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Cibil to now help borrowers get the best loan

Banks will pay fees to Cibil, while customers need not pay any charges

Priya Nair  |  Mumbai 

Cibil to now help borrowers get the best loan

TransUnion is now helping borrowers get the best available based on their credit scores and history, in possible competition with online retail aggregators or marketplaces.  

The oldest credit information company in the country has started Marketplace, which is a formal way of helping individual consumers secure loans, said Hrushikesh Mehta, vice president and head, Direct to Consumer Interactive at TransUnion  

will pay fees to Cibil, while customers need not pay any  

So far, has tied up with 13 to offer retail like personal loans, credit cards, against property, home and business  

The difference between and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the offer, while in the case of the customer first checks the credit score and then applies for the

When a borrower logs on to Cibil’s website to check the credit score, he has the option to apply for a Then he has to submit his income and  

Based on the credit score and other criteria, the borrower will get a list of that are willing to give him a  

He can choose one bank and apply for the The bank will then get in touch with the borrower to complete the processing of the  

“Chances of the getting approved are higher because will offer the only to eligible borrowers. For unsecured credit report plays a large part in approving the loan,” said Hrushikesh Mehta.

Other market places, too, will eventually move to the pre-screening model being followed by Cibil, he added. 

While the service was launched in the pilot phase a couple of years back, has started focusing on it in the last few months after approval from the Reserve Bank of India and its stake holders, some of which are  

Since February, when started offering free credit score and report as per RBI guidelines, 40,000 consumers have availed the service. About 20-35 per cent of those who checked their reports and found they were overdue paid off their debts, Mehta said.

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Cibil to now help borrowers get the best loan

Banks will pay fees to Cibil, while customers need not pay any charges

Banks will pay fees to Cibil, while customers need not pay any charges
TransUnion is now helping borrowers get the best available based on their credit scores and history, in possible competition with online retail aggregators or marketplaces.  

The oldest credit information company in the country has started Marketplace, which is a formal way of helping individual consumers secure loans, said Hrushikesh Mehta, vice president and head, Direct to Consumer Interactive at TransUnion  

will pay fees to Cibil, while customers need not pay any  

So far, has tied up with 13 to offer retail like personal loans, credit cards, against property, home and business  

The difference between and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the offer, while in the case of the customer first checks the credit score and then applies for the

When a borrower logs on to Cibil’s website to check the credit score, he has the option to apply for a Then he has to submit his income and  

Based on the credit score and other criteria, the borrower will get a list of that are willing to give him a  

He can choose one bank and apply for the The bank will then get in touch with the borrower to complete the processing of the  

“Chances of the getting approved are higher because will offer the only to eligible borrowers. For unsecured credit report plays a large part in approving the loan,” said Hrushikesh Mehta.

Other market places, too, will eventually move to the pre-screening model being followed by Cibil, he added. 

While the service was launched in the pilot phase a couple of years back, has started focusing on it in the last few months after approval from the Reserve Bank of India and its stake holders, some of which are  

Since February, when started offering free credit score and report as per RBI guidelines, 40,000 consumers have availed the service. About 20-35 per cent of those who checked their reports and found they were overdue paid off their debts, Mehta said.

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Business Standard
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Cibil to now help borrowers get the best loan

Banks will pay fees to Cibil, while customers need not pay any charges

TransUnion is now helping borrowers get the best available based on their credit scores and history, in possible competition with online retail aggregators or marketplaces.  

The oldest credit information company in the country has started Marketplace, which is a formal way of helping individual consumers secure loans, said Hrushikesh Mehta, vice president and head, Direct to Consumer Interactive at TransUnion  

will pay fees to Cibil, while customers need not pay any  

So far, has tied up with 13 to offer retail like personal loans, credit cards, against property, home and business  

The difference between and other marketplaces is that in the case of the latter the credit report is accessed after the customer clicks the offer, while in the case of the customer first checks the credit score and then applies for the

When a borrower logs on to Cibil’s website to check the credit score, he has the option to apply for a Then he has to submit his income and  

Based on the credit score and other criteria, the borrower will get a list of that are willing to give him a  

He can choose one bank and apply for the The bank will then get in touch with the borrower to complete the processing of the  

“Chances of the getting approved are higher because will offer the only to eligible borrowers. For unsecured credit report plays a large part in approving the loan,” said Hrushikesh Mehta.

Other market places, too, will eventually move to the pre-screening model being followed by Cibil, he added. 

While the service was launched in the pilot phase a couple of years back, has started focusing on it in the last few months after approval from the Reserve Bank of India and its stake holders, some of which are  

Since February, when started offering free credit score and report as per RBI guidelines, 40,000 consumers have availed the service. About 20-35 per cent of those who checked their reports and found they were overdue paid off their debts, Mehta said.

image
Business Standard
177 22