2. Address verification: Generally, two important checks are made under this category and they are electricity bill validation and LPG verification.
3. Vehicle verification: The RC number of a borrower is all that it takes for this verification, using which, certain personal details, like address, age and name of the owner can be identified easily. This type of check can also be called asset verification.
4. Financial verification: Financial data is hard to acquire, can be complex and yet is important to make a valid decision in the loan origination system. Tools like data scrapping and penny drop API are used for financial checks like bank account verification, bank statement analysis, ITR extraction and GST details (GST details are also collected for merchant verification). Again, the data is 100% secure during the process.
5. Utilities API: Face crop API, Face match API, Name match API and Face Liveness are some of the APIs used in this category.
6. Digital contracting: When the loan has been approved the borrower needs to initiate the E-sign transaction. APIs can be used for this purpose too.
7. OCR service: OCR stands for Optical Character Recognition. It is used to convert text from images into machine-coded text. For example, OCR API can be used to read a scanned copy of a document and the data obtained from the image can be repurposed for use by the borrower.
A deeper look into the range of APIs available for the lending industry follows…