What is CIBIL MarketPlace?

The Credit Information Bureau (India) Limited has initiated the CIBIL MarketPlace, an online platform for Indian customers. It aims to provide a range of personalized custom loans and offers on credit cards from the registered lenders. Normally, while applying for loans, you need to check your creditworthiness prior to applying, which is a long process. Based on the applicant’s CIBIL credit score, CIBIL report, income, and other factors, the eligibility of an applicant is determined. If possible, you should try to keep your CIBIL credit score above 700 points by timely paying your EMIs and omission of your loan repayment. An efficient way of keeping your CIBIL credit score in check is by looking into your CIBIL score regularly. 

However, the process of deciding the worthiness of a credit applicant is now simplified, owing to the CIBIL MarketPlace. This user-friendly virtual interface allows consumers to compare and analyze interest rates, credit limits, and several other parameters to avail of the credit offers.

In order to check your CIBIL score for free, you can use the Financial Health Check Report (FHCR) available on Finserv MARKETS. The Financial Health Check Report (FHCR) not only provides personalized reports based on your credit history but also gives a breakdown of your credit score. Moreover, you get insights on how to protect your economic stability and maintain your financial health. Being aware of the credit score will aid you in making sensible decisions to maintain your financial health.

Upon checking your CIBIL score, you can go ahead and view lending offers on the CIBIL Marketplace.

Who will benefit from CIBIL MarketPlace?

CIBIL MarketPlace scores over the typical loan process as it provides 2 months’ membership at no added cost. Let us have a look at who can avail of the benefits provided by CIBIL MarketPlace.

  • Based on certain terms and conditions, individuals with lower CIBIL credit scores can look for the loans that they are eligible for on CIBIL MarketPlace.

  • Individuals with lower CIBIL credit scores might have to pay higher interest on loans, but getting a loan with higher interest is better than getting no loan at all!

  • Customers with an excellent CIBIL credit score can get added incentives.

  • Customers with an excellent CIBIL credit score will have the advantage of getting loan offers from lenders at comparatively lower interest rates that the customers with the normal CIBIL credit score.

  • Banks and financial institutions are benefitted as they gain easy access to valuable customers with minimum efforts.

Know some of the major factors that affect the credit score

How Does the CIBIL MarketPlace Work?

The CIBIL MarketPlace aggregates and shows the best offers from banks and lenders across all locations in India, anytime. If you’re wondering how it works, we have made your job easy!

  • It lists various loan offers from different lenders and banks

  • It has the CIBIL MarketPlace checklist, that helps individuals looking for products to compare various parameters like interest rates and annual charges before applying for a specific loan or a credit card

  • It permits individuals to search for offers based on their requirements and eligibility criteria, like their current CIBIL credit score.

  • The deals are conditional to the bank’s credit policy and verification process

  • With a good credit score, you can land with an exceptional deal, and thus, it is recommended that you maintain a standard credit score.

Advantages of using the CIBIL MarketPlace

The CIBIL MarketPlace offers various benefits over the standard loan process. The advantages are:

  1. It is an ideal place to meet your monetary needs in the form of loans at best offers

  2. Based on your financial information and credit score, it complies and displays all the offers and deals suitable for your profile

  3. A hassle-free way to compare loans from various banks anytime anywhere

  4. When you purchase your CIBIL score from the marketplace, you are automatically entitled to get 2 months free membership

How to Apply at the CIBIL MarketPlace for Loans

While applying for loans and credit cards on CIBIL MarketPlace, you must ensure that your CIBIL credit score must be at least 2 months old. The following are the steps to apply at the MarketPlace:

Step 1: Visit the online portal of CIBIL MarketPlace

Step 2: Submit your 2-month old CIBIL credit score, recently updated CIBIL credit score, and Control Number (a 9-digit number printed on top of your credit report)

Step 3: You can now access the MarketPlace and can view the ‘credit card’ option

Step 4: After primary verification, you can access the ‘loan’ option

Step 5: Once you select a loan service of your choice, you will see a list of various banks and services offered by them

Step 6: After you click ‘Apply’, a dialogue box will appear on your screen asking you to ‘confirm’ your application

Since the MarketPlace works on a pre-approved basis, you get customized offers and deals based on your eligibility and score. In case you do not submit your accurate details, it may lead to a drop in your credit score and rejection of your loan application.

The CIBIL MarketPlace is a user-friendly interface that makes the loan and credit-card applications easy for borrowers and lenders, alike. With the CIBIL MarketPlace, your loan application procedure can be easy and speedy.

Similarly, you can effortlessly avail loans on online platforms like Finserv MARKETS. For instance, if you want to avail of a personal loan on Finserv MARKETS, you can do so at competitive interest rates, flexible repayment tenures, and lightning-quick approval speeds! Your personal loan can be tailored to your unique financial requirements and comfort. Moreover, the application process is swift, simple and requires a minimum amount of documentation. Consider opting for a personal loan on Finserv MARKETS to meet any number of financial needs.

Credit Score Video

CIBIL Report

Ever considered quantifying your financial health in specific parameters? With the Financial Health Check Report (FHCR) on Finserv MARKETS.

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