CIBIL marketplace – Get Customised loan offers based your credit score

CIBIL has introduced a new facility called “Cibil Marketplace“, which will act like a portal where a person can get customized loan and credit card offers based on his cibil score. Right now, what happens is – when a person applies for some kind of loan or a credit card, the lending institution checks his credit report and credit score and based on their internal criteria and rules, reject or accept the application and move to the next step .

cibil marketplace enter data

How does CIBIL marketplace work?

With CIBIL marketplace, the whole process is reversed. Here, you can find out which lending institutions are ready to give you different kind of loans, interest rates and other conditions based on your credit score. So a lot of lenders will participate in the cibil marketplace and will give their criteria and checklist, like what kind of customer they would like to offer loans. For example – A lender can say that they are ready to give Car loan @13% interest rate to a person having cibil score between 700-800 and @12% if cibil score is more than 800 . Thats one example .

Another lender can say that he is ready to give home loan to people who have credit score below 700 score, but on a condition that he should be working in a software job, however the interest rate would be as high as 15% – this is just an example of how it might look like. So this is how all the lenders will give their own criteria and when you enter the market place, after the filtering you will be shown only those lenders and loan offers which are exactly for your profile. So if you want to increase the number of loan offers, you need to improve your cibil score for that.

Right now the CIBIL marketplace is started with only Credit Cards. But very soon, you will see Home loans, Auto Loans, Personal Loans and even Business Loans on the portal. Just wait for some time or the next update from CIBIL on this.

How to Apply for Loan with CIBIL marketplace ?

Step 1 : You need to first visit Cibil Marketplace website. When you go there you need to fill in two information.

Step 2 : You need to enter your Control Number (which is 9 digit number that is mentioned at the top right of the CIBIL report) and your latest Credit Score, which should be maximum 2 months old. That means, if you had applied for a credit score long back (more than 2 months back) , you will not be able to use that data to enter CIBIL marketplace. You will first have to apply for a latest cibil score (You can get your cibil score online) and only then you will be able to enter the marketplace. One reason for this is that, cibil score and report keeps getting changed each month when banks update the customers information with CIBIL. So ideally if you know control number and cibil score of some other person, you can enter the cibil marketplace with that information and see all the data . Therefore make sure you dont share this data with anyone whom you dont rely.

cibil marketplace enter data

Step 3 : The next step is to go inside the marketplace. You can see different kind of loans section and how many lenders are ready to lend you in each section. For example you can see that only 1 lender is interested to lend in this example and that’s “credit card” section . As of now, only credit cards are offered as this is new facility. But in future you can see more lenders in different sections. All you need to do here is click on the kind of loan you want.

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Step 4 : After you choose the section, you can see the list of all the lenders individually with some information like Tentative Credit Limit offer, interest rate, fees, charges and other information. You can click on “Apply” button and instantly a small box will appear where you can apply for the loan there itself. Now this will be a kind of pre-approved loan because this is customized to your cibil score, but the next step will be the documentation check, which is part of the check in general . For those who would like to learn more about CIBIL and Credit Score etc, there is a detailed 40 min video course on our Wealth Club.

cibil marketplace enter data

So these are the 4 steps you need to do to take the benefit of CIBIL marketplace.

Few Important Points related to Cibil MarketPlace

  • You can choose only one offer in each category
  • While purchasing your CIBIL TransUnion Score (and CIR), please make sure you fill up your income details accurately. As this will ensure the offers that are displayed in your Market Place are the ones you are eligible for. Any incorrect income detail will mean incorrect offer eligibility and can be rejected by the lender at the time of verification.
  • It also depends how many lenders choose to participate in CIBIL marketplace. There might be lenders who choose not to.
  • Once you have selected an offer then the respective lender will get in touch with you. Please ensure the details entered by you in the CIBIL TransUnion Score (including CIR) purchase form is accurate. This will enable the lender to respond to you at the earliest. You can also provide alternate contact details while selecting and confirming the offer in the CIBIL Market Place.

Who will benefit with Cibil Marketplace ?

CIBIL marketplace is an innovative platform and will also be helpful to those people who have low cibil score and a bad credit report , but still want to go for some kind of loan, even if it means on certain terms and conditions. It may be the case that they might pay a little more interest, but that would be better than not getting loan at all. This platform might also be the first step in providing incentive to those customers who have excellent cibil score. They might get loads of loan offers from lenders with lower interest rates compared to normal customer. Only the time will tell how this platform will evolve.

Let us know what do think about CIBIL marketplace and is it useful for you ?

93 CommentsAdd Comment

  1. Gokul

    Hi manish,

    What will happen to my credit Score, if my credit got expired and there is no due is pending…..

  2. balabhuvana

    HI Manish

    1. i taken credit card on 06-08-2011 and used for just 4 months and then closed on 25-12-2011.
    with full amounts(not settlement).

    2. i taken consumer loan for washing machine in bajaj finance in 11-06-2013 for 8 months.
    i closed this loan within 4 months with full amount.

    3. i taken personal loan 1,50,000 in HDFC for 3 years 0n 16-03-2012 emi due (Rs 5461).
    in the month of October 2013 am not able to pay that amount on time and i paid that amount on end of the october 2013.
    next issue is july,aug,sep 2014 again am not able to pay the amount because am not in job .
    but in the end of sept 2014 i paid all the due amounts(july,aug,sep 2014).
    from october 2014 onwards i paying loan on wright time.
    now hdfc loan is going to completed on march 2015(2 more dues is there).

    4. now am planning to get personal loan again. i taken my cibil report 31 dec 2014. my cibil point is 734 only.
    am working as software engineer in chennai in Grade C company. my salary in hand is Rs 31808 credited in axis bank.
    few freinds are saying you have bad record so they will reject you.
    if they rejeced means your cibil points also will come down so dont apply they are saying.am having fear to apply.

    in cibil market place only indusand is ready to give personal loan.

