When it comes to applying for loans and credit cards, the pre-application process itself can be really long, annoying, and arduous.
- First and most importantly, you have to decide the type of loan or credit card you need for whatever purpose. This means a lot of introspection, deliberation and financial planning.
- Second and most frustratingly, you need to find and list out various banks that offer these loans or credit cards. Thanks to the advancements in personalisation of advertisements on the internet, they’ll know who you are and what you’re looking for the moment you start searching online. This means constant annoying cold-calls from bank executives trying to push products on you – and they won’t stop calling.
- Third and most painstakingly,you need to compare different loans and credit cards between banks. This means scrutinizing factors like interest rates, tenures, loan amounts, interest-free repayment days, annual fees, etc. depending on the product you need.
- Fourth and most cautiously,you begin the actual process of application, and pray to every deity that your loan application gets accepted or your credit card gets approved. Because if not, you’ll have to start this entire process from scratch.
All this comparing and picking and choosing happens before you’ve even started applying! All the while knowing that your loan or credit card application could be rejected at any time because of your CIBIL TransUnion score and Credit Information Report (CIR). The banks will perform their due diligence, and if they deem you unable to repay or see you as a risky candidate for their credit cards, they will not accept the application - rendering your meticulous research totally futile.
How does the CIBIL Xpress Acquire platform come into the picture?
With the new CIBIL Xpress Acquire platform, you can silence that nagging voice at the back of your head that says your application might not be approved because of your CIBIL TransUnion score or CIR.
This platform takes into consideration your:p>
- CIBIL TransUnion score
- Credit report.
- Current income.
And checks it against requirements and eligibility criteria from banks – and shows you loan and credit card offers from banks for which you’ve already been approved.
Browse through a range of tailor made, custom fitted and pre-approved loans and credit cards for which you’ve already been deemed fully eligible.
This works for home loans, personal loans, loans against property and all types of credit cards.
How does the CIBIL Xpress Acquire Platform Work?
The main purpose of the CIBIL Xpress Acquire platform is to customize and show you offers that you are eligible for – saving you time and the hassle of researching options that don’t even apply to you.
By analysing your credit report, CIBIL TransUnion score, current city and current income, the platform displays all offers on credit cards and loans for which you already meet the criteria.
All these offers are displayed on a single, user-friendly, transparent platform, based solely on the lenders eligibility criteria.
How can I access the CIBIL Xpress Acquire platform?
You can access the platform and make use of its functions by following these steps:
- Buy a CIBIL TransUnion Score and Credit Information Report. In addition to discovering your credit rating, you will receive a 9-digit Control Number and Score Value. If you’ve bought your CIBIL TransUnion Score and Credit Information Report in the last 3 months, you will automatically be eligible for the CIBIL Xpress Acquire platform and need not purchase the same again.
- Log on to the CIBIL Xpress Acquire using your Control Number and Score Value. You will be logged into a personalized dashboard where you manage all the offers from different lenders.
- Choose your desired product between Loans (home loans, personal loan) or Credit Cards. In a completely user-friendly environment, select the range of products you wish to view offers on.
- Compare offers from different lenders and pick the best offer for you. Various offers from different lenders will be displayed, based on your product selection. Consider factors like interest rates, repayment periods, interest-free days, annual fees, rating of the bank, etc. – this platform puts the power in your hands. All you have to do now is pick and click.
- Wait for the lender to contact you and to get the ball rolling. The lender will the contact you for the product you’ve chosen. They will demand a verifiable copy of your documents and once verified, they will approve the loan or credit card.
- Enjoy the financial product of your choice and provide feedback on the experience to CIBIL Xpress Acquire. Once you’ve received the credit card or the loan amount, rate the platform and application to help CIBIL serve you better.
Important things to keep in mind while using the CIBIL Xpress Acquire platform
Provide correct income details as these directly affect the type of offers you will be eligible for.
The CIBIL Xpress Acquire platformdoes not guarantee that loans or credit cards will be approved, but just helps you skip on very important and long step in the application process.
Approval or rejection of a loan or credit card depends solely on the lender’s credit policy, which contains factors like documentation checks and verification.
When you purchase your CIBIL TransUnion Score and Credit Information Report, you automatically gain access to the CIBIL Xpress Acquire platform.
- Access to the platform lasts a maximum of three months from the date of purchasing your TransUnion Score and CIR.
- Access to the platform is totally free for 3 months.
- You can select only one product per category.
- After you’ve selected an offer, the concerned lender will get in touch with you and there is no need for you to contact the lender directly. The lender will have all the details about your CIBIL TransUnion score and CIR and the offer will be based on the fact that you’ve applied through CIBIL Xpress Acquire.
FAQs on CIBIL Xpress AcquireQ. What is CIBIL Xpress Acquire?
Xpress Acquire is a service provided by CIBIL where it takes into account your CIBIL TransUnion Score, income and other parameters and decides upon your eligibility for credit.Q. What is CIBIL TransUnion Score?
It is nothing but the credit score.Q. What products can I get offers on through Xpress Acquire?
The Xpress Acquire will provide offers on personal loans, home loans, loans against properties and credit cards. You can only apply for one offer at a time.Q. How does Xpress Acquire work?
How it works is that you use your control number and the credit score to log in. Once you are logged in you can pick a product and apply for it. Once you apply, a representative of the bank will get in touch with you and help you through the remaining process.Q. I can’t login. Why is that?
One condition of using this service is that you must have purchased your credit score in the last 3 months. If your score is older than 3 months then you will not be able to log in and will have to get it again to access Xpress Acquire.
CIBIL Related Articles
- Tips for good CIBIL Score
- CIBIL / Credit Report Checklist
- What next in CIBIL
- How Making Minimum Payments Can Affect Credit Score?
- Low credit limit despite a high income?
- CIBIL TransUnion Score 2.0
- CIBIL Marketplace
- Tread with caution before co-signing a home loan
- Factors Deciding Your Credit Score
- Credit Card Addiction
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.