At some point of time, most of us need money to meet our requirements like for purchasing a home or a vehicle. The best and most secure place to get money is from your bank or from financial institutions. But keep in mind that banks or financial institutions these days approve / reject loan requests based on your credit score.
If you apply for a loan, the bank will first calculate your credit score and evaluate it. Then on the basis of the rules and regulation it will accept or reject your application. Most difficult part in this process is visiting each and every bank or financial institution to apply for a 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.
CIBIL marketplace shows the loan and credit card amounts that participating banks and financial institutions will offer you, based on your credit eligibility. You can thus compare the interest rates of various banks as well as credit limits, annual fees, among others for a loan or a credit card.
Requirements to use this web portal :-
- CIBIL Control number: It is a 9 digit number which is mentioned at the top right side of of your CIBIL report.
- Your credit Transunion Score: It can be 2 months old. If you had applied for loan or credit card earlier than 2 months, then that credit score wont work here and you will have to get a new one. WHY? The reasob why you will have to get a new one because 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 have all information, visit CIBIL Marketplace,
- Enter your control number, Credit Transunion Score and the characters shown in the given image.
- Also tick the ‘I accept the Terms and Conditions’ box and click on ‘Enter the Marketplace’.
- 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 have a bad credit Transunion score and are looking for some kind of loans then you can use it, as it will tell you all institutions who are ready to give loans even on higher interest. If you have high credit score then also you can see a lot of banks and you can chose the one giving you loan on lower rate.