High Value Loans

Interswitch Lending Services has integrated with data providers to enrich customer transaction information with bank statements currently provided by ILS to lenders. This will enable lenders provide high-value loans without the need for prospective customers having to provide physical documents like financial statements. The following are the features to be derived from this integration.

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Please Note:

You need to have these endpoints defined on your application - Accept Offers, Get Offers, Get Loan Status, Payment Notification.

  • Step 1: Lending Service makes a call to ---> Get Offers - This is a callback spec the loan provider should build. This is for the customer to be able to get a loan offer.
  • Step 2: Upon receipt of the offer request, make a call to <--- Get Customer Transaction Records to retrieve the customer's bank statement to confirm if the customer is eligible for a loan.
  • Step 3: Upon validation and confirmed eligibility, you can call the <--- Send Offers (Non-instant/Offline) if you wish to respond to a customer's offer request with offers at a later time, especially when you require more time to access a customer's credibility OR you can return an offer immediately to the customer if you don't require more time. Once the customer selects your offer, we make an --->Accept Offer request is the lender - This is a callback spec the loan provider should build.
  • Step 4: As part of the accept offer process, perform <--- name validation on the customer to validate the customer's account.
  • Step 5: Provided the customer is eligible for a loan and validation checks have been completed, <---credit the customer.
  • Step 6: If step 5 is successful, <---send sms to the customer informing them of the credit. Sometimes, due to flaky internet connectivity or some other factors in which the credit process fails, you can perform a <---requery to confirm the status of the transaction.
  • Step 7: To collect payments from customers, make a call to <-- Debit Customer.
  • Step 8: To get notification for customer-initiated payments, you need to provide specifications for <---Get Loan Status and --->Payment Notification These are callback specs the loan provider should build

Legend:

  • <--- Calls from the loan provider to lending service.
  • ---> Calls lending service make to the loan provider.

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