Can one apply for multiple personal loans?
It is unlikely for any lender to sanction two personal loans at the same time. If you are eligible for another personal loan from a different lender, it is not advisable for the borrowers to apply for multiple unsecured loans at the same time. If more than half of your salary is going towards loan repayment, lenders might consider you as a high-risk candidate. This might affect your credit score as well as disturb your monthly outlays.
Instead, you can consider Bajaj Finserv Flexi Personal Loan that allows you to withdraw money as per your need from the sanctioned loan amount. You can also prepay the amount as per your convenience.
With Flexi facility, you need to pay interest only on the amount utilised and not the entire loan limit. You can also avail the option of paying interest only EMIs for the initial part of the tenor and reduce your monthly instalment up to 45%*.
While applying for a loan, you should keep in mind that lenders consider your credit history and repayment capacity. In case when more than half of your salary is going towards debt repayment, lenders might consider you as a high-risk candidate.
It is ideal to have a debt to income ratio of not more than 40% to get quick approval on your personal loan. To plan your repayment schedule smartly, use our personal loan EMI calculator.
