CIBIL Marketplace

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.

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.