Wishfin Launches India’s First Loan Application Product, that Offers 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. 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.” said Puru Vashishtha, Chairman, Wishfin.com.

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% 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 & 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 & reports” said Hrushi Mehta, Vice President & Head – Direct to Consumer Interactive at TransUnion CIBIL.

About Wishfin.com

Wishfin.com runs financial marketplaces, where consumers can buy various financial products such as loans, credit cards etc. Wishfin.com (along with Deal4loans.com) is India’s largest lending marketplace with ~ 9 million customers and ~ $3 billion worth of disbursals to date. Wishfin is adding about 3 million customers every year. Wishfin.com works with the top 40 Banks, NBFCs and financial institutions of India such as HDFC Bank, ICICI Bank, State Bank of India, HDFC Ltd, SBI Cards, Bajaj Finserve, etc.  

About TransUnion CIBIL – Consumer Interactive

Consumer Interactive is the direct-to-consumer division of TransUnion CIBIL, India’s largest credit information company with one of the country’s most comprehensive collections of consumer information. Our mission is to help Indian consumers access and understand the opportunities that lead to a higher quality of life by providing them with means to appreciate and manage their credit. This is achieved through a confluence of data and internet-based tools that provide consumers the most accessible, accurate credit information and promote financial literacy, inclusion and protection. We believe in the power of information to help individuals make better and smarter decisions, so they can achieve their personal financial goals while contributing to the development of a stronger economy.