To apply a loan, credit card or debit card, how many documents you submit from your end for authentication? Can you count that? 5 to 10 documents, right? The lengthy list of documents which need to be submitted, each time to avail a financial help or government scheme will make us to feel stressful.
Paperless Transactions through Aadhar Card
Here is good news for you! With advancements in technology, e-Aadhar card acts as both an identity proof and address proof which saves a lot of paperwork.
Why Aadhar Card Means Paperless Transaction?
If you’re looking for a home loan, you need to fill out and submit a home loan application form along with all the supporting documents. The banking representative will verify all these information and submit the request to process your loan application. The overall processes not only slow down the loan approval process but require you to undergo the tedious process of putting all the paperwork and handwork together.
In such a case, if you have an Aadhar card which linked to your bank saving account, the following process will takes place.
The bank will fill the home loan application on behalf of you by collecting all the details from your Aadhar card.
And then the loan giving bank will be able to verify the documents online without you having to worry about it and also there is no need for you to visit the bank for verification.
So, by linking to Aadhar card, you can bid a good bye to tons of paperwork. And also there will be two advantages, i.e. Get your work done faster and reduce paper usage.
Thinking About Security of Your Information
You might think of that having your information linked to your Aadhar card will give free access for everyone to access your information. But it’s a myth. Yeah…It doesn’t mean it will be readily available for anyone who has your Aadhar card number.
For authentication purposes, biometric information such as IRIS scan, and 10 fingerprints will be collected and stored on the Aadhar card database. IRDA states that they will accepts only biometric features for the verification of online documents.
Make Use of Digital Lockers
With the way towards paperless transactions, plastic money in forms of debit and credit cards are taking the power. More and more people are likely want to carry their credit card or debit card instead of carrying lump sum of money in their hand. Technology and financial experts also suggest that if all the sectors stepped beyond paperless transaction, paper transaction would be a history!
Advantages of Aadhar Based Paperless Transaction
Apart from reducing paper usage, storage of documents and efficient retrieval of documents, there are few more advantages,
- Saves cost and time by removing physical contact in the process.
- Aadhar based eSign is suitable for startups, businesses, individuals and Government departments.
- Reduces the risk of identity theft, forged documents and protect resident’s identity.
- Digital Certificates are generated and the keys are valid for a few minutesandthen it is destroyed to prevent fraud, signature theft or misuse.
- The electronic signature is legally valid and authorized by the Government of India. It has also announced a new method that enables certifying authority to offer eSign service to residents who have an Aadhaar ID.
- Paperless transaction will save more money and go green. Going paperless will help you sustain both the environment and your business.
- eSign ensures that the electronic records are valid and authenticated legally.
Hope, now you have being aware of the advantages of paperless transactions. Well, that’s pretty much all there is to get you started using paperless transaction! 🙂