My CIBIL Score is 650 can I Get Personal Loan?

Hi, I can help answer your query: My CIBIL score is 650 can I get personal loan? With a CIBIL score of 650, you fall into the moderate credit score category neither poor nor excellent. Some banks consider this score as the minimum threshold for eligibility for personal loans, meaning you can apply for one, provided you satisfy other eligibility criteria such as stable income, employment tenure, and age.

Can I Get a Personal Loan with 650 CIBIL Score?

1. While a score of 650 makes you "just about" eligible, a few banks may expect even higher scores like 700 or 750 for optimal approval chances or pre-approved offers though approvals with scores below that threshold may still happen at the bank's discretion, often with stricter terms or higher interest rates.

2. In practical terms, with a CIBIL score of 650, successful loan approval is possible only if you meet other requirements:

3. Typically age requirement is between 21 to 60

4. Income (for salaried individuals, net monthly salary around Rs. 25,000 or more)

5. Stable employment (minimum 1 year with current employer, often 2 years overall)

6. Clean repayment history.

To improve your chances, consider applying with a co applicant who has a stronger credit profile, or building a stronger relationship with the bank. Both strategies may help offset the moderate score required.

Choose NB InstaCash to Get Personal Loan Up to 10 Lakhs in Your Account Instantly! 

CIBIL score is actually a credit score which determines your eligibility for a personal loan. When I planned to avail a loan from HDFC Bank, I was wondering the same. Then, I did a quick research online to see the minimum credit score. I also consulted my brother asking, my CIBIL score is 650 can I get personal loan? And, let me tell you what he said.

Can You Get a Personal Loan CIBIL Score 650?

I learned you are eligible for a personal loan with a credit score of 650, but it’s an average score, not an excellent one. This means the lenders might accept your application, but you need to make sure you follow all the other eligibility criteria. This includes -

• You should have a stable monthly income of at least Rs. 25,000.

• You should be a salaried or self-employed individual with a minimum of one year of experience. 

What Happens if Your CIBIL Score is Lower than 650?

I found that if you have a credit score below 650, lenders might consider you as a risky borrower. All you need is.

• Pay higher interest rates

• Provide collateral

• Lose your pledged collateral if you don’t repay your loan EMIs on time. 

• You may have to accept loans from small lenders/private companies.

What Happens with More than 650 CIBIL Score Personal Loan?

I also learned that if your credit score exceeds 650 points, you will have several advantages. These include.

• Low interest rates

• Better negotiation with the lenders

• Quick loan approvals and disbursements

• Easy application for credit cards.

I hope your question, can I get personal loan if my CIBIL score is 650, is clear. 

A CIBIL score is a three-digit numerical representation of an individual's creditworthiness. Lenders use it to assess the risk of lending to that person. A low CIBIL score will restrict a borrower from getting funds easily so the higher the score, the higher the chance you have to get loans approved. My husband had a CIBIL score of 650 so we were wondering can we avail of a personal loan for CIBIL score of 650 and visited the bank to inquire about it. You must be aware of these things if you want to avail of a personal loan.

Can I Get Personal Loan with CIBIL Score 650?

We were very clear about our concerns and directly asked the bank official: My CIBIL score is 650 Can I get personal loan? and learned that yes, we could. There were, however, a number of aspects they considered so let me share what they are:

You can have a CIBIL score of 650 and get a loan approved but for that, you need to 

• Pay a higher interest rate

• You might not get a flexible repayment tenure

• You might need to repay the loan in a short time

How Can You Get Loan With A CIBIL Score of 650?

You can get a home loan with a CIBIL score of 650 but in that case, you need to:

• Show income evidence to support the fact that you can repay the amount on time

• You will need to provide income evidence to verify that you have a stable income

• If you apply for a small amount, your loan will have higher chance of getting approved, but if you ask for a large amount, it might be cancelled

• Its better to apply for a personal loan with a co-applicant or a guarantor in such case

So visit the bank, show the necessary documents and get your personal loan for CIBIL score of 650 approved. 

Read More: