Yogesh Mariwalla, Executive Director of Index Advisory, said: ``Currently, borrowers without a credit history or collateral find few lenders willing to give loans. These borrowers are unable to tick all the boxes required to qualify as borrowers according to prevailing norms. On the other hand, with so many troubled assets, banks are under a lot of pressure to check creditworthiness of borrowers. Conventional screening methods like personal interviews, personal data, past credit transactions have their limitation. They check the ability but not the intent of the borrower. Psychometric Test has been designed to bridge this gap. On one hand, it brings underprivileged borrowers on a level-playing field; on the other hand, it helps the lenders in making better, risk free assessment of prospective borrowers.”
Index Advisory has so far successfully tied up with finance companies like Kianara Capital, Vistaar Finance, Electronica Finance Arogya Finance, Orb Energy, Medtronic for developing Psychometric Tests for their respective borrowers. This method of alternatively mapping the honesty, intelligence, aptitude and ability of borrowers is fast becoming popular across the globe.
