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In summary
A 656 CIBIL score is considered fair and may impact personal loan approval and borrowing terms. It indicates moderate credit discipline, but lenders may apply stricter checks before approval.
- Loan approval is possible but depends on overall eligibility
- Interest rates may be higher compared to higher credit scores
- Loan amount offered may be limited based on income and repayment capacity
- Additional verification of income and credit history may be required
- Improving credit behaviour can help access better loan terms over time
How good is a 656 CIBIL Score?
A 656 score reflects improving credit behaviour. Many lenders may still review the application carefully, but the chances of approval are better than lower score ranges.
At this score:
- Loan approval chances improve
- Interest rates may become more competitive
- Loan eligibility depends on income and repayment capacity
- Faster approvals may be possible with a strong financial profile
Improving the score above 700 can help borrowers secure even better loan terms.
What else do lenders evaluate?
Lenders assess more than just the credit score before approving a loan. They review the complete financial profile to understand repayment ability and risk level.
- Income level and stability are checked to ensure the borrower earns regularly and can manage monthly repayments.
- Existing loans and EMIs are reviewed to understand total debt burden and repayment capacity.
- Repayment history shows how responsibly past credit has been managed.
- Credit utilisation ratio indicates how much available credit is being used, helping assess financial discipline.
- Recent credit enquiries reflect how often new credit is being applied for, which may indicate risk.
- Length of credit history helps lenders evaluate long-term financial behaviour and consistency.
How a 656 CIBIL Score affects personal loans
A 656 CIBIL score is considered fair and can impact personal loan approval and terms. It shows moderate credit behaviour, but lenders may apply additional checks before final approval.
- Loan approval is possible but not guaranteed and depends on overall eligibility
- Interest rates may be higher due to moderate credit risk
- Loan amount offered may be limited based on income and repayment capacity
- Additional verification of income and credit history may be required
- Improving credit habits can help access better loan terms in the future
If this is your first time applying for a personal loan, a 656 CIBIL Score puts you in a strong position from the start. Check your eligibility now and plan your expenses with confidence.
A 656 CIBIL score is a positive step toward stronger financial health. Maintaining repayment discipline and reducing unnecessary debt can steadily improve the score. A stronger score can help borrowers secure higher loan amounts, lower interest rates, and quicker loan approvals over time.
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% p.a. |
Processing fees | Up to 3.93% 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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Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000