Your CIBIL™ score is extracted as part of the loan process but your eligibility is primarily based on SLQ – CASHe’s unique algorithm based on your social media history.
Lenders consider your CIBIL™ score when evaluating your loan application. Before approving or rejecting your loan, they look at your credit history and score. Your credit score is determined by how much credit you have previously obtained and how well you have repaid it. If you have a low credit score, consider a CASHe loan that does not take your CIBIL™ score into account.
CASHe, an online loan app, analyzes your social behavior and digital footprint to determine your Social Loan Quotient.
Eligibility criteria for your CASHe personal loan are:
- Employment status
- Employer status
- Age
- Your monthly income
What is SLQ?
CASHe, which has launched an alternative credit rating system called The Social Loan Quotient (SLQ), determines user creditworthiness using modern technology combined with intelligent big data analytics and predictive algorithms.
To calculate the borrower's credit score, the Social Loan Quotient will consider multiple online and offline data points such as his/her mobile, number of Facebook friends, public interactions on social media, social and media footprint, education, remuneration, career, and financial history.
The SLQ score is generated in real time and informs the user whether he or she is eligible for a personal loan. After providing a few details, this process takes only a few seconds. Following the completion of the loan application process, each customer's personal SLQ score is displayed.
The SLQ determines the loan amount as well as the interest rate. This will provide the user with a trustworthy tool for determining his or her creditworthiness. The higher the SLQ score, the better it is for the user in terms of interest rates and loan amount available to him/her.