Digital lending company CASHe has announced the launch of an alternate credit rating system, called ‘The Social Loan Quotient’ or SLQ. This facility will help some 129 million Indians, who are mostly deprived of credit from traditional institutions for lack of credit history, CASHe said in a statement. SLQ will be India’s first social behavior-based credit-rating system, CASHe claimed, adding it is a fast, unique and a path-breaking real time platform which leverages big data analytics, artificial intelligence and predictive tools. The company also claimed that SLQ will play a pivotal role in helping the large untapped population to avail credit on the basis of the score generated by the system. Soon, the platform will also be set open to other institutions (banks, NBFCs’ and credit bureaus) to integrate and avail the system thereby helping them reach out to the masses. Speaking on the launch of SLQ, Ketan Patel, CEO of CASHe, said through SLQ, the company focused on those who may have little or no credit history with traditional lending institutions. The scores are generated in real time and will enable the customer to know, within a few seconds, if he qualifies for a loan with CASHe or not. Subsequently, on completion of the loan application process, every customer’s personal SLQ score will now be displayed to him. This will provide the user with a reliable tool for accessing his/her creditworthiness.
