Wishfin launches India's first loan application product offering free CIBIL score

Wishfin has launched India's first loan application product that offers free CIBIL score in addition to a choice of products from 40 partner banks.

Wishfin customers will have free access to a CIBIL score check for a period of 12 months, and can leverage the same to apply for personal loans, home loans or credit cards.

1. A detailed CIBIL report will help customers to know her credit history and status.

2. 12 month free access will help customers monitor their credit-worthiness over a long period of time.

3. It gives them an opportunity to rectify errors and take steps to improve credit-worthiness.

4. It also helps customers get best offers instantly on Wishfin.com, enabling them them save money on loans.

5. Scores are received instantly along with loan quotes, in one convenient location, saving customers valuable time by streamlining the application process.

Wishfin.com is the first fintech firm to offer this facility in partnership with TransUnion CIBIL.

"CIBIL is considered to be the gold standard in credit reports. Almost all banks base their credit decision for retail customers on their CIBIL score. Until now we used to see customers start the application process with a certain degree of uncertainty - they would apply without knowing their credit health. Several entities claiming to offer valid 'credit scores' added to the confusion. CIBIL was a premium service that cost a substantial sum," said Chairman, Wishfin.com, Puru Vashishtha.

"We wanted to change this, we wanted our customer to apply with the confidence of knowing their genuine CIBIL score, while keeping this empowered application process truly free," Vashishtha added.

The availability of a ready credit score/report will empower the consumer in his dealings with the lenders and will also enable Wishfin.com in guiding consumers to make the best financial decisions.

It is to be noted that close to 79 percent of all loans in India are disbursed to consumers having a CIBIL score of over 750.

The CIBIL scale is graduated from 300 to 900 points.

The credit score and report will be available on Wishfin.com but customers will be able to view it only after an informed consent is provided by the consumers.

This is to ensure compliance with the strictest data protection policies that Wishfin.com follows. Wishfin.com has really simplified the process and customer experience of procuring a CIBIL Score and Report.

"Our vision has always been to assist consumers obtain faster and cheaper access to credit in order to help them achieve their dreams. This is our first step towards helping the financial ecosystem spread awareness about credit scores and reports," said VP and Head, Direct to Consumer Interactive at TransUnion CIBIL, Hrushi Mehta.