Want a loan ASAP? Get more social media contacts

Its looks like having a healthy number of social media contacts holds as much value as a high credit score when granting loans.

Earlier, banks looked solely at the credit score when granting loans, but times are changing with the advent of social media.  Today, a healthy number of social media contacts also play a major role in ascertaining one’s creditworthiness.

People use social media to catch up with friends, discuss social issues share photos, and posting comments and now these social media interaction will determine whether you get the loan.

Just like Income tax officers assess the tax liability of an individual, by scrutinising travel related photos, bank authorities will now scrutinise an individual’s ‘social standing’ through social media, before granting loans. This rule is being applied to first-time loan applicants.

Punja added that a public sector bank and a private sector bank are already availing their service, in this aspect.

‘Early Salary’ a Poona-based startup says, about 1000 loan applications in Bangalore, Pune, Mumbai, Chennai are scrutinised in detail and Rs.1.4 crore loans have been disbursed, using this strategy.