Need a Loan? Forget About The Credit Score and Focus on Your Social Media Post


Do you believe in Karma? In the real world, Karma defines as “What goes around comes around.” In other words, Whatever you get in life, it depends on your deeds. But in the banking sector, the karma is your ‘credit score.’ Usually, if you apply for the loan, the banking sector will grant you the loan only if your credit score is excellent. The better the credit score, the better the opportunity of getting a loan application approved.

But now there is a twist in the story. From now the banking sector will track your social media activities before granting you a loan. Yes, this is true, from now the loan officers will track your facebook posts, SMSes, payment modes, and duration, before approving your loan application.

If you have taken a loan or planning to apply for a loan from the Kotak Mahindra Bank, then let me inform you that the loan officers of the Kotak Mahindra Bank are already spending time on the social media activities of their customers who have applied for the loan.

According to the reports, the leading banks like Kotak, Axis, HDFC, and even state-owned banks like State Bank of India are tracking the social activities of the customers before approving their loan application. The motive behind this initiative is to minimise the risk of loan debt. Social media activities are being tracked not only for granting a loan but for tailoring sales pitch for products as well. The sources added.

In the era of Mobile technology, the new app – ‘My App’ will decide whether to give you a loan or not. Once you download this app, the loan officer will take permission from you to track your activities like SMSes, GPS, electricity bill payment records, or even payment to Uber or Ola Cabs.

By tracking your Google map a loan officer can easily confirm your place of residence, place of work, how long you have been at your residence, how long you have been at work, how much do you travel, etc, all in 30 seconds.


Let’s see if this mobile technology in the banking sector is going to help in reducing the bad loan debts or not.




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