Kiosk Banking Business

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Google Play Store

4.5_/5

15.5L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

Best Loan Offers

Curated Offers from 20+ Lenders

Unsecured Loan

Term Loan & OD Facilities Available

Expert Advice

Guidance & Assistance

Top Up Facility

Loan to Get Additional Funds

Find Best Business Loan Offers

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HDFC Bank

Max Loan Amt.Upto ₹75L

Rate of Interest10.75% - 28%

Tenure uptoUpto 5 Years

Processing FeeUpto 2%

ICICI Bank

Max Loan Amt.Upto ₹50L

Rate of Interest13.25% 19.25%

Tenure uptoUpto 5 Years

Processing FeeUpto 2%

Axis Bank

Max Loan Amt.Upto ₹75L

Rate of Interest15% - 19.25%

Tenure uptoUpto 5 Years

Processing FeeUpto 2%

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How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

Kiosk Banking

Introduced by the Reserve Bank of India (RBI), Kiosk Banking is an initiative by several banks to offer primary banking services to Low-Income Group (LIG) families or people at low or affordable costs. Kiosk Banking is a service introduced by financial institutions wherein customers can undertake banking transactions without visiting the bank branch.

Purpose of Kiosk Banking Business

This banking feature was launched to help and benefit the poor or unbanked section of society and individuals who are unable to maintain the minimum balance in their bank accounts. Moreover, for people who do not have banking facilities in their villages and cannot travel long distances to avail banking services. With the help of a Kiosk banking service, customers can undertake various banking activities, such as money transfer, account opening, cash withdrawal, remittances, and cash deposit; apart from micro lending and insurance.

Eligibility to start Kiosk Banking Business

Individuals, shopkeepers, retailers, small business owners can start Kiosk Banking Business
Age Criteria: Applicant should be minimum 18 years of age
Educational Qualifications: At least XII passed
Required space: Area of 100-200 Sq. ft.
Availability of computer, printer and Internet services
Shop owners already managing Customer Service Point (CSP) can start Kiosk Banking business
Business entity should be a registered MSME under Ministry of Micro Small and Medium Enterprises (MoMSME)

Respective bank shall provide the Kiosk Banking business owner with a machine that shall help in taking the fingerprints of new applicants. Bank shall also provide related software to be installed in the computer for customer’s registration purposes. Bank shall set commission-based profits for business owner starting Kiosk business in any particular area approved by the bank.

Features of Kiosk Banking System

‘No-Frills Account’ through Kiosk banking system, as there is no minimum balance required to manage savings account
Maximum balance can be maintained up to Rs. 50,000 (Amount above Rs. 50,000 can be maintained but the account will be converted into regular bank account
Maximum transaction limit is Rs. 10,000 per day (Cheque books are not issued)
Only cash transactions are allowed and only by the account holder
Signature is not required; only electronic thumb impression is used to access the savings account
Accidental Insurance: Kiosk banking system provides accidental coverage of Rs. 10,000 to its customers
Options of opening Recurring Deposit (RD) and Fixed Deposit (FD) account, as well

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Benefits of Kiosk Banking System

Easily approachable: Kiosk machines or Customer Service Point (CSP) are located nearby to customer’s residence for them to reach out at their ease
No queues: Kiosk machines are installed as small booths or in shops, so there are no queues
Cheque drop facility made easier for banks
Customers can perform NEFT and RTGS transactions
KYC documents and process is lowered down or simplified in case of Kiosk banking
Net banking or Internet banking feature added to Kiosk banking for online transactions
Transaction charges: The charges applied on banking transactions are almost NIL or nominal
Working hours of Kiosk machines extends up to shop timings or upon the location of the retail outlet
Cash deposits can be made anywhere without spending money on travel
Helped as a source of income for shop owners and retailers, as they used to get Kiosk machines installed in their shops or outlets
Shop owners can earn commission on every cash withdrawal or deposit transactions, opening new accounts, money transfer, etc.

Functioning of Kiosk Banking Outlet or Customer Service Point (CSP)

Customer’s ‘No-Frills Account’ is opened by taking their necessary details, fingerprints and photographs by Kiosk banking outlet.
The documents gathered by Kiosk outlets are further sent to partner bank for further processes
KYC check is performed by the affiliated bank branch
Once the KYC check is successfully performed and approved, then only customers can operate his/her savings account and enjoy banking services at the nearest kiosk outlet

Components of Kiosk Banking Machines

Barcode Scanner
Cash Acceptor
Integrated Full-Page Thermal Printer
Integrated Speaker
Keyboard with Trackball
Touch and Non-Touch Display
Video Camera

Documents Required for Loan Application

Duly filled application form obtained from desired bank with 2 Passport-sized photographs
KYC Documents of the applicant, such as Passport, Applicant’s PAN card , Voter’s ID card, Driving License, Aadhar card, Utility Bills (Water and Electricity Bills)
Shop’s Address Proof
Ration Card
Last 12 months’ bank statement
Any other document required by the lender

To start a Kiosk Banking Business, interested applicants can avail business loans from various financial institutions like banks, Small Finance Banks, Micro Finance Institutions and NBFCs. Applicants can also take funding support from various Government initiated loan schemes, such as Mudra loan under Pradhan Mantri Mudra Yojana (PMMY), Pradhan Mantri Employment Generation Program (PMEGP) , Start-up India, Stand-up India Scheme , Credit Guarantee Fund Trust for Micro and Small Enterprises ( CGTMSE ), loan in 59 minutes , etc.

How Can I Apply for a Business Loan Online?

Get up to ₹1 Crore in 5 Simple Steps

Step 1: Enter your mobile number in the application form.

Step 2: Enter OTP to verify your mobile number.

Step 3: Provide your personal details.

Step 4: Select a bank account for account aggregator consent.

Step 5: Compare offers and apply for the best-suited loan.

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