Federal Bank helps customers get gold loans in times of a financial need. As gold loans are the quickest mode of availing instant cash, the Bank provides loans with attractive interest rates and flexible repayment options. Federal Bank’s Gold Loan API bundle enables fintech and service provider applications to get the details of loan accounts, borrower’s KYC details, loan closure amount etc. This bundle ensures a swift and hassle-free gold loan disbursal process with appealing interest rates and payment options.
The Central Know Your Customer Registry (CKYC) is a government initiative to bring the KYC process of all financial sector entities under a single window.
CKYC is managed by CERSAI (Central Registry for Securitisation Asset Reconstruction and Security Interest of India). It is a centralized repository of KYC documents of customers availing various services of the financial sector. CKYC is created with the intent to reduce the burden of submitting KYC documents for verification when starting a new financial relationship with a new finance company.
Federal Instant Loan enables FinTech’s to offer personal loans to their users who hold accounts with Federal Bank, through their applications as an integrated solution. It offers pre-approved loans to its Customers, based on factors like their credit score, banking relationship, etc. This fully secure, automated digital loan processing facility is available 24x7.
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.