When it comes to personal loans, your credit score plays a crucial role in determining your eligibility and the interest rates you’ll be offered.
A CIBIL score of 650 is considered fair—not excellent, but not poor either. While many banks prefer applicants with scores above 700, some lenders are willing to extend personal loans to those with a 650 score, especially if other financial factors are favorable.
If you’re someone looking for a Personal Loan for 650 CIBIL Score, here’s a list of banks and financial institutions that may consider your application.
1. HDFC Bank
HDFC Bank is known for its flexible lending policies. While the bank generally prefers applicants with a higher score, it does consider loans for those with scores around 650 if they have a stable income and low existing debt.
- Loan Amount: Up to ₹40 lakhs
- Tenure: Up to 60 months
- Interest Rate: Starting from 10.5% per annum
- Eligibility: Stable job, minimum monthly income of ₹25,000 in metro cities
2. ICICI Bank
ICICI Bank offers personal loans even to applicants with moderate credit scores, provided they meet income and employment stability criteria.
- Loan Amount: ₹50,000 to ₹25 lakhs
- Tenure: Up to 72 months
- Interest Rate: Starting from 11% per annum
- Special Considerations: Strong banking relationship can improve chances
3. Bajaj Finserv
Although technically a non-banking financial company (NBFC), Bajaj Finserv is a popular choice for personal loans. It’s known for its quick disbursal and relatively lenient credit requirements.
- Loan Amount: ₹30,000 to ₹25 lakhs
- Tenure: Up to 60 months
- Interest Rate: 13% to 17% per annum for moderate CIBIL scores
- Bonus: Pre-approved offers for existing customers
4. Fullerton India
Fullerton India, another NBFC, provides loans to individuals with lower credit scores. They assess an applicant’s complete financial profile, not just the CIBIL score.
- Loan Amount: ₹50,000 to ₹25 lakhs
- Tenure: Up to 60 months
- Interest Rate: 14% to 18% per annum
- Eligibility Tip: Higher salary and long job tenure can offset low credit score
5. Kotak Mahindra Bank
Kotak Mahindra Bank is open to lending to individuals with scores around 650, especially if they’re salaried employees with a consistent income.
- Loan Amount: ₹50,000 to ₹20 lakhs
- Tenure: 1 to 5 years
- Interest Rate: Starting from 10.99% per annum
- Fast Disbursal: Funds often released within 48 hours
Tips to Improve Approval Chances:
- Maintain a low debt-to-income ratio
- Include a co-applicant with a better credit score
- Opt for a lower loan amount initially
- Demonstrate job stability and regular income
Final Thoughts
A 650 CIBIL score may not be ideal, but it doesn’t shut the door on personal loans entirely. Many banks and NBFCs are willing to work with applicants who show financial discipline in other ways. Compare offers, check for hidden fees, and ensure you meet all eligibility criteria before applying.
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