Normally what happens is, whenever an individual applies for some credit card or loan, the lending organization checks his credit score and credit report. It rejects or accepts the application of the customer based on their rules and internal criteria and moves further to the next step.
So, Credit Information Bureau India Limited (CIBIL) has brought a brand new facility called “CIBIL Marketplace“, which will act as a doorway, where a person can get modified credit card offers and loans based on his CIBIL score.
Working Of CIBIL Marketplace:
With the CIBIL marketplace, an individual can get to know which lending organizations are ready to give him different loans, rates of interest, and other conditions based on his credit rating.
So a lot of lenders will join this marketplace and will give their checklist and qualifying criteria, like which clients they would like to offer loans. For instance, a lender/bank can state that it is ready to offer a Car Loan at 12 percent interest rate to an individual having a CIBIL score between above 800 and at 13 percent if his score is between 700- 800.
Similarly, other lenders can provide the customer’s such offers on various loans like Home Loan, Business Loan, and Personal loan. So, it is how all lenders will present their qualifying criteria and when a person enters the marketplace, after the filtering he will be shown those lenders/banks and loan offers only which are exactly suitable to his/her profile.
Who will get the benefits of CIBIL Marketplace?
CIBIL marketplace is a pioneering proposal and will be advantageous to those customers who have a poor credit report and low CIBIL score, but still want to have a loan. It should be kept in mind that there will be some terms and conditions.
It may be the case that they might have to pay a little more rate of interest.
This platform is the first step to present incentives to those patrons who have outstanding CIBIL score. They may get lots of loan offers from different lenders with relatively lower interest rates compared to a normal patron.
Special Note: An individual must examine the whole amount payable to the lender with the Personal loan EMI calculator.
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