Loan Eligibility Check with AI & ML (POC)
Solution: AI & ML Enabled Loan Prediction Software
Industry: Fin-tech Industry
About Loan Prediction Software
With the enhancement in the financial sector, lots of people are applying for loans(from banks & other financial organizations). But these organizations have limited assets and can grant loans to limited people only. With this application, banks can find out to whom the loans can be granted. By reducing this risk factors in selecting the safe person. Thus can save lot of time and assets. And this application is built by mining previous recorded data of the people to whom the loan was granted earlier. Then based on these records the machine is trained using the machine learning model which gives the most accurate result for loan eligibility.
Many banks & financial organisations approve the loan after a rigorous process of verification and validation but still, there is no surety whether the chosen applicant is the deserving or not.
The Loan Prediction System therefore, automatically calculates the weight of each person taking part in loan processing and on new test data the same person’s data are processed with respect to their associated weight. So the system can quickly find the deserving applicants among lots of applicants.
Loan predict application is very very helpful for banks & any financial organisations which offer loan facility. The aim thus to provide a fastest, immediate and easiest way to choose the deserving applicants and make the process more efficient.