Hundreds of mobile lending apps have mushroomed in India as smartphone use surged and the government encouraged digitisation in banking, with financial technology (fintech) firms rushing to fill the gap in access to loans. Reuters
As the founder of a consumer rights non-profit in India, Karnav Shah is used to seeing sharp practices and disgruntled customers. But even he has been surprised by the sheer volume of complaints against digital lenders in recent years.
While most of the grievances are about unauthorised lending platforms misusing borrowers’ data or harassing them for missed payments, others relate to high interest rates or loan requests that were rejected without explanation, Shah said.
Some users have found that these apps have high lending rates, aggressive recovery methods and serious data breaches. Their algorithms also exclude women and other minorities.
As artificial intelligence-based loan apps boom in India, some borrowers miss out
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As artificial intelligence-based loan apps boom in India, some borrowers miss out
Reuters / Jun 9, 2021, 12:56 IST
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NEW DELHI: As the founder of a consumer rights non-profit in India, Karnav Shah is used to seeing sharp practices and disgruntled customers. But even he has been surprised by the sheer volume of complaints against digital lenders in recent years.
While most of the grievances are about unauthorised lending platforms misusing borrowers data or harassing them for missed payments, others relate to high interest rates or loan requests that were rejected without explanation, Shah said.
Credit-wary women up home loan share
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Credit-wary women up home loan share
TNN / Updated: Mar 9, 2021, 05:25 IST
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MUMBAI: Women have sharply increased their share of home loans, but have turned averse to personal loans and credit cards in the wake of the pandemic. Women are also more closely monitoring their credit scores, according to a study by TransUnion Cibil.
A report released by the credit bureau on Women’s Day shows that in 2019, women accounted for 23% of consumer loans. This dipped by 400 basis points (100bps = 1 percentage point) to 19% in 2020. Similarly, credit card enquiries by women dipped from 13% to 12% during the same period. However, when it comes to home loans, women have increased their share to 11% from 9% in 2019.
Women Borrowers form 28% of India s Retail Credit Consumer Base siasat.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from siasat.com Daily Mail and Mail on Sunday newspapers.