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In summary
A 628 CIBIL Score falls under the fair category and indicates moderate creditworthiness. While you may still qualify for a personal loan and other credit products, lenders also consider factors such as repayment history, credit utilisation, income, and existing financial obligations before making a lending decision.
To improve your 628 CIBIL Score:
- Pay all EMIs and credit card bills on time
- Keep credit utilisation below 30%–40%
- Review your credit report regularly
- Avoid multiple credit applications within a short period
A CIBIL Score reflects your credit management habits and helps lenders understand your repayment behaviour. Building a stronger score can improve your chances of accessing personal loans, lower interest rates, and more favourable financial terms.
How good is a 628 CIBIL Score?
A 628 CIBIL Score is considered fair, but it is below the range preferred by many lenders for the best credit terms. It shows that you have some credit history, but lenders may evaluate your application more carefully before approving loans or credit products.
Here is what a 628 CIBIL Score means for you:
- Access to basic credit options: You may still be eligible for certain loans and credit products, depending on other financial factors.
- Limited access to premium offers: Borrowers with higher scores generally have better chances of receiving competitive loan terms and premium credit products.
- Higher interest rates: Lenders may offer loans at higher interest rates due to the moderate risk associated with this score range.
- Scope for improvement: Consistent repayment habits and responsible credit usage can help you move towards a higher score range.
If you have a 628 CIBIL Score, improving your credit profile can help you access better financial opportunities. Check your personal loan eligibility using your mobile number and OTP to understand the loan options available to you.
What else do lenders check beyond your CIBIL Score?
A CIBIL Score is an important factor in loan evaluation, but lenders also review your overall financial profile before making a decision. They consider multiple aspects to understand your repayment ability and credit behaviour.
Here are some factors lenders evaluate:
- Repayment history: Timely payment of EMIs and credit card dues helps build a positive credit record.
- Credit utilisation ratio: Maintaining balanced credit usage indicates responsible financial management.
- Existing loan obligations: Current debts and repayment commitments help lenders assess your repayment capacity.
- Credit enquiry history: Frequent loan or credit card applications may affect how lenders view your credit profile.
- Length of credit history: A longer record of responsible credit usage can support a stronger credit profile.
Managing these factors along with improving your CIBIL Score can help strengthen your overall loan application.
How a 628 CIBIL Score affects your personal loan
Your CIBIL Score can influence the personal loan terms offered to you, including interest rates, approval chances, and repayment flexibility. A 628 CIBIL Score may require you to demonstrate stronger financial stability through other eligibility factors.
Here is how it can impact your personal loan:
- Loan approval process: Lenders may conduct additional checks to assess your income, employment stability, and repayment capacity.
- Interest rate offered: A fair score may result in higher interest rates compared to borrowers with stronger credit profiles.
- Loan amount eligibility: A higher score can improve your chances of qualifying for larger loan amounts.
- Loan terms: Improving your credit profile can help you access more favourable repayment options.
A stronger credit profile can help you access more suitable loan terms based on your financial requirements and repayment capacity. You can check your eligibility for a personal loan using your mobile number and OTP through a 100% online process.
How a 628 CIBIL Score impacts interest rates?
Interest rates on personal loans depend on various factors, including your CIBIL Score, income, repayment capacity, and lender policies. A 628 CIBIL Score may indicate a moderate level of risk, which can influence the interest rate offered by lenders.
For example, if two borrowers with similar income and repayment capacity apply for a personal loan, the borrower with a higher CIBIL Score may receive a more competitive interest rate. Over the repayment period, even a small difference in interest rates can affect the overall cost of borrowing.
Improving your CIBIL Score can help strengthen your credit profile and increase your chances of accessing better loan terms.
CIBIL Score range: What each band means
A CIBIL Score ranges from 300 to 900. A higher score indicates better creditworthiness and reduces the perceived risk for lenders. The table below explains how each score range is rated and what it means for loan eligibility.
| CIBIL Score range | Rating | What it means |
| 300–549 | Poor | A low CIBIL Score indicates higher credit risk. Loan approval may be difficult, and lenders may apply stricter conditions. |
| 550-649 | Fair | This range indicates moderate credit risk. Borrowers may get access to credit, but loan terms may not be as favourable. |
| 650-749 | Good | A good CIBIL Score improves approval chances and can help borrowers access better interest rates and loan terms. |
| 750-900 | Excellent | This range represents strong creditworthiness and may help borrowers access competitive loan offers and favourable lending terms. |
A 628 CIBIL Score falls within the 550–649 (Fair) range. Improving your score can help you move towards the good and excellent categories, increasing access to better financial opportunities.
How to improve your 628 CIBIL Score?
A 628 CIBIL Score can be improved by following consistent credit management practices. Building a stronger credit profile requires time, but responsible financial habits can gradually improve your score.
Here are some steps to improve your score:
- Pay EMIs and credit card bills on time
- Keep credit utilisation within a healthy limit
- Check your credit report regularly for errors
- Avoid applying for multiple loans or credit cards frequently
- Clear overdue payments and outstanding balances
- Maintain older credit accounts responsibly
- Maintain a balanced mix of secured and unsecured credit
Improving your credit habits can help you build a stronger financial profile and prepare you for better borrowing opportunities in the future.
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee | Applicable charges |
Rate of interest per annum | 10% to 30.5% p.a. |
Processing fees | Up to 4.13% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge | Term Loan – Not applicable Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes) |
Bounce charges | Rs. 700 to Rs. 1,200/- per bounce “Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason. |
Part-prepayment charges | Full Pre-payment:
Part Pre-payment
|
Penal charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) | Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges | Term Loan: Not applicable Flexi Term (Dropline) Loan: Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.
Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure |
| Credit guarantee scheme fee | Up to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount |
| Credit guarantee scheme renewal fee | Up to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year. *Renewal Fee to be collected only for 3 subsequent financial years. **If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated. |
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Frequently asked questions
Overview
A 628 CIBIL score is considered fair, not ideal. It may limit access to premium credit options, but improvement is possible with responsible credit habits.
A 628 credit score is not bad but below average. It indicates some credit challenges that may need to be addressed to secure better financial opportunities.
Yes, you may qualify for basic or secured credit cards, but premium cards with better benefits may require a higher score. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
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