When it comes to getting a personal loan, your CIBIL score plays a major role. A score of 650 is considered fair, not great, but not the worst either. If you’re wondering whether it's possible to get a personal loan for CIBIL score of 650, the answer is yes, but with some conditions. Let’s explore your options and how to improve your chances.

What Is a CIBIL Score of 650?

A CIBIL score can range from 300 to 900. A 650 score is below the optimum for most banks, which prefer 750 and above. The fact that you scored 650 indicates that you may have missed a couple of payments or utilized too much credit.

Though, a 650 credit score loan remains available, particularly from NBFCs, online lenders, or fintech websites that specifically target borrowers with a lower score.

Can You Obtain a Personal Loan for 650 CIBIL Score?

Yes, it is possible to obtain a online personal loan for 650 CIBIL score, but you may have to endure:-

1. Increased interest rates

2. Reduced loan amounts

3. Stringent terms and conditions

There are certain lenders that can provide you a cibil 650 personal loan, provided other eligibility conditions like a regular income, low outstanding debt, and regular employment history are met.

Optimal Methods to Get Accepted for a Personal Loan with 650 Credit Score

1. Apply with NBFCs or Online Lenders

NBFCs and fintech players are more lenient with credit scores. They give personal loans to 650 CIBIL score borrowers by looking at your income and repayment capability.

2. Demonstrate Stable Income

If you have a steady job or regular income, it can offset the credit score. Lenders will agree to give a loan for 650 credit score if they understand that you can repay.

3. Apply for a Lower Amount

Requesting a lower loan sum raises your approval probability. You can get higher amounts once you gain their trust.

4. Add a Co-Applicant or Guarantor

Having a co-applicant with a high credit score can enhance your chances of getting a cibil 650 personal loan.

Documents Required

Personal loan 650 CIBIL score can be applied for with the following documents:

• ID Proof (Aadhar, PAN)

• Address Proof

• Income Proof (Salary slips or bank statements)

• Employment Details

Improve Your CIBIL Score for Better Loan Offers

It is possible to avail a loan with 650 credit score, but boosting your score will make you eligible for improved interest rates and terms. Here's how:

• Pay EMIs and credit card bills on time

• Keep your credit utilization below 30%

• Don't apply for too many loans at once

• Monitor your credit report regularly

Conclusion

Getting a personal loan for CIBIL score of 650 is not impossible, but it requires the right strategy and lender. Focus on improving your score while making responsible credit decisions. With time, you’ll unlock access to better loan offers and lower interest rates.