{"id":13313,"date":"2023-08-29T02:54:52","date_gmt":"2023-08-29T02:54:52","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=13313"},"modified":"2024-02-07T18:29:51","modified_gmt":"2024-02-07T12:59:51","slug":"can-you-have-more-than-one-personal-loan-at-the-same-time","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/can-you-have-more-than-one-personal-loan-at-the-same-time\/","title":{"rendered":"Can I Get Two personal loans at the same time"},"content":{"rendered":"\n

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Life can be unpredictable at times. It might happen that when you\u2019ve opted for personal finance to buy the latest iPhone, your squad decides on an impromptu trip to the Maldives. Hence, at such times, even though you\u2019re already under debt from the previous personal loan, you may need to opt for another one. Because let\u2019s face it: One\u2019s got to live, right?<\/p>\n\n\n\n

So if this has left you wondering: Can I get 2 personal loans at the same time? You’re in luck, because the answer is yes!<\/p>\n\n\n\n

However, there are numerous things that you should keep in mind before deciding to tackle two loans at once. Here they are.<\/p>\n\n\n\n

Financial viability<\/strong><\/h2>\n\n\n\n

Though they are a good option, especially when it comes to financing emergencies and unforeseen situations, taking multiple personal loans for different reasons is sure to strain you one way or the other financially. When you have numerous loans to your name, you\u2019re committing to several monthly payments.<\/p>\n\n\n\n

As a result, a considerable chunk of money will be utilised in repayments, leaving you little capital for other essential things in life. Moreover, the fact that you have more than one obligation to take care of could put you at an increased risk of defaulting on your debt.<\/p>\n\n\n\n

Hence, calculate your EMI schedule beforehand using a\u00a0personal loan EMI calculator<\/a>.<\/p>\n\n\n\n

Additional Read: <\/strong>Easy Financial Planning with a Personal Loan EMI Calculator<\/a><\/p>\n\n\n\n

Credit score<\/strong><\/h2>\n\n\n\n

Having multiple loans can be an excellent way to improve your credit score. However, the credit score balance will tip in your favour only if you\u2019re regular on your repayments.<\/p>\n\n\n\n

But as discussed earlier, the financial strain from a second personal loancan push you to the edge while paying back. Also, if you don\u2019t possess an already good enough credit score, no lender will be willing to offer you even a single loan, let alone two at a time. Even if you somehow manage to get a second loan, it will surely shave off some points from your existing credit reports.<\/p>\n\n\n\n

So, either you\u2019ll not be forwarded a second loan, or the personal loan interest rates<\/a> on the second one will be higher.<\/p>\n\n\n\n

Therefore, work out your personal loan eligibility beforehand, and preferably, with multiple lenders.<\/p>\n\n\n\n

Additional Read:<\/strong> How Opting for a Personal Loan Can Boost Your Credit Score in the Future<\/a><\/p>\n\n\n\n

Assets and liabilities<\/strong><\/h2>\n\n\n\n

It is no secret that your assets must exceed your liabilities, especially when you\u2019re looking for multiple loans. Having a good asset profile will provide you with extra cushioning to fall back on in case you\u2019re running short on monthly payments. Also, having a good idea about your financial liabilities will help you assess your capacity to take more loans and repay them.<\/p>\n\n\n\n

Debt-to-income ratio<\/strong><\/h2>\n\n\n\n

Equated monthly instalments from both your current loan and the new one you\u2019re applying for will be factored in when the lender evaluates affordability.<\/p>\n\n\n\n

Ergo, your debt-to-income ratio must be low enough, or your application will be rejected. Usually, if more than 40% of your income is utilised for loan repayments, then lenders might hesitate to give you finance. Therefore, plan judiciously before servicing two personal loans at the same time.<\/p>\n\n\n\n

Over to you<\/strong><\/h3>\n\n\n\n

Are you looking for a second loan to finance an unforeseen purchase? Look no further, because we at Tata Capital have affordable personal loan<\/a> for self-employed tailored to your needs. By opting for our loans, you can enjoy services like swift disbursements and flexible tenures. <\/p>\n\n\n\n

Get in touch with us today to begin your personal finance journey.<\/p>\n\n\n\n

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Apply for Personal Loan<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n
<\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Life can be unpredictable at times. It might happen that when you\u2019ve opted for personal finance to buy the latest iPhone, your squad decides an impromptu trip to the Maldives. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":13314,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-13313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"\nCan I Get Two personal loans at the same time - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Can I take two personal loans at a time from different bank or NBFCs? 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