Can we get a personal loan for 650 credit score

In the realm of financial stability and borrowing, credit scores serve as the gatekeepers determining one's eligibility for loans and other credit facilities. Your credit score is essentially a numerical representation of your creditworthiness, consolidating your credit history, repayment patterns, and other financial behaviour into a single number. When it comes to a personal loan, a credit score is a crucial criterion that lenders scrutinise before approving applications.

In India, credit score is widely used by lenders to assess the creditworthiness of borrowers. This score typically ranges from 300 to 900, with higher scores indicating better creditworthiness. When applying for a personal loan, lenders often set a minimum credit score requirement to mitigate the risk associated with lending money. Credit score requirement changes from lender to lender, it depends on the lender’s terms and other factors. However, for availing of a Bajaj Finserv Personal Loan, borrowers are required to have a CIBIL Score of 650 or above.

✅  Check your eligibility for personal loan with phone number and OTP → Apply online in 5 minutes → Receive funds within a day*.

Credit score requirement differs from lender to lender. Bajaj Finance Limited is known for its flexible lending criteria and wide range of financial products. With a 650 credit score or above, you may be eligible for an instant personal loan from Bajaj Finance Limited, albeit with certain conditions. While a higher credit score would improve your chances of approval and potentially grant you better terms, Bajaj Finance Limited may consider other factors alongside your credit score, such as your income stability and employment history.

Additional Read: Instant personal loan with low CIBIL Score

1. Approval: A higher CIBIL Score significantly improves your chances of loan approval. Lenders perceive individuals with higher credit scores as having lower credit risks, making them more likely to extend credit.
2. Interest rates: Your CIBIL Score directly influences the personal loan interest rate and charges offered on your personal loan. Borrowers with excellent credit scores are often rewarded with lower interest rates, resulting in reduced overall borrowing costs.
3. Loan amount: A higher credit score may also enable you to qualify for a larger loan amount. Lenders are more inclined to lend substantial sums to individuals with proven creditworthiness, as reflected in their credit scores.
4. Loan terms: Additionally, borrowers with higher CIBIL Score may enjoy more favourable loan terms, such as longer repayment periods and waived processing fees. Lenders may offer preferential treatment to borrowers with excellent credit profiles.

Ideally, you should target a credit score of 650 or above when applying for a personal loan. This not only increases your chances of approval but also enhances the likelihood of securing more favourable loan terms, including lower interest rates and longer repayment periods. Apart from the CIBIL Score, you need to meet these simple Personal loan eligibility criteria mentioned below to qualify for a Bajaj Finance Personal Loan:

• Nationality: Indian
• Age: 21 years to 80 years.
• Employed with: Public, private, or MNC.
• CIBIL Score: 650 or higher.
• Customer profile: Self-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

1. Click on ‘CHECK ELIGIBILITY’ on this page.
2. Enter your 10-digit mobile number and the OTP sent to your phone.
3. Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
4. Now, click on ‘PROCEED’ to visit the loan selection page.
5. Enter the offer or loan amount that you need. Choose from our personal loan variants.
6. Choose the repayment tenure and click on ‘PROCEED’.
7. Complete your KYC and submit your application.

Our representative will contact you for further steps.

Check your eligibility for personal loan using just mobile number and OTP – 100% online process.