APIs required for Digital Lending - CloudBankin – A digital loan software by Habile Technologies

These are the minimum set of APIs required for digital lending for a personal loan.

1) KYC
 – Aadhaar, PAN, Other IDs (Voter, DL)
 – CKYC Search and Download
 – Face Match + Liveliness Check
 – Name Check
 – Video KYC

2) Credit Bureaus
 – Equifax
 – Experian
 – Cibil
 – Crif

3) Bank Statement Analyzer
 – Analyze SMS Data
 – E-sign
 – Disbursement and Collections:
 – Bank Account Verification (Penny Drop Check)
 – E-mandate Setup
 – E-mandate Auto Debit
 – Payout (disbursement from FI’s current account to an individual savings account)

The cost per loan application after using the above APIs is less than Rs 100, which is equivalent to a petrol allowance given to a loan officer by a financial institution per day.

There is no doubt that digital lending helps financial institutions reduce costs.

Many API players contribute to the digital lending ecosystem, and I’m tagging a few of them here.

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