An ensemble machine learning based bank loan approval predictions system with a smart application

Banks rely heavily on loans as a primary source of revenue; however, distinguishing deserving applicants who will reliably repay loans presents an ongoing challenge. Conventional selection processes often struggle to identify the most suitable candidates from a pool of loan applicants. In response to this challenge, we present an innovative machine learning (ML) based loan prediction system designed to identify qualified loan applicants autonomously. This comprehensive study encompasses data preprocessing, effective data balancing using SMOTE, and the implementation of diverse ML models, including Logistic Regression, Decision Tree, Random Forest, Extra Trees, Support Vector Machine, K-Nearest Neighbors, Gaussian Naive Bayes, AdaBoost, Gradient Boosting, and advanced deep learning models such as deep neural networks, recurrent neural networks, and long short-term memory models.…