Articlediamond2023

Prediction of bank Loan Status using Machine Learning Algorithms

Yakobu Dasari · Katiki Rishitha · Ongole Gandhi

17 citations0/0 files storedInternational Journal of Computing and Digital Systems

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Financial Distress and Bankruptcy Prediction Microfinance and Financial Inclusion Data Mining and Machine Learning Applications

Abstract

Major income of banks and any financial organization is generated by loans.Banks can issue loans only to specific authentic people or organizations due to restricted resources or credits.Those who actually can able to repay the taken loan amount along with interest are safe people to whom loan can be sanctioned, but finding eligible (safe) people is a monotonous process.The problem is addressed by various researchers in the literature, however, accuracy level of their models proposed is utmost of 80%.Hence in our work, we proposed a model in which various machine learning algorithms are aggregated with ensemble algorithms like bagging and voting classifiers.The pre-eminent objective of our work is to predict whether a particular person is eligible for the loan or not.Our proposed model reduces human efforts and processing time as well and produces more accurate results than existing models.Experimental results show that our model improves the performance of the existing model from 80% to 94%.

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References

2018Study on a prediction of P2P network loan default based on the machine learning LightGBM and XGboost algorithms according to different high dimensional data cleaning 2015Risk assessment in social lending via random forests 2011Two credit scoring models based on dual strategy ensemble trees 2019A study on predicting loan default based on the random forest algorithm 2020An Approach for Prediction of Loan Approval using Machine Learning Algorithm 2019Financial system modeling using deep neural networks (DNNs) for effective risk assessment and prediction 2022LOAN APPROVAL PREDICTION BASED ON MACHINE LEARNING APPROACH 2017Prediction of loan status in commercial bank using machine learning classifier

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2024Comparative study on Loan Approval Prediction Utilizing Machine Learning Approaches

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