    So please suggest me is this wright time to apply loan ?
    how long i have wait to apply ?.
    is there any suggestion to clear on bad record ?.
    is there any way to imporve my credit score ?.

    • 732 is an average score, More than score, you should look at your CIBIL report remarks. I am sure you must have some DPD entries as you have not paid things on time , so you can face an issue. I suggest that if you are getting personal loan from indusind , better go for it as of now .

  3. Ranvijay

    Hi Manish!

    I had a Credit Card with HDFC BANK which was blocked due to Non Payment in the month of November 2013. Then I cleared all the outstanding at me end in Feb, 2014. I asked HDFC Bank if there is any dues remaining. They confirmed that No Dues are pending and everything is clear.

    I asked them to send me NOC, till now Aug 2014 I have not received that. I bought my Credit Score today & It doesn’t shows any account closure date. Its only showing Date of Disbursement, Date of Last Payment and Date of Reporting (31.07.2014). Apart from this the report is showing a High Credit amount of Rs 20000(The Outstanding) in High Credit section. Is it valid report? If I made all the payment, I think the account should be closed properly without any dues and higher credit.

    When I approached Bank (2nd SEP 2014). They are saying they have already closed the account. About Higher credit, they are saying that this is the format of Cibil reporting.

    Is this correct? KINDLY HELP ME OUT.

    Awaiting your early response.

    Thanks
    Ranvijay

    • Yes, CIBIL report is fine .It mentions what was your highest credit usage . You cant do anything about it . However I think your report is clean , not much to worry if you have paid off everything . Just that make sure you have the NOC

      Manish

  4. srinivas

    Hi,, I cold see people score more than 700+ here in this blog..I am sure no one can help if the score is below 700. I am purchasing my report today and try today in marketplace.

    Can you see any possibility of getting a creditcard to below 700 points? I settled 5 cards this year and only one card left..

    please advice..

      • srinivas

        True Manish, I mean any banks which might have any kind of schemes for less than 700 points? with higher interest rate?

        I am close to other card as well. i am sure my cibil rating will be more than 700 points. if its >700 points will i be eligible for getting a loan or a card?? as i have a doubt these settlement of cards will reflect in the cibil report?

        • Its only banks which can decide on what CIBIL score they would like to give loan . There can be companies which are ready to give loan at below 700 point, but then they will charge higher interest rates

  5. Krish

    Hi,

    I have 3/4 credit cards with settled / write off status, but my score is 789. When I applied through cibil marketplace, my application got rejected. What could be reasons behind rejecting my application?

  6. Arun

    Hi Manish,

    You are doing a wonderul job here for enlightening so many people who are not aware of these things.

    My question is, I had a personal loan with a bank which was showing as ‘Written Off” with some X amt in my previous CIBIL report in 2012 with 640 score. I cleared the amount in the same year (2012) and got the loan account closed.

    Now I just extracted the latest CIBIL report and found my score to be 823 with no loans / credit cards due..but the DPD of the closed loan account has impacted.

    Now am in need of PL. Will my latest CIBIL report with 823 score along with bad DPD make me eligible for loans.? please advice as i dont want to take any chances of “Rejection” again since it took more than 2 yrs to maintain a clean record.

    Thanks in advance.

    • Hi Arun

      YOu can never guarantee a rejection. I think when you apply for loan, just talk to the agent about it and tell him that you do not want any rejections, he should be able to give his views on this topic

  7. Arif Kasmani

    Hi Manish

    I am working with Bank of America from last 8 years and my salary is 40000, but when ever i apply for a loan my loan gets rejected due to cibil problems, i have settled 2 personal loans as well as 4 credit cards, i am having all the settlement letters with me, 2 months back i pulled my cibil report and the score was 750. All the accounts were reflecting in that credit report and 1 account was showing as Write Off. could you please help how do i get a personal loan.

  8. Kumar

    Hi Manish,
    Sharing my case here, There is a bank in my Cibil Report. Account is normally closed with no status , and they have stopped sending any update to Cibil also , i see last update by them on 11-2009. but in last DPD it’s 180 rather 000 or XXX.
    However , i don’t see this case with other bank memeber in CIBIL.
    Also this one is not impacting on score.
    I have raised Dispute with CIBIL too , but they didn’t get any update from BANK.
    Any advice.

  9. D P SURESH

    Sir, I have received the Cibil Credit Information Report(CIR) just now. I was informed by one of the Finance Company that my Cibil Score is 00753. Based on this I tried to log into the Cibil Market Place, but unable to do so. Could you kindly let me know what should I do to get entry into the Cibil Market Place. This is because I am interested to procure a CREDIT CARD immediately for my use.

    KINDLY REPLY TO MY QUERY IMMEDIATELY VIA MY EMAIL ID or in the alternate kindly get in touch with me in my Mobile No.9677093912

    Thanks and kind Regards

    SURESH

    D.P.SURESH
    CHENNAI

  10. Samar

    Hi Manish,

    I have been working in improving my score from more than a year and just today got updated score as 769. It was less than 500 earlier and I just have a home loan which is re-payed normally since past 2 years now. I dont have any credit cards or PL right now.

    CIBIL Market place has 2 offers from Indusind back, one for a PL and other for credit card.

    Please advice, should I apply right now or will it be better if I wait few more days to improve score beyond 800?

    I am just being very cautions and I do not want to screw up again on my cibil score with another rejection.

  11. Rajesh T

    I am having a credit score of 865 and under the markt place, I have been offered Personal/Housing Loans which is not my current requirement. I am looking for the credit card offer which is not being offered in the market place. Previously I have appled for credit card but not granted by the banks.

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