With the help of the new CIBIL Xpress Acquire platform, one can totally silence the nagging voice at the back of their heads, which keeps whispering that your application may not go through due to your CIBIL TransUnion score or Credit Information Report. The CIBIL Xpress Acquire platform potentially has what it takes to make the dreams of millions of Indians a reality, which were previously left immaterialised due to financial constraints. This article will essentially take you through the concept in question, its significance to the borrower as well as the lender and how you can make use of this service too. Read on to know more.
What the CIBIL Xpress Acquire platform essentially does is that it pulls up some basic information pertaining to your credit score and history and then compares them to the eligibility criterias that have been laid out by the banks and/or other lending institutions. Post the same, it pulls out the loan or credit card options and limits that you are fully eligible for. Such a tool has the potential of shortening the traditional loan-finding process by about 60 percent in terms of the number of tasks that need to be performed to do the same as well as time.
The workings of the CIBIL Xpress Acquire platform can seem deceptively simple on paper, but rest assured, the process is more complex than you might imagine it to be. What you will find in the paragraphs that follow is an explanation concerning the workings of the CIBIL Xpress Acquire feature. Read on to know more.
CIBIL TransUnion score as per the time of them checking
Credit Information Reports of the present as well as the past
City of residence
Current yearly income
And then, it checks against the vast database that they have of minimum requirements and eligibility criterias laid out by banks. The platform will then auto-scrutinise the loan options for you and then disqualifies the loan or credit card options whose eligibility criteria list may seem even a little bit impractical. It does so by analysing the data that is found on the likes of your Credit Information Report, your CIBIL TransUnion scores, city of residence and the amount you earn currently as your annual income.
Post that, the CIBIL Xpress Acquire platform will show you a list of loan and credit card options from various banks for which you have already been approved. You can then browse through an elaborate list of those tailor-made and custom-fitted, pre-approved loan and credit card options for which you are already deemed to be eligible. The platform will then display all of the offers on the credit cards and the loans for which you have already met the eligibility criteria.
It must also be noted that the CIBIL Xpress Acquire platform performs the same functions for credit facilities such as the likes of home loans, loans for personal reasons, loans taken against property as collateral and credit cards.
The pre-application process for the likes of loans and credit cards itself can prove to be an arduous, time-consuming and a mind-numbing process, and arduous. As a part of the same, one will also be usually required to conduct extensive research and have an abundant amount of patience and tact, amongst other things. What you will find below is a list of steps one has to follow in order to get as much as an application for a loan to go through in a nutshell. Read on to know more.
First of all, you have to zero down on the type of loan and/or credit card that you will need for the kind of emergency and requirement that you have. This implies that an individual will go through various sessions of introspections, deliberations and even planning out the financials.
Secondly, you will need to figure and then list out the various banks that are willing to offer these sorts of loans or credit cards. Courtesy of the technological advancements in the field of personalisation of advertisements on the internet, the companies will know who you exactly are and what you are looking for the moment you start searching for such options online. This essentially translates to constant annoying cold calls from the executives representing major or localised financial institutions attempting a hard sell – and persistently so.
Thirdly, you will have to compare all the loan and credit card options offered by the banks. This would mean that you will have to scrutinize them based on factors such as interest rates, tenures, loan amounts, interest-free repayment days and annual fees, among others. It will, however, depend on the kind of product that you will need.
Fourthly (And, Most Cautiously!),you initiate the real-life process of applying for loans and simultaneously praying to every deity that your loan application gets accepted or your credit card gets approved. Because, if it does not pan out as hoped, you will have to start the entire ordeal from the beginning.
It must be noted that most of the comparison, the picking and the choosing happens before the borrower has even started applying. Adding on to this, you will sometimes feel all the while that your loan or credit card application can be rejected at any given point in time due to problems with the likes of CIBIL TransUnion scores and the Credit Score/Credit Information Reports. It must always be kept in mind that the banks will perform the due diligence that is required out of them. And, god forbid, if they think of the potential borrower to be a risky case to have in their portfolio, they may not even accept the application, which could render their meticulous research absolutely futile.
You can too get granted access to the platform and make use of its functions. All you will have to do is live by the steps below:
Purchase a CIBIL TransUnion Credit Score/Credit Information Report: In addition to discovering your credit rating as well as your credit score, you will also receive a 9-digit Control Number and Credit Score Value. If you have bought a copy of your CIBIL TransUnion Credit Score/Credit Information Report in the last 3 months, you will be deemed to be automatically eligible for the CIBIL Xpress Acquire platform, thus negating the need for a repurchase..
Log in to the CIBIL Xpress Acquire with Control Number and Score Value Assigned to you. You will then be logged in what will appear like a personalized dashboard, from where you will manage and sort all of the offers from different lenders.
Choose the desired product between Loans or Credit Cards: In a completely user-friendly environment, select the range of products you wish to view offers on. Note that these have been selected after carefully scrutinising factors such as criterias laid out in terms of credit scores, past Credit Information Report enquiries and overall display of financial management skills.
Compare the offers from all of the different lenders and pick the one best for you: You will see various offers from different lenders all over the screen, which will be based on your product of choice. The system has taken factors into consideration such as the likes of interest rates, repayment tenure lengths, days of no interest, fees that must be paid annually, the bank’s rating, among others. Such a platform puts the power in the hands of the borrower. All one will have to do now is pick and click.
Wait for the lender’s call to get the ball rolling: An executive representing the lender will then contact the borrower for the product they have chosen. They will then demand a verifiable copy of your documents. Once verified, they will approve the loan or credit card.
Then, enjoy the financial product of your choice and let the portal of CIBIL Xpress Acquire know what you thought of the whole experience. Once you have received the credit card or the loan money into your bank account, you can rate the platform and/or the application to help CIBIL serve its platform users better in the future.
Provide the correct income details: One must enter their annual income accurately until the final digit, as it directly affects the kind of loan and/or credit card options you will be eligible for.
The CIBIL Xpress Acquire platform does not, however, guarantee that the loans and/or credit cards will be approved. Except, as complex as the process may sound, it simply saves you the hassle of Googling such things for hours at length.It is known to be one of the longest steps in the application process.
Additionally, Approval and/or rejection of a loan or a credit card will depend solely on the lender’s credit policy, which contains factors such as the likes of the documentation concerning checks and verification.
Access to the platform, at any given point in time, lasts a maximum of three months from the date of purchasing your TransUnion Score and Credit Information Report.
Access to the platform is totally free for 3 months. It starts from the date you last purchased your Credit Information Report.
You can select only one product per category. It is advisable to not select the lender who has rejected you previously already and has a note mentioning it in your Credit Information Report
After you have selected the offer of your choice, you can expect an official representing the lender to promptly get in touch with you. You can expect the lender to have all the details pertaining to your CIBIL TransUnion score and Credit Information Report and the offer will be based on the fact that you’ve applied through the CIBIL Xpress Acquire platform.
The CIBIL Xpress Acquire Platform helps the potential borrowers narrow down the list of institutions they can take a loan from. However, it must be noted that the loans must be taken at one’s own risks. It is highly advisable to pay the EMI instalments on time, to avoid the adverse legal as well as financial consequences of being unable to do so. In order to learn more about the concept, you can do the same on Finserv MARKETS.