K. ARAVIND
Banks determine the creditworthiness of applicants based on credit scores provided by credit bureaus such as CIBIL. Credit bureaus collect details of all types of loans such as home loan, auto loan, personal loan and credit card loan. Credit scores are determined by credit bureaus based on the credit history involved. CIBIL now offers a credit rating service as well as an additional service called CIBIL Marketplace, which facilitates borrowing.
CIBIL Marketplace offers additional services to those who have purchased credit rating services during the last three months. Banks and financial institutions provide customers with information about their financial services, such as credit cards and loans, on CIBIL’s website. It also explains the terms and conditions of getting a loan. You can find out about interest rates and fees on loans and credit cards offered by various institutions from this website. By comparing these, the customer can decide from which institution to take the loan.
Those who apply for loans from banks and financial institutions through CIBIL can expect discounts on interest rates and charges based on improved credit scores. CIBIL also provides loans to individuals based on their credit score and income.
You no longer have to search at individual institutions to know about the different loan offers of different financial institutions and banks. Discounts on interest and processing charges and repayment terms offered by different institutions for a particular loan are available on Sibyl’s website. At the same time, offers are made based on the applicant’s credit report and how high the credit score is.
Loans made through CIBIL Marketplace are subject to conditions. It will be difficult for the ineligible to get a loan. Those who are eligible for loans can apply online. Loans and credit cards can be obtained only after completing the verification of documents.
The credit score and credit report are available on CIBIL’s website. Information on home loan, auto loan, personal loan, mortgage loan, business loan and gold loan is available on the website.
