When you hold multiple personal loans, you check whether another loan fits by adding all your EMIs, including the new one, and comparing the total with your take-home pay. Leave room for essentials, savings and an emergency fund.
Worked example: Rajesh in Cuttack
Rajesh is 40 and works as a salaried port operations supervisor in Cuttack. He earns Rs. 76,000 a month, has a CIBIL score of 748 and already pays 2 EMIs of Rs. 7,000 and Rs. 5,000. He weighs a third loan of Rs. 1.5 lakh for home repairs, adding to his multiple personal loans, at an illustrative 16% per annum.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. P is the loan amount in rupees, R is the annual rate divided by 12 and by 100, and N is the tenure in months. The formula spreads the principal and interest into equal monthly payments, so early EMIs carry more interest and later ones more principal. All figures are rounded to the nearest rupee.
| Tenure of the new loan | New EMI (Rs.) | Total interest (Rs.) | All 3 EMIs as share of salary (%) |
|---|
| 24 months (2 years) | 7,344 | 26,267 | 25.5 |
| 36 months (3 years) | 5,274 | 39,848 | 22.7 |
Last updated: 21st October, 2026
The 36-month option lowers the new EMI by Rs. 2,070 but adds Rs. 13,581 in interest. The processing fee on Rs. 1.5 lakh is up to Rs. 6,195. Rajesh waits 3 months until his Rs. 5,000 EMI loan closes, cutting the risk of 3 multiple personal loans at once.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Considering another loan alongside multiple personal loans? With a Bajaj Finance Personal Loan, you can borrow Rs. Rs. 40,000 to Rs. Rs. 55 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.
