Abstract:
Nowadays, banks are gaining a lot of customers day by day and many have taken loans from them, and it is not possible to get hold of every customer who is not able to pay or wont be able to pay in future. So now banks are needing classification models to predict in future whether a specific person will be able to pay their loan on time or not. It allows them to take necessary actions in advance like reminding the customer early to pay their debt, or they will face the consequences. In this way, the bank wont suffer losses, and it will help them to maintain their reputation in terms of handling loans in the market.As the people grow the needs also grow which also increases the need to get the basic things. Vehicle is a very basic thing which has become a necessity and to fulfil that people take loans and complete the necessity.Our project will solely be focusing on vehicle loan default with the help of many classification models and choosing the one with better accuracy after a detailed comparison.
