Instant Loan @ POS 1.0.0
When a customer checks out through a Merchant’s Point of Sale (POS) terminal, and if a Bank can offer a convenient EMI option for the payment, it would be a unique business opportunity for Card Issuers, Merchants, and Brands to connect with customers and provide them additional convenience. The EMI offer is communicated to the customer while initiating a payment using Federal Bank Card at the POS. If interested, the customer can select the EMI option from the POS. POS will list the tenure. Moreover, the customer can choose the EMI option and tenure. Once the tenure is selected, the eligibility check is done for the customer. If the customer is eligible and ready to avail the EMI, the offer amount gets blocked at Federal Bank against that particular customer. POS can generate the charge slip to the customer, with the EMI details. At the end of every day (or at agreed intervals), the Merchant may send the EMI conversion file to the federal bank with all EMI Transaction details. The Bank can validate the transactions against the customer based on the ApplicationID, open a Loan Account for each customer, and disburse the loan amount. Instant Loan at POS API bundle is a set of API that the Federal Bank has exposed to enable Service Providers at POS terminals to extend convenient EMI facilities to the Bank’s Customers on purchases.