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What Is A CIBIL Marketplace?

What is CIBIL Marketplace?

CIBIL (Credit Information Bureau of India Ltd.) has initiated the promising concept of CIBIL Marketplace with the aim of making your loan search quicker and easier. The Marketplace enables you to search and avail loan and credit card offers as per your requirements and select the one that suits you best. Earlier, you were used to approaching different banks to get a loan and if the bank finds your credit history satisfactory then your application gets sanctioned. But now, with the introduction of Marketplace, the whole loan search and buy process is all set to see a radical change.

How does it work?

Banks and other financial institutions put up their respective credit card and loan offers stating the eligibility criteria for the same. The Marketplace checklist helps you compare interest rates, credit limits, annual charges and other features before you decide to apply for a loan or credit card. The portal where you would find offers that have been customized on the basis of your credit score income and other factors. If you see a deal being offered to you, it is most likely because you are eligible for it. Such offers are subject to a bank’s respective credit policy and the document verification process. It is simple, user-friendly and offers transparency. One important thing to note here is that your credit score plays a pivotal role in landing you such deals. High credit score would get you better offers in higher numbers.

 

Benefits of the Marketplace

CIBIL Marketplace gives you many advantages over standard loan-seeking process by way of personal visits to banks and other institutions. Some of the benefits are:

  • As mentioned above also, the marketplace serves as a one-stop shop for all your loans and credit card related needs. It allows you to research for different plans offered across banks so that you compare and find the one best-suited to yourself.
  • It aggregates all the deals and offers which would be suitable for you on the basis of your credit score.
  • You can gain access to the offers by different banks at any time and from anywhere. A few clicks could land you a well-analysed card and loan deals.
  • When you buy your CIBIL TransUnion score which includes CIR, you automatically get the Marketplace membership for 2 months at no additional cost.

CIBIL Marketplace is a unique proposition amidst the cluttered information that floats around on the internet and elsewhere. It has a very clear goal of assisting you in getting the best loan or credit card offer available.

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