When you require a personal loan, you should start by checking your eligibility criteria. You can do research and compare from a pool of lenders as eligibility criteria vary across lenders. Both salaried and self-employed individuals can check their personal loan eligibility online with ease. SLQ is India’s primary and first credit rating system for both salaried and self-employed individuals based on social behavior. 

What is SLQ in CASHe?

Banks check your credit score when you apply for a personal loan through them. Those who have not taken a loan in the past will not have a credit score. This factor has constrained many people from obtaining credit. To overcome this drawback, instant personal loan apps have emerged and become popular. CASHe is one such app that has initiated an alternate credit rating system - The Social Loan Quotient (SLQ). This makes use of contemporary technology integrated with intelligent big data analytics and predictive algorithms to determine the creditworthiness of users. 

What Are The Benefits Of SLQ in CASHe To Borrowers?

  • The SLQ or the social loan quotient takes into account multiple online and offline data points of people like the number of Facebook friends, public interactions on social media, social and media footprint, education, income, profession, and financial history to compute the borrower’s credit score. 
  • This will help millions across the country who have never applied for a bank loan but are active online shoppers, who have a positive social media presence, have a stable residential status, and also have been active users of their mobile phones. 
  • The SLQ score is generated in real-time and allows the user to know whether he/she is eligible for a personal loan or not within just a few seconds and after providing a few required details.  
  • After the completion of the loan application process, every customer’s personal SLQ score is shown to him/her. 
  • The SLQ decides both the loan amount and the interest rate charged. 
  • This will provide the user with a dependable tool for accessing his/her creditworthiness.
  • When the SLQ score is higher, the user can get better interest rates and a higher amount of loan. 

Also Read: What is CASHe Personal Loan?