At some pint of time most of us need money to meet our needs or to purchase home or vehicle. The best and secure place to get money is from your bank or from financial institutions. But today all banks or financial institutions approves/ rejects loan request based on your credit score.
Right now if you apply for loan then first bank will calculate your Credit score, then they will evaluate it and then on the basis of their rules and regulation they will accept or reject your application. The main problem in this process is that you have to go to each and every bank or financial institution and apply for loan.
But now CIBIL has launched a web portal which allows you to find those financial institutions or banks who are willing to give loans to you on the basis of your credit score. Although Cibil marketplace is offering its service only for credit cards, but soon it will offer the same for Home Loan, Auto Loan, Personal Loan and Business Loan too.
Requirements to use this web portal :-
- CIBIL Control number, its an 9 digit number which is mentioned at the top of your CIBIL report,
- Your credit transunion score, it can be 2 months old, if you had applied for loan or credit card earlier then 2 months then that credit score wont work here and you need to get a new one, WHY?, actually banks update information about their customer with CIBIL each month so that CIBIL score and reports so can be updated.
- You can get your Credit Transunion Score Online from HERE.
- Now once you had all information visit CIBIL Marketplace,
- Enter your control number and Credit Transunion Score,
- Now on the next screen you will find different loan sections and how many lenders are willing to provide loans to you on the basis of your Credit score.
- Just click on any of the section and then you will see lenders with some more information like fee charged by them, interest rate and some more information.
- If you want to apply then just click on Apply button which will be there in front of every lender and then you can apply for loan right from there,
- Next step will be documents checkup which will be done by bank itself, so basically its an pre-approved loan for you.
Why Should I Use It?
If you are having a bad credit transunion score and looking for some kind of loans then you can use it, as it will tell you all institutions who are ready to give loans too even on higher interest, or if you have high credit score then you can see lots of banks and then you can chose then one who is giving loan at lower rate.