CIBIL to assist borrowers to get best loans

The credit information company, TransUnion CIBIL, is now set to assist the borrowers for getting the best possible loan, considering their credit scores and credit history.

The company has set up CIBIL Marketplace, which is an official way to help the consumers secure loans, and help them get hold of the best loan available from a pool of competing online retail loan aggregators or marketplaces.

However, there is a difference between CIBIL and other marketplaces, where in other market places the credit history is checked after the customer clicks on Loan offer, whereas in CIBIL, consumer can first check his credit report and then can apply for a loan.

As of now, CIBIL has tied up with 13 banks to offer retail loans such as personal loans, home loans, loan against property and business loans. Hereafter, the bank will pay CIBIL and the consumer will not need to pay any fees.

The possibility of loan approval will be higher as the banks will give loan only to eligible borrowers after their credit report gets checked.

Other marketplaces are likely to move towards the pre-checking model just like CIBIL.