension Payment Orders (PPOs)
Pension or Family Pension Payment Orders (PPOs)
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Letter of Allotment of Accommodation
Letter of Allotment of Accommodation
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
Note:
Provided that where an Aadhaar number has not been assigned to a client, the client shall furnish proof of application of enrolment for Aadhaar.
Submitting ‘Officially Valid Documents’ - Change in name on account of marriage or otherwise:
A document shall be deemed to an “officially valid document” even if there is a change in the name subsequent to its issuance, provided it is supported by a marriage certificate issued by the State Government or a Gazette notification, indicating such a change of name”.
Accordingly a copy of marriage certificate issued by the State Government or Gazette notification indicating change in name together with a certified copy of the ‘officially valid document’ (as indicated above) in the existing name of the person while establishing an account based relationship or while undergoing periodic updation exercise may be accepted.
You will need a total of 4 documents mentioned in points 1 to 3
Any one of the Officially valid documents of the Proprietor
| OVD | Identity Proof | Residential Proof |
|---|---|---|
| Aadhaar Card
Aadhaar Card
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Passport
Passport
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Driving Licence
Driving Licence
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Voter ID card
Voter ID card
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Job card issued by NREGA
Job card issued by NREGA
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
| Letter issued by the National Population Register
Letter issued by the National Population Register
Valid Aadhaar Card /e-Aadhaar/QR code embedded in Aadhaar Card Note: |
|
|
PAN Card or Form 60
Permanent Account Numbers or Form 60 as defined in the Income-tax Rules, 1962, issued to the proprietor.
Note: In case one document is collected as activity proof for proprietorship concerns instead of two; then Contact Point Verification (CPV) is mandatory and cannot be waived.
Any two of the following documents
Any two of the following documents in the name of the proprietary concern needs to be obtained if the loan is in the name of Proprietorship Firm (Main Applicant)/
-
CST/VAT Certificate.
-
Registration Certificate
-
Sales and Income Tax Return
Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities.
-
Utility Bills
Utility bills such as electricity, water, and landline telephone bills.
-
Shop and Establishment certificate
Certificate/licence issued by the municipal authorities under Shop and Establishment Act.
-
Tax Registration Document
Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities.
-
Importer Exporter Code
IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT / Licence/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute.
Note:
Photograph of the applicant & Co-applicant is mandatory, however digitally captured photograph is acceptable.
The KYC documents/ Officially Valid documents can be verified by the employees/ representatives/ service providers of IIFL.
A customer shall not be required to furnish separate proof of current address, if it is different from the address recorded in the OVD. In such cases, the RE shall merely obtain a declaration from the customer indicating the address to which all correspondence will be made by the RE."
The local address for correspondence, for which their proof of address is not available, shall be verified through ‘positive confirmation’ such as acknowledgment of receipt of letter, cheque books, ATM cards, telephonic conversation, visits to the place, or the like.
In case the person who proposes to open an account does not have an OVD as ‘proof of address’, such person shall provide OVD of the relative as provided at sub-section 77 of Section 2 of the Companies Act, 2013, read with Rule 4 of Companies (Specification of definitions details) Rules, 2014, with whom the person is staying, as the ‘proof of address’.
Explanation: A declaration from the relative that the said person is a relative and is staying with him/her shall be obtained.
KYCs of all beneficial owners shall be collected which means Ownership of more than 25% shares in a company or More than 15% of ownership in other forms of entities (LLP / Partnership firms etc).
Where the customer or the owner of the controlling interest is a company listed on a stock exchange, or is a subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies.
In cases of trust/nominee or fiduciary accounts whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary is determined. In such cases, satisfactory evidence of the identity of the intermediaries and of the persons on whose behalf they are acting, as also details of the nature of the trust or other arrangements in place shall be obtained.