CIBIL, also known as the (Credit Information Bureau of India Ltd.) has initiated a new facility for Indian tax payers known as the“CIBIL Marketplace”. This is a virtual market that works as a portal through which people are enabled to get access to customized loans and credit card offers based on their credit score or CIBIL score. Prior to the initiation individuals needed to check their CIBIL score to check their worthiness for credit, when applying for loans and based on the satisfactory score, the individual would be allowed to apply for the loan. This would take long and has been proved to be quite a tedious process. But with the CIBIL marketplace things are expected to be far more efficient and work with little effort.
Who will benefit with Cibil Marketplace?
CIBIL marketplace is definitely an innovative initiative taken by the CIBIL organization allowing people with lower CIBIL and credit scores to at least look for loans that they are eligible for governed on certain terms and conditions. Perhaps they would have to pay a higher rate of interest, which is definitely better getting access to no loan at all. This platform might also be the first step in providing incentive to those customers who have excellent cibil score. They might get loads of loan offers from lenders with lower interest rates compared to normal customers. this is also allowing banks and financial institutions to gain access to the adequate customers for their product with little effort. However, the platform in action will only tell if the initiative is working out for both customers and lenders alike.
How Does The CIBIL Market Work?
Financial institutions such as banks and lenders put their respective loan and credit card offers along with their eligibility details with every given product in the marketplace. The Marketplace checklist enables individuals looking for products to credit limits, compare interest rates, annual charges and other variables along with features and benefits prior to coming to a decision for applying for a specific credit card or loan. The online portal enables individuals to find offers that have been customized based on their credit score, income and similar factors that decide individual’s financials. If a deal is being offered to an individual at the portal,the chances are that naturally the individual is eligible for it. But it is important to note that these offers are subject to a bank’s respective credit policy as well as verification process for the provided documents. But it has a simple interface making it user-friendly, offering maximum transparency. Note that the individual’s credit score plays a very important role in landing them such deals. High credit score ensures better offers and also in higher numbers.
How to Apply at the CIBIL Marketplace for Loans and Credit Cards?
Before one can understand how the CIBIL marketplace works, it is important to understand a few important things.
- The CIBIL credit score should be at a maximum of two months old and is available in the form of numerical value.
- The Control Number – This is a 9 digit number provided at the top right corner of the CIBIL report.
- The individual needs to provide the accurate income details at the time of purchasing a CIBIL report. This report will allow the individual to get the apt credit services that they are entitled to. Falsification or missing out data may result to the disapproval of the applied loan application. The CIBIL report also makes the individual eligible also for getting credit offerings that financial institutions and banks have are offering.
- The individual can also visit the CIBIL marketplace online portal, to weigh their options, The individual would then need to submit their CIBIL report on the online portal as well as the Control Number along with the maximum 2 months old credit score. They are necessary for availing the marketplace benefits. The updation of the CIBIL score is essential as all the banks are expected to send updated data to CIBIL.
- After providing all the details the individual will gain access to the marketplace where he or she will be allowed to get a Credit Card option but just one initially. Once the primary verification is done, the individual will be able to access loan related services. It will allow the individual to analyse where he or she stands as a borrower and the available offers made by different banks based on their CIBIL score and income. The individual will also have the access to several other loan offers such as Home Loan, Education Loan, Personal Loan, Car Loan etc. Once new offers begin to flow in, the amount of offerings in your marketplace will naturally increase. After that the individual can select and apply the e required option.
- Post selection of a specific loan service, a list will be displayed of banks and related information such as charges, processing fee, credit limit, interest rates, fees, etc. The individual will then require to click the ‘Apply’ button. The following dialog box on the screen will require you to confirm the application. This works on pre-approval basis and the biggest advantage is that people often receive bespoke loan options based on their credit score and hence their eligibility.
Note, all accurate details must be furnished as unsuccessful application to do so might lead to rejection of application and hence the credit score to drop.
What Are The Advantages of Using The CIBIL Marketplace
CIBIL Marketplace gives you many advantages over standard loan-seeking process by way of personal visits to banks and other institutions. Some of the benefits are:
- The CIBIL marketplace serves as an ultimate place online to meet people's needs for ur loans and credit card. It allows people to not only research for different plans but plans that the individual is eligible for with offers across banks and lenders to find the best product suited for both the individual’s need and their credit history.
- It aggregates and display all the deals and offers which are suitable for you based on your credit score and financial details. You just need to make sure that the details are accurate.
- This marketplace gives access to individuals for offers presented by different banks at any time and from anywhere. It takes only a few clicks end up with a well-analysed card and loan plan without any hassles.
- If and when you purchase your CIBIL TransUnion score you will be entitled to a CIR, allowing you to automatically get the Marketplace membership for a period of 2 months without any additional cost.
CIBIL Marketplace is a clutter-free platform that makes life easier for borrowers, lenders and credit card providers alike.
Read More on CIBIL
- CIBIL Xpress Acquire
- Terms and Conditions
- Pay Education Loan or Your CIBIL Score Suffer
- Loan Settlements Ruin CIBIL Score
- Factors that affect CIBIL Score
- Missing payment affects your CIBIL
- Credit Report for Business Loans
- Top CIBIL Improvement Factors
- CIBIL Dispute & Its Resolution
- Impact of Late Payment on CIBIL