Overview
Disbursement in financial terms is the act of paying out or disbursing money. Loan disbursal API is used for paying out the loan amount to the Customer’s operative account.
Input parameters to this API include CustomerID (CIF_ID), Loan Account Number and Loan Amount.
This API helps to disburse the loan amount: To the partner’s pool account with Federal Bank (in case, customer is banking with different Bank). Partner will be offered the Fund transfer API and using any channel (NEFT / RTGS / IMPS), Partner application can disburse the loan amount to the Customer’s account. If Customer has an existing account with Federal Bank, this API can disburse the loan amount directly to that account.
• The DisbursalAmount provided in the response message will be net of charges like GST, Processing Fees, Broken Period / Pre-EMI etc.
Note on RTGS / NEFT / IMPS timing and availability:
• RTGS
o The RTGS service window for customer's transactions is available to banks from 9.00 hours to 16.30 hours on weekdays and from 9.00 hours to 14:00 hours on Saturdays for settlement at the RBI end. However, the timings that the banks follow may vary depending on the customer timings of the bank branches.
o If the RTGS request is received after the cut-off time, system will try the NEFT channel. If the NEFT cut-off time too has expired, the request will be parked, and will be attempted during the next working day. Request cannot be cancelled.
• NEFT
o From July 10, 2017 settlements of fund transfer requests in NEFT system is done on half-hourly basis. There are twenty-three half-hourly settlement batches running from 8 AM to 7 PM on all working days of week (Except 2nd and 4th Saturday of the month).
o If the NEFT request is received after the cut-off time, the request will be parked, and will be attempted during the next working day. Request cannot be cancelled.
• IMPS
o Provides real time fund transfer solution, offering an instantaneous, 24x7, interbank electronic fund transfer service
o There are limits on the Amount that can be transferred, which varies between Bank to Bank.