Need a loan? Cibil can now help you find the best suited product

India’s first Credit Information Company (CIC) - TransUnion Cibil – has launched a marketplace to assist customers in accessing best available loans, reports the Business Standard today.

Through a tie-up with 13 banks, Cibil plans to offer retail loans like personal loans, credit cards, loan against property, home loans and business loans, based on a customers’ credit score and loan repayment history.

As per the arrangement, customers will not have to pay any charges, as Cibil will charge the 13 banks a fee for the services.

The agency which collects and maintains data on loan and credit card payments of individuals will toughen up the competition for other online loan aggregators. This is largely because, unlike other aggregators, Cibil customers can find out their credit score before applying for relevant loans.

The procedure to apply for loans will also be simple. All customers have to do is visit the Cibil site, checkout their credit score, and submit the KYC and income details. The site will throw up a list of banks that are ready to lend. The customer can then apply with the most suitable bank and connect with the bank for further loan processing.

Cibil started its free credit score and reports service as per RBI guidelines in February and received the central bank’s approval for the marketplace business couple of months back.

About 20-35 percent of the near 40,000 consumers who availed the services, checked their reports and paid off the dues they found were unpaid.