Using the Loan Account Creation API, a client application can create a new Customer Id to apply for a loan with the Bank. Along with stringent document verification process by the banker, this API ensures the receipt of the Loan Application, Document Collection, performs the Document Verification Process and finally, the sanctioning of the Loan.
On receiving the loan application, the Bank initiates a document collection and verification process. For this, the bank requires identity proof, address proof, income proof documents and other vital information of the Customer. For verifying the documents provided, verification is done by the customer’s Pan card, Passport and Aadhaar card using online services. An online agreement is then furnished that will have details like the total loan amount, the interest rate and type, the tenure of the loan, charges if any, terms and conditions, and other important information about the loan.
operation for loan account creation .