Core Specification - Loan domain #363
Replies: 4 comments 1 reply
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Hi @karntrehan. Glad to hear that you are implementing beckn protocol for agri use cases. However, I would like to correct the mental model we are having here before we proceed. Firstly, saying "Create a new core spec for mortgage" is an oxymoron. The core specs do not change. You should say "Create an adaptation of core spec for mortgage use cases". The above example that you shared does not comply with the beckn protocol standard. For example, the core spec does not have any field called Having said that, the method to implement a new use case in beckn consist of the following broad steps:-
Design your mapping assuming an application that has implemented beckn protocol for say, Retail should have almost zero engineering overhead to discover and avail loan products. Adding new fields and schema will require re-engineering and re-arch. As a consumer, I should be able to discover a loan product, add it to my cart, checkout and confirm my loan application just like I would do in an e-commerce flow. That's the test you must perform when designing an adaptation to a new use case. Hope this helps... |
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Hi @ravi-prakash-v, Thank you for your valuable insights. Your message has provided us with a clearer understanding of how to implement the Beckn Protocol for the loans domain. We appreciate the correction in terminology, and we will now proceed to discuss an adaptation of the core spec specifically tailored for loan use cases. Based on your feedback, we have re-evaluated our approach and designed a mapping that aligns with the standard API endpoints of Beckn. We have also made sure to map the loan-specific objects and attributes to the core schema of Beckn. To ensure compliance, we tried to avoid extensions as far as possible and used the XInput Schema and Tags Schema appropriately for any additional fields and sector-specific data. Purpose By adapting the core Beckn specification to the loan domain, our goal is to seamlessly incorporate loan-specific attributes such as interest rates, repayment terms, eligibility criteria, and other relevant parameters into the existing Beckn framework. This adaptation aims to enhance interoperability and streamline communication among loan service providers, borrowers, and other stakeholders. The Loan Domain Adaptation will facilitate efficient and standardized loan interactions, improving transparency and enabling informed decision-making for borrowers. It will enable loan service providers to integrate their offerings into the broader Beckn ecosystem, ensuring seamless discovery, selection, and fulfilment of loan products. Approach The domain is loans and not mortgages or finance. Mortgages are a subset of loans. Finance is too broad a domain for us to work on. Loans can be expanded at a later stage to cover a broader finance sector but we currently do not have the aim to do so. For Search and other product listing APIs, the Beckn schema doesn’t have loan-specific terms. Following is the proposed change for the base object for searching the Item which will then populate in all the listings.
Adaptations in Submission/Init/Confirm
Do let us know the next steps. |
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Just a suggestion: I noticed that your schema has fulfillments array with customers.disabled property as boolean. You might want to consider expanding this to include the type and extent of disability given different govt rules/regulations are mandated based on the extend of disability. Or it is for @ravi-prakash-v to advise if this spec has already been included anywhere in the core schema? |
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Hie @ravi-prakash-v and team hopefully you have gone through the above message. Do let us know the next steps. |
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Hi @karntrehan , Beckn has already published API Specs for financial services, which has an example of personal loans. Please have a look here - https://github.com/beckn/financial-services/tree/main/examples/personal-loans. Additionally, you can also create an issue in the Financial-services repository, if any flow explained in personal-loans example is unmapped with your usecase ( mortgage-loan), |
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Context
We are building a portal for farmers to apply for crop loans. Democratising the loan search & selection process is a very valid usecase for using Beckn.
Attaching below a broad flow of the application currently:
We believe there is a valid usecase to add mortgage to the core spec domain itself. The core support for
applicant,application,guarantee,eligibility,financer,e-signingwould make the API much cleaner.Problem
Currently we are extensively using Tags to communicate between the portal and financers / banks as there is lack of support of common mortgage elements like: eligibility, guarantee, sanctioning, etc..
Proposed Solution
Create a new core spec for mortgage. We are taking the first crack at this & proposing it look something like this:
{ "context": { "action": "init", "domain": "mortgage" }, "message": { "order": { "items": { "mortgage_terms": { "interest": { "rate": 0, "type": "simple_interest" }, "tenure": { "unit": "months", "quantity": 18 } } }, "eligibility": { "max": 1000, "min": 100, "source": { "id": "", "name": "", "url": "" } }, "guarantee": { "type": "immovable", "value": { "currency": "", "min_value": 0, "max_value": 100 }, "proof_url": "http://xyz.com" } } } }Please bear in mind this is a WIP and we are open to any and all feedback for this.
Examples
Shared above. Once feedback is received would add more.
References
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