This Offer Matching & Ranking Mechanism ("Mechanism") explains how we match borrowers to personal loan offers and how those matched and unmatched offers are ranked and presented to customers, as required under regulations issued by Reserve Bank of India (RBI) in order to maintain neutrality and transparency.
This Mechanism applies to personal loan offers displayed to customers through our digital lending application. In order to provide services to the customers, we obtain certain information from the customers to undertake preliminary screening of the customer and to generate tentative/conditional offers from multiple lending partners using the rules/eligibility criteria provided by the lending partners.
After preliminary screening of the customer using the customer provided data and rules/eligibility criteria provided by the lending partners, we display tentative offers from the matched lending partners where the customer has met the eligibility criteria and also display the names of the unmatched lending partners on the application, to provide transparency on the marketplace coverage. For each matched lending partner we display at minimum the following: (a) Key Fact Statement; (b) Rate of interest; (c) Annual Percentage Rate (APR); (d) charges (if any); and (e) estimated monthly repayment obligation.
These offers are ranked in descending order based on their "chances of approval", which are determined by the following criteria:
- Loan Amount Offered
- Rate of Interest
- Lending Eligibility Assessment
- Historical Approval Trends
Exception: As an exception, (a) if a customer already has an existing loan with one of our lending partners and is eligible for a new loan and; (b) if the user has a pre-qualified loan offer from a lending partner, in such events that lending partner will be ranked first and all other matching lending partners will also be shown to the user for selection.
All loan offers are tentative and are subject to individual lending partner's assessment and underwriting policies. Final decision on the approval and sanction of a loan rests with the lending partners.
