These APIs are listed according to to the sequence shown on the Flow Diagram page, which is a typical API flow sequence used for creating and processing a loan:
A description for each section in the flow sequence can be found on the App Flow page.
A typical UI flow sequence on the screen of a mobile device is shown on the UI - API Mapping page.
Loan Applications APIs - Invoked by the LSP to create a set of loan applications in the lender system for every eligible invoice with each lender. All available data on the borrower is sent. For each loan application, the lender will respond with a set of details for a possible lender (ID, contact details, documents, etc.), and status).
Consent APIs - Process where lenders judge all the loan applications submitted by LSP on behalf of the borrower. Once the Consent Handle Request is triggered by the LSP, the lender (FIU) checks with the AA, and then the AA creates a consent handle internally, along with its status. The lender sends back the consent handle and status to the LSP. Lenders can use the consent handle later to fetch bank account statements, GST historical data, etc., from various FIPs. After the borrower approves the consent, the second request API is invoked by the LSP to check for updated status of Consents. The lender will check with the AA again for updates, and then send the updated status back to the LSP.
Offers APIs - LSP sends request to lender to analyze its data (GSTN, bank account statements, basic profile information, etc.), for selected loan applications, and create loan offers. Consent handles obtained previously with Consent APIs allow this data to be fetched from various FIPs. Once the borrower chooses a loan along with an associated offer, LSP informs lender with "Set Offer Request" API. Details for terms, disbursement, and repayment are included. Lender then responds with an update on status.
Loan Acceptance Request APIs - Sent by LSP when the user agrees to the terms of the agreement. Lender sends out an OTP to the phone number associated with the disbursement account in response to the trigger request. Lender then sends an acknowledgement back to the LSP. Verify request is sent by LSP once OTP is entered by user to agree to the terms of the disbursement account agreement. Lender then verifies the correctness of the OTP in the verify response.
Disbursement APIs (part 1) - LSP uses GET APIs to obtain a detailed list of all disbursement plans and disbursement accounts available for the chosen loan from the lender. Once the borrower selects a disbursement plan and a disbursement account for the loan, SET APIs are sent by LSP to inform the lender and to get a status update.
Repayment APIs (part 1) - LSP uses GET APIs to obtain a detailed list of all repayment plans available for the chosen loan from the lender. Once the borrower selects a repayment plan, a SET API is sent by the LSP to inform the lender and to get a payment URL where borrower can enter additional details. A status response can then be sent back to the LSP automatically via webhook, or another SET API can be sent to get a status update on the plan.
Consent APIs - Process where lenders approve/disapprove repayment plan, disbursement plan, and disbursement account submitted by LSP on behalf of the borrower. Once the Consent Handle Request is triggered by the LSP, the lender (FIU) checks with the AA, and then the AA creates a consent handle internally, along with its status. The lender sends back the consent handle and status to the LSP. Lenders can use the consent handle later to obtain data for approval/disapproval from varous FIPs, and provide a monitoring method. After the borrower approves the consent, the second request API is invoked by the LSP to check for updated status of Consents. The lender will check with the AA again for updates, and then send the updated status back to the LSP.
Grant Loan APIs (part 1) - LSP submits the loan application ID for loan on behalf of the borrower to the lender for approval. Lender makes last minute check using the consent handles obtained previously to fetch relevant data from FIPs, and then uses business rules to approve or disapprove of the agreed upon terms, monitoring method, repayment options, etc. Lender then responds with status, and if the loan is approved, lender creates the loan and responds with a complete set of loan details.
Disbursement APIs (part 2) - LSP requests the lender to trigger a disbursement of funds to the borrower. The lender will then respond with the status of the disbursement payment. The LSP can also check the status of the payment with another request with a unique payment ID.
Repayment APIs (part 2) - LSP sends a request to the lender on behalf of the borrower to trigger repayment, and also to send a unique payment ID and a URL to the LSP, from where the borrower can make the payment. If the repayment is handled directly by the lender, the status response to the LSP is initiated by the lender with the Confirm Repayment API. Otherwise, the LSP can then check the status of the payment with the unique payment ID. Borrower should ensure sufficient funds are present in his bank account on the due date.
Other OCEN APIs (used for requesting loan information and dispute management)
Grant Loan APIs (part 2) - Other APIs invoked by the LSP to get a summary of the loan as of the current date, complete details of loan, account statement for the loan for a specified period, and the list of loans for the borrower (loan ID and terms).
Loan Dispute Management APIs - Sent by LSP to create a dispute in the lender system for an issue that is faced by the borrower. The lender will respond with the status of the dispute, or the LSP can check the status of the dispute with another request.
Meta APIs - "Heartbeat" API is used by the LSP to check if the lender system is up and running
