App Based Technology For Educational Loan Clearance

App Based Technology for Educational Loan Clearance

App Based Technology for Educational Loan Clearance

Science Magazine India explore that getting an educational loan in India is very difficult, mainly for students who do not qualify to study in the top institutes in the country. It is also tough to garner funds to purchase expensive devices such as tablets and laptops that are a necessity for most professional courses. This is the key anomaly that are being addressed in India via Mobile Apps. After checking credit-worthiness, once a student is deemed eligible for a loan, a partner financial institution disburses the money directly to the payee instead of the borrower. The technology started with a platform that incorporates an algorithm that computes their credit worth. The loan is given in the name of the student and a background check is run on them before the loan is disbursed. The engine checks students’ credibility by looking at their past exam scores. It also look at their activity on social media, their level of interactions, before deciding on the loan. Technical algorithms ensure that there is no many defaults on the loans.

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