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ā¢ Borrowers from Delhi, Haryana, and Uttar Pradesh lead in fraudulent loan applications, particularly in the below INR 50,000 segment, according to a white paper by credit bureau Experian.
ā¢ The report highlights concerns about the credit appraisal processes of fintech companies, with millennials and postgraduates showing high rates of application fraud.
ā¢ The maximum growth in personal loans has come from small cities, indicating that fintech companies may not be following proper credit appraisal processes.