Loan Types
Calculator
FAQs
Video
Rs. 40,000 - Rs. 55 lakh
You may be eligible for a pre-approved offer
Enter mobile and OTP | Check offer | No branch visit needed
In summary
A 688 CIBIL Score shows that you have an established credit history, but there may be aspects of your report that are holding the score below the good range. High credit utilisation, missed payments, frequent applications or reporting errors can affect your profile.
To strengthen your 688 CIBIL Score:
- Pay EMIs and card bills on time
- Keep credit card utilisation below 30%–40%
- Avoid unnecessary credit applications
- Reduce existing outstanding debt where possible
A 688 score does not automatically prevent you from getting a personal loan. However, improving your recent credit behaviour can strengthen your profile and help you move towards the 750 range.
How is a 650 CIBIL Score viewed?
A 688 CIBIL Score is generally considered fair. It is above the lower credit ranges but remains below 750, where borrowers are often viewed as having a stronger credit profile. At 688, lenders may still consider you for credit, but your overall financial profile can have a greater influence on the final decision.
- Access to selected personal loans: Some lenders may consider your application when other eligibility requirements are met.
- Closer repayment checks: Recent delays and outstanding balances may receive additional attention.
- Variable loan terms: The rate, amount and tenure offered can differ considerably between lenders.
- Limited premium options: Certain personalised or premium products may require a stronger overall profile.
- Clear improvement potential: Consistent repayments can help move your score further above the lower boundary of the good range.
A 688 score gives you a workable credit position with clear room for improvement. Check your personal loan eligibility in just 2 steps to see whether you may have an available offer.
What else do lenders check beyond your CIBIL Score?
A 688 score can affect how a lender evaluates your personal loan application, particularly when combined with other signs of financial pressure. Your score alone does not determine how much you can borrow or whether your application will be approved.
The lender may assess:
- Repayment record: Recent missed or delayed payments can affect the assessment.
- Existing debt: Multiple EMIs may reduce your available repayment capacity.
- Income: Regular and sufficient earnings can support your application.
- Credit card usage: High utilisation may indicate that your available credit is under pressure.
- Recent enquiries: Several applications within a short period may affect your credit profile.
- Loan requirement: The requested amount should be proportionate to your income and existing commitments.
Keeping these factors under control can help compensate for some of the limitations associated with a fair-range score.
How does a 688 CIBIL Score affect personal loan terms?
With a 688 CIBIL Score, you may be eligible for a personal loan, but you should not assume that the score alone will qualify you for the most competitive terms.
- Interest rate: You may not receive the most competitive personal loan at lowest interest rates available to stronger credit profiles.
- Loan amount: Your income and existing repayment commitments will help determine the amount you can reasonably service.
- Approval decision: The lender may examine your credit report and financial details more closely.
- Tenure: The available repayment period can depend on the EMI that fits your budget.
- Overall offer: The final terms depend on the lender's assessment of your complete profile.
If you are planning to borrow, use the score as one part of the decision rather than assuming that a particular loan amount or rate is guaranteed. Check your personal loan eligibility using your mobile number and OTP before submitting an application.
How can a 688 CIBIL Score influence interest rates?
A 688 CIBIL Score may allow access to credit, but it does not put you in the strongest credit bracket. Lenders can price a personal loan based on several factors, including your credit history, income, existing EMIs and repayment capacity.
For instance, two people with a 688 score could receive different offers if one has stable income and limited debt while the other has several active loans and high card utilisation.
Before choosing a loan, consider the interest rate, processing fee, tenure and total repayment amount together. Improving your credit profile before applying may also strengthen your position for future borrowing.
CIBIL Score ranges and what they indicate
A CIBIL Score ranges from 300 to 900. The score gives lenders an initial view of your credit behaviour, while the final lending decision depends on their wider eligibility criteria.
| CIBIL Score range | Category | General indication |
| 300-549 | Poor | May indicate significant repayment or credit-management concerns. |
| 550-649 | Fair | Credit may be available, but lenders may take a more cautious approach. |
| 650-749 | Good | Generally indicates a more established credit profile, subject to other checks. |
| 750-900 | Excellent | Usually reflects stronger and more consistent credit management. |
A 688 CIBIL Score falls within the 650-749 band, but it is closer to its lower end. Improving the factors affecting your current score can help move your profile towards a stronger range.
How to improve your 688 CIBIL Score
The best approach at 688 is to identify what is actually pulling your score down. Simply taking another loan or credit card may not improve it.
- Pay all EMIs and card bills before their due dates.
- Keep credit card utilisation low.
- Pay down expensive revolving debt.
- Space out new credit applications.
- Check your CIBIL report for inaccurate information.
- Keep older well-managed accounts where appropriate.
- Review your total EMI burden before taking fresh credit.
Improvement usually comes from consistent behaviour over time. Moving towards 750 is more likely when the negative factors affecting your existing credit profile are addressed and positive repayment patterns continue.
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. |
Not your nearest branch?
Frequently asked questions
Overview
A 688 CIBIL score is considered fair to borderline good. It indicates responsible credit behaviour. With this score, you can access loans and credit cards, but the terms may not be the most favourable. Improving your score can open doors to better financial opportunities.
A 688 CIBIL score is not bad. It is above the average range but slightly below the threshold for the good category. While lenders consider this score acceptable, they might offer loans and credit cards at slightly higher interest rates. A consistent effort to improve your financial habits can further strengthen your credit profile.
Yes, you can qualify for a credit card with a 688 CIBIL score. Many banks offer standard or semi-premium cards for individuals in this range. However, premium credit cards with exclusive benefits may still require a higher score. Enhancing your score over time can help you access cards with better perks and lower fees.
The amount you can finance with a 688 credit score varies greatly depending on factors like income, employment history, and the type of loan. A good credit score generally qualifies you for better interest rates and loan terms. Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
Several strategies can help increase your credit score:
- Make on-time payments: Consistent and timely payments are crucial.
- Reduce credit card utilization: Keep credit card balances low compared to your credit limit.
- Maintain a good credit mix: Have a variety of credit accounts (e.g., credit cards, loans).
- Dispute any errors: Review your credit report for inaccuracies and dispute them.
- Limit new credit applications: Too many inquiries can negatively impact your score.
Related articles
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