LenDenClub uses an Artificial Intelligence-based credit underwriting model, which uses around 600 data points to validate the borrower’s eligibility criteria and risk profiling.
Two primary areas of the assessment are to check the ability of the borrower to repay and the intention of the borrower to repay.
To determine this, the basic eligibility criteria are:
- The borrower must be 21 years of age
- Must be an Indian national with valid KYC documents
- Must be earning income to service the loan EMI
- Proof of identity
- Proof of address
These documents and data are validated against cKYC database to validate the borrower.
- Financial statements
- Bank account
- Bureau Report
The risk assessment is done based on the following analysis:
- Demographic details
- Professional / employment details
- Income details
- Analysis of income and expenditure
- FOIR analysis
- Repayment pattern of previous loans
Disclosures and disbursement:
- Terms of the loan and repayment are given to the borrower upfront before it is offered to investors/lenders
- An acceptance of the understanding of these terms by the borrower is recorded
- Once accepted, the loan is disbursed to the registered and verified bank account of the borrower
We are proud of our result driven algorithms
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