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Avail Loan & Credit Cards From CIBIL Marketplace

CIBIL Marketplace  brings all kinds of loan and credit card offers from different banks
together under one roof. What would all this mean if you didn’t know how make use of it?
Nothing. That is why it is important to know how the Marketplace actually works. You would
be required to provide some details regarding your credit history:

  • CIBIL Credit Score, not older than two months. It would be in the form of a
    numerical value/NA/NH/No Hit.
  • Control No- It is a 9 digit number that is mentioned at the top right of the CIBIL
    report.

It is important that you provide accurate income details at the time of purchasing your CIBIL
report. This will ensure that the offers appearing on your Marketplace are the ones you are
actually eligible for. Inaccurate information may lead to ineligibility at the time of
verification of documents.

Procedure for applying for a loan with CIBIL Marketplace

Step 1: First visit the CIBIL Marketplace website. You would be asked to fill in your CIBIL
report details.
Step 2: You need to enter your Control Number (which is 9 digit number that is mentioned
at the top right of the CIBIL report) and your latest Credit Score, which should be maximum
2 months old. If you don’t have the latest score, purchase the latest CIBIL report before
applying for Marketplace benefits. The reason for this is your CIBIL score keeps changing as
banks’ updated data is sent to CIBIL.
Step 3: Once you fill in those details, you would enter the Marketplace. Here you can start
exploring offers from different banks for various categories of loan programs like Home
Loan, Car Loan, and Personal Loan. As of now, only ‘Credit Card’ offers are available but as
the Marketplace expands, loan offers will also be there.
Step 4: Once you choose the specific section, you will see a list of all the banks who have an
offer(s) for you. You will also see key information aspects like tentative credit limit, interest
rate, fees, charges etc. Click on the ‘Apply’ button to go to the dialog box where you can
apply instantly. This would be like a pre-approved loan because it is customized on the basis
of your credit score, but the final approval of your loan will depend on the document
verification process carried out by the bank.

How is the CIBIL Marketplace beneficial?

CIBIL Marketplace is an innovative platform where you can find answers to your financial
needs even if you don’t have a good CIBIL report or a high credit score. Despite a bad credit
history, you can get a loan or credit card offer on stringent terms and conditions. And if you
have a good CIBIL score, then you have extra incentive to use the Marketplace since you can
get many loan deals from banks offering you lower interest rates compared to other
customers.

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