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How Does A CIBIL Marketplace Work?

CIBIL Marketplace brings all kinds of loan and credit card offers from different banks 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 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 the offers that appear on your Marketplace are the ones you are really eligible for, discarding all other offers which may not be appropriate for you. 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, Personal Loan etc. As of now, only ‘Credit Card’ option would be available for you. Soon, other loan programs would also feature as the Marketplace expands. You can choose the loan program you want to avail by clicking on it.

Step 4: After you choose the section, you would see a list of all the banks who have an offer(s) for you supplied with some information like tentative credit limit, interest rate, fees, charges etc. Click on the ‘apply’ button to go to the dialog box where you could apply instantly. This would be a kind of Pre-Approved loan because it is customised on the basis of your credit score, but the final approval of your loan will depend on the document verification process done by the respective bank.

Who will benefit from CIBIL Marketplace?

CIBIL Marketplace is an innovative platform where you could 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 offer on more stringent than usual terms and conditions. You might have to pay a little more interest but it is better than not getting a loan at all. This platform also serves as an incentive if you have a good CIBIL report, you can get loads of loan deals from banks offering you lower interest rates compared to other customers.

Another point to note here is, you can choose only one offer in each category and once you select an offer, the bank would get in touch with you. So, it is advisable that you provide accurate details to enable banks to get in touch with you at the earliest.

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