2026· International journal of research and innovation in applied science· Vol 11, pp. 231-236· 0 citations
TL;DR
Overall, the findings suggest that AI has significant potential to enhance lending efficiency and inclusion in India, provided it is used responsibly and complies with regulatory standards.
Abstract
Artificial Intelligence (AI) is transforming credit scoring and loan underwriting in India. Traditional methods mainly rely on credit history and income data, which can restrict credit access for many individuals and small businesses. AI systems leverage advanced data analysis and machine learning to assess borrower risk more accurately and rapidly, utilizing both conventional and alternative data sources. This article discusses how AI-driven credit scoring and loan underwriting are implemented in India's financial sector. It emphasizes benefits like faster loan approvals, better risk assessment, and greater financial inclusion. It also covers challenges such as data privacy, algorithmic bias, lack of transparency, and regulatory issues. Overall, the findings suggest that AI has significant potential to enhance lending efficiency and inclusion in India, provided it is used responsibly and complies with regulatory standards.
Artificial Intelligence (AI) has emerged as a transformative technology in the banking and financial sector, enabling institutions to improve the accuracy, speed, and reliability of credit risk assessment. Traditional credit evaluation methods often rely on limited financial indicators and manual decision-making proces...
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Advances in Artificial Intelligence (AI) have transformed the banking sector, particularly credit scoring systems, by improving the accuracy of credit risk assessment and the efficiency of financing decisions. However, AI implementation also presents challenges related to transparency, algorithmic bias, data protection...
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