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CIBIL Marketplace

CIBIL MarketPlace is a unified online platform for Indians, which aims to provide a wide range of customised loans and offers on Credit Cards from participating lenders. The eligibility of a customer for loans and offers is calculated basis his/her CIBIL Score and Report, income and other factors. The offers are on Credit Card, Home Loan, Personal Loan, Gold Loan, Loan against Property, etc. basis the eligibility criteria of lenders. MarketPlace simplifies the process of deciding on a loan offer or Credit Card - a procedure that has long been considered as time-consuming and hassled. A user-friendly interface contributes to customer-centricity and ensures transparency in processes for borrowers, lenders and credit card providers.

How does CIBIL MarketPlace work?

CIBIL MarketPlace, which is a virtual marketplace, enables consumers to analyse and compare credit limits, interest rates, annual fees and several other parameters of available offers. Offers and loans that a consumer can access are usually customised to suit his/her eligibility.

Once the consumer selects an offer, the bank or financial institution confirms his/her eligibility as a part of the verification process. The CIBIL Score of a consumer determines whether he/she is eligible for a loan. Lenders evaluate the creditworthiness of a consumer by checking the CIBIL Scores during the verification process, and then approve or disapprove loan applications. The greater the CIBIL Score, the better will be the chances of a loan application getting approved. A CIBIL MarketPlace membership lasts for 3 months and is available at zero additional cost.

What are the benefits of CIBIL MarketPlace?

CIBIL MarketPlace scores over the standard loan application and approval process initiated by visiting banks and financial institutions in the following ways:

  • The online marketplace acts as a single unified platform for customers looking for a credit card or loan. It allows them the convenience of customised services, that is, the ability to access plans that they are eligible for basis their income, credit history and other relevant factors. Not just that, they can conduct a thorough online research of the plans that they are interested in, making it easier for them to take a well-informed decision.

  • As it considers the credit score and other financials while aggregating and displaying the best available products, all that a consumer has to do is confirm whether the details are accurate.

  • It presents offers regarding loans and credit cards available at any given time across locations, after a thorough analysis, within a few clicks.

  • In case a consumer decides to purchase the TransUnion CIBIL Score, he/she will be able to automatically avail the MarketPlace membership for 3 months at zero additional cost.

How to Apply for Loans and Credit Cards at CIBIL MarketPlace?

The following are the guidelines for hassle-free application of loans and Credit Cards at CIBIL MarketPlace:

  • A consumer is entitled to the required credit services on furnishing accurate details of his/her income while purchasing a CIBIL Report. Missing out data or falsification may lead to the disapproval of the loan application. The consumer is also eligible for receiving credit offerings of banks and financial institutions.

  • Another option for consumers to access the available credit offerings of banks and financial institutions is via the online platform. The necessary details that have to be submitted online are the CIBIL Report, Control Number and CIBIL Score of the last 2 months. The Control Number is a 9-digit number displayed at the top right corner of the CIBIL Report. The CIBIL Score is necessary as banks and financial institutions have to send the latest data to CIBIL during the verification process. Accuracy of these details is mandatory to prevent the rejection of the loan application, which automatically leads to a drop in the Credit Score.

  • Providing these details gives the consumer the access to the marketplace, enabling him/her to view the Credit Card options. After the completion of the primary verification, the consumer can access loan options from banks and financial institutions that he/she is eligible for, basis the CIBIL Score and income. These loan options will include offers related to Home Loans, Personal Loan, Education Loan, etc., and will be updated on newly available offers, as and when they are offered.

  • After the consumer selects a particular loan service, he/she will be able to view the names of banks and other institutions offering the chosen service, along with essential details like processing fee, interest rates, credit limit, fees, etc. Clicking on the ‘Apply’ button will enable him/her to confirm the application on the displayed dialogue box.

FAQs on CIBIL MarketPlace

How can I set up my log in on CIBIL MarketPlace?

When you purchase your Credit Score, you automatically become its member of CIBIL MarketPlace for 3 months at zero additional cost or charge. You can set up your log in here: www.cibil.com/marketplace/login/userLogin

Do I have to pay any additional fees for knowing if I am eligible for loan or Credit Card at CIBIL MarketPlace?

No, you will not have to pay any additional fees to view loan and Credit Card offers that you are eligible for. When you are a member of CIBIL MarketPlace and your membership is not more than 3 months old, you will be able to view offers that you are eligible for based on your income and Credit Score.

What details are required to avail offers in CIBIL MarketPlace?

You need to input essential details accurately to prevent your loan application from getting rejected, which negatively affects your Credit Score.

  1. CIBIL Report that should not be more than 3 months old
  2. Control Number, which is the 9-digit number displayed non the top right corner of the CIBIL Report, and
  3. CIBIL Score that the bank or financial institution needs to send to CIBIL

What is the process that I have to follow to avail an offer from CIBIL MarketPlace?

The process for available an offer on CIBIL MarketPlace is:

  • Purchase CIBIL Score and Credit Information Report (CIR)
  • Log in to myCIBIL with your login credentials
  • Select the product that you are looking for, that is, Credit Card, Home Loan, Car Loan, etc.
  • Compare between available offers from lenders
  • You will be contact by the lender for necessary documents
  • The lender approves your loan application on confirming the accuracy of the information and verification as per its credit policy

Why can’t I access CIBIL MarketPlace?

You will be able to access CIBIL MarketPlace when you furnish accurate details of your CIBIL Score, Credit Information Report (CIR) and Control Number. Also, make sure that the CIBIL Score, including the CIR, is not older than 3 months.