Rahul, a 26-year-old working in a MNC Bank in Bangalore, had a CIBIL score of 637 and was facing difficulty in getting a loan due to a past write-off due to a lost credit card in 2017. However, Omozing was able to provide him with a personal loan of Rs. 1.26 Lakhs at a reasonable interest rate.
Here are the alternative factors Omozing used other than CIBIL score and made the decision to do this loan:
- Income and Employment Status: Omozing evaluated Rahul’s income and employment status to determine his ability to repay the loan. They took into account his salary, job stability, and tenure in the current job.
- Payment history: Omozing evaluated Rahul’s payment history, including his past payment behaviour on other loans, credit cards, and bill payments, to understand his creditworthiness.
- Credit mix: Omozing evaluated Rahul’s credit mix, including the types of credit he had and how responsibly he had used them, to understand his creditworthiness.
- Current Financial Obligations: Omozing evaluated Rahul’s current financial obligations, including his outstanding debt, expenses and savings, to understand his ability to repay the loan.
- Reason for the write-off: Omozing evaluated the reason for the write-off, in this case the lost credit card, and found that it was an isolated incident and not a pattern of irresponsible behaviour.