A Review on Loan Approval Prediction Based On Machine Learning Techniques

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Year : May 30, 2024 at 1:58 pm | [if 1553 equals=””] Volume :15 [else] Volume :15[/if 1553] | [if 424 equals=”Regular Issue”]Issue[/if 424][if 424 equals=”Special Issue”]Special Issue[/if 424] [if 424 equals=”Conference”][/if 424] : 02 | Page : –

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Gaurav Raj Baser, Sadhna K. Mishra

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  1. M_tech Scholar, Professor Dept. of computer science Engineering, LNCT. Bhopal, Dept. of Computer science Engineering, LNCT. Bhopal Madhya Pradesh, Madhya Pradesh India, India
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Abstract

nThe banking industry has also benefited greatly from technological advancements. An increasing number of individuals are submitting loan applications on a daily basis. When deciding which loan applicants to approve, the bank must take certain rules into account. The bank needs to choose the best one for approval based on certain characteristics. The process of carefully verifying every person and recommending them for loan approval is laborious and fraught with danger. Currently, machine learning is extremely popular. In today’s technologically advanced society, machine Algorithms for learning govern and manage almost all applications. After forecast whether a loan application will be approved or not, several ML models, often used for classification algorithms, are developed and evaluated in different tasks. This review article investigates the key combination of machine learning approaches with loan approval prediction in the banking sector. The study uses supervised and unsupervised machine learning methods to create a prediction model based on a dataset of previous customers of banks. The paper also thoroughly investigates the components of loan eligibility, the sorts of risks encountered in the banking industry, and the numerous classification methods used. This detailed analysis adds to a better understanding of the complex interactions between machine learning and loan processes within the banking sector.

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Keywords: Loan Approval, Banking Sector Machine Learning, Classification Methods.

n[if 424 equals=”Regular Issue”][This article belongs to Journal of Computer Technology & Applications(jocta)]

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[/if 424][if 424 equals=”Special Issue”][This article belongs to Special Issue under section in Journal of Computer Technology & Applications(jocta)][/if 424][if 424 equals=”Conference”]This article belongs to Conference [/if 424]

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How to cite this article: Gaurav Raj Baser, Sadhna K. Mishra. A Review on Loan Approval Prediction Based On Machine Learning Techniques. Journal of Computer Technology & Applications. May 30, 2024; 15(02):-.

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How to cite this URL: Gaurav Raj Baser, Sadhna K. Mishra. A Review on Loan Approval Prediction Based On Machine Learning Techniques. Journal of Computer Technology & Applications. May 30, 2024; 15(02):-. Available from: https://journals.stmjournals.com/jocta/article=May 30, 2024/view=0

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References

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[if 424 not_equal=””]Regular Issue[else]Published[/if 424] Subscription Review Article

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Journal of Computer Technology & Applications

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[if 344 not_equal=””]ISSN: 2229-6964[/if 344]

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Volume 15
[if 424 equals=”Regular Issue”]Issue[/if 424][if 424 equals=”Special Issue”]Special Issue[/if 424] [if 424 equals=”Conference”][/if 424] 02
Received February 28, 2024
Accepted April 9, 2024
Published May 30, 2024

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