CHENNAI: In a bid to woo the mobile-savvy youth, financial services company Tata Capital on Thursday launched a mobile app to offer personal loans up to Rs 15 lakh.
The app, called myLoan, is a social profile-based personal loan mobile application. It will make a real-time assessment of the borrower’s loan application through an algorithm, using a mix of digital, social and financial data.
“Digital data allows for a more holistic picture of a customer than financial metrics. With the launch of the app, we aim to sustain our digital presence through new and unique application that uses financial and alternate information during the borrower’s credit analysis,” said Tata Capital’s chief operating officer (retail business and housing finance) Govind Sankaranarayanan.
The app allows users to link up their social media profiles and obtain a score which reflects their potential credit-worthiness. “The app uses information such as location, utility bill payment history and social data like employment history and interests, obtained from Facebook and Linkedin. These data points along with Cibil score is used to give user a score,” Sankaranarayanan said.