Should you worry about your documents given to the bank?

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Sunitha was surprised to know that her CIBIL score came down as she applied loan to three different banks, but she had applied for only one. Pranav got a blown up bill for his add-on credit card (which didn’t apply for). Leya got a bill for her new mobile connection. In all these cases, they were unaware of what is happening until then. In a widely connected world, information is the key and you need to be extra cautious to ensure your data is secure. The price tag on your personal information like age, income, preferences of brands, family choices and other details is very high. One place we trust that our information is safe and secure is our bank and going by the current trends, this is being questioned too. With the Reserve Bank of India’s penalty on a few banks, you might be worried that your information might fall into wrong hands and misused. 

When opening an account or applying for a loan, you submit various personal documents as a part of KYC to the bank and they usually collect the documents and are kept securely. However, it is an open secret that the documents can be misused or copied easily. Most of the times, KYC norms are not taken seriously and data is easily available on demand, for a cost. This might continue to happen until we opt for secure methods of sharing data. At Estate.one, we tried to solve this problem with a Document Vault. We take our client’s information very seriously, ensuring that your details are safe. In addition to only requesting mandatory information, we have implemented other procedures to ensure the safe and efficient transmission of data. Once you submit the information, we have systems in place encrypt and store it securely in a document vault. As a rule, we adhere to ‘Zero-Data-Leakage policy’. We do not share your complete information to banks, sales executives, but draw up a profile to suggest the eligibility criteria. You would be presented the offers from various along with our recommendations. You can choose whichever offer you like and confirm that documents can be shared with the bank. This reduces multiple copies of the loan files floating around as well as reduces the chance of misuse. While it is easy to say that information is saved securely, we help and try to ensure that there is no data leakage from our side at any cost. This is just one of the reasons why you should apply for a smart home loan from Estate.One Do you think a document vault makes your life easier? Let us know in the comments below.