CIBIL – India’s first Credit Information Bureau made CIBIL TransUnion Score available to banks back in Nov 2007 and to individuals in April 2011. Since then, CIBIL credit score has played a major role in the bank’s decisions of lending loans and issuing credit cards to individuals.
Founded in 2000, CIBIL has massively changed the way credit life cycle is managed by both the loan providers and end-consumers. To know more information about CIBIL, how it operates, who owns CIBIL, and most importantly how to know if your name is in CIBIL defaulters list, check out this detailed article I wrote some time back…
Now coming to this latest development by CIBIL… the CIBIL Market Place!
CIBIL has launched a new portal called “CIBIL Market Place” which enables you to get personalized loan and credit card offers based on your CIBIL score a.k.a. selected banks and financial institutions will offer you the best Credit Card, Home Loan and Personal Loan Offers based on your eligibility.
What is CIBIL Market Place?
Market Place is the only online portal in India (still in beta version) that offers customized loan and credit card offers based on your credit eligibility. CIBIL Market Place allows you to compare interest rates, credit limits, annual fees and other features of offers presented by different banks and then apply for the offer as per your preference and need, all in one place!
As of now, CMP have started with only Credit Cards and Personal Loan offer, and will with time add more customized offers on Home Loans, Car Loans and Loan against Property as well.
How CIBIL Market Place Works?
Below is a detailed illustration given on the Cibil which explains your journey through the whole process at Market Place.
To Summarize, here is how it works:
Step #1: Buy CIBIL TransUnion Score and CIR (Rs. 470/-) from here.
Step #2: Log onto CIBIL Market Place using Control Number and Score Value here. [Note: Please make sure your CIBIL TransUnion Score (including CIR) should have been purchased in the last 2 months to enable access to the Market Place]
Step #3: Choose required product from home loan, personal loan, credit cards, car loans etc.
Step #4: Compare lenders and products and choose any offer as per your preference.
Step #5: Rate your loan application experience on Market Place which can also help others make informed decisions based on how good or bad the user ratings are.
Main Advantages of Market Place:
- Check customized Loans and Credit Card offers based on your personal CIBIL score and other parameters.
- Access this portal anytime and from anywhere, giving you 24×7 access to the best available offers for personal loans, home loans, car loans and credit cards.
- Compare the best available offers and choose the one which best suites you.
- Apply for best-suited offer from the same place.
- Saves time for both consumers and lenders.
Presenting only eligible offers for different types of loans and credit cards based on a person’s CIBIL credit score is an innovative way to save time for both consumers and lenders. You not only get the offers that you are eligible for, but also get to apply for only the best offers in the market (based on your comparison!).
What do you think about Market Place – are you going to make use of it to get the best deals in the market personalised for yourself? Do share your feedback with us in the comments below…