These are the minimum set of APIs required for digital lending for a personal loan.
– Aadhaar, PAN, Other IDs (Voter, DL)
– CKYC Search and Download
– Face Match + Liveliness Check
– Name Check
– Video KYC
2) Credit Bureaus
3) Bank Statement Analyzer
– Analyze SMS Data
– 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.