Can you get more than one Personal Loan at the same time

Can you get more than one Personal Loan at the same time

It is possible to have two personal loans, subject to conditions such as a good CIBIL score of 650+ and a manageable EMI-to-income ratio. With Bajaj Finance, you can check your pre-approved loan offer in just 2 steps and explore alternatives like top-up loans or Flexi facilities without managing multiple loans.
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Loan Types

FAQs

FAQs

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Rs. 40,000 - Rs. 55 lakh

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Key takeaways


It is possible to get 2 personal loans at the same time, but it requires careful planning to ensure repayments remain affordable. Before applying for another loan, assess your income, CIBIL score, existing EMIs, and overall repayment capacity.


  • Multiple applications trigger multiple credit enquiries, which can temporarily reduce your credit score.
  • Keep total EMIs below 40% of monthly income. Above this, lenders treat you as a high-risk borrower.
  • A top-up loan on a running personal loan adds funds under a single EMI instead of two.
  • Bajaj Finance Personal Loans range from Rs. 40,000 to Rs. 55 lakh at interest rates ranging from 10% to 30.5% per annum
  • You can use the Flexi Facility, where you get a dropline limit and can withdraw from it as needed
  • Processing fee is up to 4.13% of loan amount (inclusive of taxes)
  • You need a minimum CIBIL Score of 650 or above to apply

Evaluating your financial situation and choosing the right borrowing option can help you manage loans responsibly.

Can one apply for two personal loans at the same time?

One can apply for two personal loans at the same time, but approval depends on factors such as repayment capacity, income stability, credit score, and existing financial obligations. Multiple loan applications may also result in credit enquiries that can impact your credit profile temporarily.


With Bajaj Finance, you can check your pre-approved loan offer in just 2 steps and explore options such as Flexi facility, which may help meet additional financial needs without managing multiple loans. With a Flexi Loan, you get a limit that you can withdraw from, as needed. Interest is charged only on the amount withdrawn.


Why this matters: Applying for multiple loans at the same time can lead to multiple credit enquiries on your credit report. These enquiries may have a temporary impact on your credit score. Lenders also consider recent credit activity as part of their evaluation of overall credit behaviour and repayment capacity.

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How do you check if you can afford a second loan?

Calculate your combined EMI as a percentage of monthly income before you apply. Here is a worked example.


Scenario: Rahul, 34, salaried in Pune, earns Rs. 80,000 a month. He already pays an EMI of Rs. 18,000. He needs Rs. 3 lakh more and is considering a second personal loan at 16% p.a. for 48 months.


ParameterValue
Monthly incomeRs. 80,000
Existing EMIRs. 18,000
New loan amountRs. 3,00,000
Rate and tenure16% p.a., 48 months
New EMIApprox. Rs. 8,502
Total interest on new loanApprox. Rs. 1.08 lakh
Combined EMIRs. 26,502
Combined EMI as % of incomeApprox. 33%

At 33%, Rahul sits under the 40% threshold and would likely be assessed as manageable. Interest is calculated on the reducing balance, so the interest share of each instalment falls as the principal is repaid.


Change one input and the answer flips. Had Rahul's existing EMI been Rs. 26,000 instead, his combined outgo would reach Rs. 34,502 — roughly 43% of income, above the 40% guidance and likely to attract a lower sanction or a rejection.


Run your own numbers on the personal loan EMI calculator before applying. Rate and tenure above are illustrative; your applicable rates will vary

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Can you apply for more than one personal loan from the same lender?

Yes, it may be possible to avail of more than one personal loan from the same lender, subject to eligibility and lender approval. Each loan application is assessed based on factors such as income, employment stability, credit score, existing loan obligations, and overall repayment capacity. Approval for a second personal loan depends on whether the borrower can comfortably manage additional repayment responsibility. 


Even if multiple loans are technically allowed, approval is not guaranteed. The lender evaluates the complete financial profile before making a decision.


Pro tip: Loans from the same lender may be easier to process since your repayment history is already known. However, the lender will also carefully review your total existing debt and repayment capacity before approval.

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What are the eligibility criteria to take multiple personal loans?

