Personal Loan

Can you take two Personal Loans at the same time?

Can you get two Personal Loans or multiple Personal Loans at the same time?

Usually, lenders do not sanction two personal loans at the same time. Even if you are eligible for a personal loan from another lender, it’s not a good idea to apply for multiple personal loans at once.

Instead, consider applying for a Bajaj Finserv Flexi Personal Loan which allows you to withdraw whenever you want from a sanctioned loan amount and pre-pay when you can. You need to pay interest only on the amount you utilize and not the full sanctioned amount. You also have the option to pay only interest as EMI and the principal amount at the end of the tenor.

Keep in mind that lenders consider your credit history and repayment capacity while sanctioning a loan. In case more than half of your salary is going towards repaying debts, then lenders see you as a high-risk candidate. Your existing debts should ideally take up less than 40% of your income. Use a personal loan EMI calculator to help you plan your repayment schedule.

 

Additional Reads:
How is interest rate calculated on Personal Loan?
How does Personal Loan part payment work?
How to check CIBIL score for Personal Loan?
What are the documents required for Personal Loan?