What is CIBIL Marketplace and How Does it Work?
What is CIBIL Marketplace? CIBIL has come up with an all new and fascinating facility called “CIBIL Marketplace”. This market works as a portal by way of which you will be able to avail customized loans and credit card offers as per your credit score.
At present, when you need money and apply for a loan, the lenders check your CIBIL score and if they find your credit worthiness satisfactory or as per their requirements they advance you the loan. But now, with the introduction of CIBIL Marketplace, the entire process has taken a new shape.
How Does CIBIL Marketplace Work?
With the help of CIBIL marketplace you will be in a position to locate the lending institutions that are willing to offer you loans and the interest rates at which they are available based on your CIBIL credit scorecard.
Lenders would also participate actively and will pronounce their checklist and criterions and the kind of customers they would want to cater to by way of CIBIL marketplace. Let us make it more clear with an example.
For example – XYZ Bank Ltd says that they are willing to offer home loan at 14% interest rate to consumers whose CIBIL score stands within a range of 650-750 and at 13 % to those consumers whose score is above 750.
Another example of how it may look like can be that a lender may say that they are willing to give two-wheeler loan at 12 % to all the consumers working in IT firms with a score of more than 700.
That could be the way in which lenders would spell out their criterions and when you login the market place you will easily be able to filter the loans and lenders that match your profile and requirements.
It goes without saying that if you intend to gain the number of loan offers that may float your way then you will surely have to improve your credit worthiness thus improving your CIBIL score.
As of now, only Credit Card offers are available in the CIBIL marketplace but the day is not far when personal loans, auto loans, business loans and home loans would make a place for themselves on the portal. We are still waiting for an update from CIBIL in this direction.
Advantages of CIBIL Marketplace
- CIBIL marketplace is a very easy, simple and concise platform that enables you to compare and choose the products and plans.
- You will be able to get offers that will be customized around your credit score.
- You will be able to get access to a variety of offers floated by various participating financial institutions and banks from anywhere at anytime.
Whenever you purchase your CIBIL TransUnion Score that also includes CIR, CIBIL market place works as a value addition for you. You become a member of CIBIL marketplace for two months automatically when you buy your credit score.
How to avail offers in CIBIL Marketplace?
In order to avail offers through CIBIL Marketplace you need to do the following –
- You need to have your CIBIL score card that should not be older than 2 months. There will be a numeric value /NA/NH/No Hit.
- You also need to have a Control Number. This is a 9-digit number that is present at the right side top of the CIBIL report.
- It is also important for you to give accurate income details while you buy your CIBIL TransUnion Score and also the CIR. Giving away accurate information will enable you to get offers as per your eligibility. Any incorrect information will lead to inappropriate offers and your application may also be rejected by the lender when the verification takes place.
Process of applying for Loan with CIBIL Marketplace
- The very first thing that you need to do if you wish to apply for a loan with CIBIL marketplace is that you need to visit the CIBIL Marketplace website.
- You will be asked to fill two information, firstly you CIBIL Credit Score that should not be older than two months and secondly your Control Number.
- Once through with this, you should now enter the marketplace. When you enter the marketplace you will notice different type of loans and number of lenders who are willing to offer you loans in each section. As of now only “Credit Card” section would be visible as only this section is operational. In coming times you will be able to see different kind of loans in different sections once the marketplace gets extended to other loans. In this step you ought to click on the loan that is required by you.
- Once you click on the section of your choice you will be able to view a list of lenders individually with information like interest rates, charges, fees, tentative credit limit etc. Click on “Apply” and a small box will take you to the place where you can instantly apply for your loan.
It can be said that this is somewhat similar to a pre-approved loan because this loan is offered to you as per your credit score and after analyzing your credit worthiness on the basis of your credit score. This would be further followed by documentation check and other procedure of availing the loan.
Contributed By: Megha Sharma
Megha Sharma works as a guest lecturer in Delhi. She holds an MBA & Doctorate from the UPTU. With extensive knowledge and experience in various financial products, she also works as a consultant in banking & finance domains wherein she offers advice to her clients in managing personal finance.