Loan Defaulter check API is a verification solution that allows businesses to check the borrower’s loan repayment history in real time. It reduces the dependency on manual data collection and review with automated checks. It helps find loan defaulters and reduces the losses. This solution streamlines the onboarding process and reduces customer drop-offs that occur due to delays.

How does it work:

Input: Enter the Mobile number.

Output: Get the following details:

• Total No. of loans.
• Total No. of loan defaults.
• Number of Days Defaulted.
• Company Name of Defaulted Loans.

Key Benefits

• Faster Credit Decisions: The API enables instant borrower creditworthiness checks. It allows lenders to approve or reject applications quickly without manual intervention.
• Reduce Loan Defaults: With accurate and up-to-date information, businesses can easily identify the loan defaulter, which reduces the chances of defaults.
• Seamless Integration: It is designed to integrate into existing loan origination and KYC workflows.
• Cost-Effective: The API adds automation and bulk support, which reduces the dependency on manual resources and reduces the overall cost.

Use Cases

Digital Lending Platforms

Digital Lending Platforms can use the Loan Defaulter Check API to instantly evaluate the borrower risk during online loan applications. It enhances the efficiency of the loan disbursal process and reduces the chances of loan default.

NBFCs and Banks

NBFCs and banks can integrate the API into their workflow to check the history of defaults. The API provides visibility into the number of loans, default counts, and overdue delays. It helps financial institutions to reduce NPAs.

Merchant Landing Platforms

These platforms can use this API to evaluate small business owners and merchants before offering working capital. It helps identify existing loan defaults and reduce the credit risk.