India’s first credit information company, TransUnion Cibil, with the launch of Cibil Marketplace will assist the borrowers to get the most appropriate loans available, on the basis of the borrower’s credit scores and history, in a bid to stay ahead in competition with other online retail loan aggregators.
At present, Cibil offers retail loans like personal loans, credit cards, loan against property, home loans and business loans in collaboration with 13 banks. Cibil allows the customers to check credit scores, before applying for loans, unlike other marketplaces.
On the company’s website the borrowers are provided with a list of banks, willing to lend to them, according to the borrower’s credit score and other criteria. Making the loan disbursal system more convenient for customers, the banks will pay a fee to Cibil for the services, while the customers will be exempted from any charges.
With the introduction of free credit score screening, and report published in February 2017, according to RBI’s orders, about 40,000 customers availed the services through the company’s website.
Source : Indiainfoline