Invoke
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This API is used to trigger invoke on user’s lien marked assets.
Invocation
Conditions: Lenders can invoke the pledge under certain conditions, such as:
- Margin Call: If the value of the mutual funds falls below a certain threshold, triggering a need for additional collateral or repayment.
- Invocation Limit Breach: If the user breaches agreed-upon limits related to the loan.
- Payments Not Done (90 DPD): If the user fails to make payments for 90 days past due (DPD), the lender can invoke the pledged assets to recover the outstanding amount.
Process
The lender initiates the invocation process through the API, ensuring that the pledged assets are liquidated or otherwise utilized to cover the loan.
Input: Conditions for invoking and asset related details.
Output: Confirmation of invocation
Input Type
| Input | Type | Description |
|---|---|---|
| finsire_id | string | A valid id generated during user creation |
| order_id | number | A valid order number that can be fetched from ordering assets API response |
| loan_disbursed | boolean | This indicates whether the loan was disbursed. It acts as a confirmation from stakeholders to know if the loan was disbursed |
| invoke_reason | string | This indicates the reason for invoke. It is an enum and accepts two options: DPD BREACED and INVOKE VALUE BREACHED |
| user_notification_status | boolean | This indicates whether the user has been notified of the invoke and has given confirmation for the invoke to happen |
Common Error Scenarios
The following are the common error scenarios in sending an API request:
| Error | Description |
|---|---|
| param is missing or the value is empty: finsire_id | finsire_id is a required field |
| param is missing or the value is empty: email | email is a required field |
| param is missing or the value is empty: otp | otp is a required field |
| param is missing or the value is empty: order_id | order_id is a required field |
| param is missing or the value is empty: lienrefno | lienrefno is a required field |
| param is missing or the value is empty: assets | assets is a required field |
You can try out this API here.
Updated 4 months ago