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Your phone can help you get a loan instantly

Lenders are using apps to gather detailed information about you to fasten the loan process

Topics
Loan

Tinesh Bhasin  |  Mumbai 

A good credit score is still an important criterion for you to get a loan. But lenders don’t rely solely on your credit history any more.

Many non-banking financial companies (NBFCs) have started looking at your social media profile and other parameters to decide whether or not a loan should be sanctioned to you. It also helps them effectively evaluate those borrowers who do not have a credit history, such as youngsters who have entered the job market recently. Tata Capital is the latest to enter the alternative credit evaluation fray with is mobile app “myLoan”. ...

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First Published: Sat, March 25 2017. 15:48 IST
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