You may be eligible for multiple personal loans if you meet key requirements such as a good CIBIL score, stable income, and a manageable EMI burden. Lenders evaluate your financial profile, existing obligations, and repayment capacity before approving an additional loan. For a Bajaj Finance Personal Loan, you need to meet the below eligibility criteria:


NationalityIndian
Age21 years to 80 years
Employed withPublic, private, or MNC.
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

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

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What are the impacts of having multiple personal loans?

Taking multiple personal loans increases your EMI burden and debt-to-income ratio. It is important to plan repayments carefully.


Here are the key impacts to consider:


ImpactWhat it means for you
Higher EMI burdenTwo EMIs can consume a large share of monthly income
Increased debt-to-income ratioPlaces you in the high-risk category for future credit
Credit score pressureMultiple hard enquiries and high utilisation can lower your score
Repayment complexitySeparate due dates, amounts and lenders to track
Reduced emergency bufferLess income left for unplanned expenses

Also, taking out two separate loans can significantly raise your debt-to-income ratio, potentially putting you in the high-risk borrower category for all future credit applications.


Smart insight: Keeping total EMIs below 40% of monthly income protects both your monthly cash flow and your future borrowing capacity.

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How many personal loans can you get at once?

There is no fixed statutory limit on the number of personal loans you can get at once, but the practical limit depends on your FOIR/DTI ratio, income, and repayment capacity. Lenders generally prefer a FOIR of around 40%–50% or lower and assess your ability to manage existing EMIs. A CIBIL score of 750+ can support a stronger credit profile, but approval depends on multiple factors. 


Consider taking another personal loan only if your income can comfortably manage the additional EMI burden without affecting essential expenses. You can explore the Flexi variants of the Bajaj Finance Personal Loan. You get a dropline limit from which you can withdraw amount as needed. This avoids multiple loan accounts and you can borrow more depending on your limit.

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Should you take another personal loan or consider a top-up?

In many cases, a top-up loan on an existing personal loan may be a more suitable option, depending on eligibility.


A top-up loan allows additional borrowing over an existing loan, subject to lender approval. It may reduce the need for multiple loans and simplify repayment management.


Why top-up loans are better:


  • Easier approval: Your current lender already has your documents and knows your payment behavior
  • Lower interest rates: Often offered at rates similar to or lower than your existing loan
  • Single EMI: One payment to manage instead of multiple loans
  • Faster processing: Minimal documentation and quicker approval
  • Better for credit score: Shows responsible borrowing behavior

It may be much easier to obtain a top-up personal loan from your current lender because they already have all your documents on file and clearly understand your credibility and repayment track record.


While applying for a personal loan online, you should always keep in mind that lenders carefully consider your complete credit history and total repayment capacity. In cases when more than half of your salary is going towards debt repayment, lenders will almost certainly consider you as a high-risk candidate and may reject your application.


It is ideal to maintain a debt-to-income ratio of not more than 40% to get quick approval on your personal loan applications. To plan your repayment schedule smartly and avoid over-borrowing, use our helpful personal loan EMI calculator before making any borrowing decisions.


Smart borrowing tip: Always calculate your total monthly EMI burden across all loans before applying for additional credit. Your peace of mind is worth more than temporary access to extra funds.


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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term (Dropline) Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

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)

Will be deducted upfront from loan amount.

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:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

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.


Flexi Hybrid Term Loan:

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 feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp 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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Frequently asked questions

Overview

Multiple personal loans

What is the next step after verification in a personal loan?

After verification, the lender reviews the application for final approval. Once approved, a loan agreement is generated and the approved amount is disbursed to the borrower’s bank account.

With a Bajaj Finance Personal Loan, you can get the funds within 24 hours* of approval. Check your offer in just 2 steps and apply online to get our loan.

*Terms and conditions apply.

It involves application submission, document verification, application review, approval, and disbursal of funds. You can check your eligibility in just 2 steps and plan your expenses accordingly.

The process includes application submission, document verification, application review, approval decision, agreement signing, and loan disbursal.

An existing personal loan may affect new loan approval if it increases your EMI burden or impacts repayment capacity. Lenders assess your overall financial profile before approval.

You may have three personal loans if you meet the lender’s eligibility criteria and can manage the combined EMI burden. Approval depends on factors such as income, CIBIL score, repayment capacity, and existing financial obligations.

There is no fixed limit on how many times you can take a personal loan. Lenders evaluate your eligibility, income, credit profile, and existing obligations.

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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