Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply
Quick Links for loans
Quick Links for Insurance
Investment
Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Personal Use Loan > Can I Get Two personal loans at the same time

Personal Use Loan

Can I Get Two personal loans at the same time

Can I Get Two personal loans at the same time

Life can be unpredictable at times. It might happen that when you’ve 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’re already under debt from the previous personal loan, you may need to opt for another one. Because let’s face it: One’s got to live, right?

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!

However, there are numerous things that you should keep in mind before deciding to tackle two loans at once. Here they are.

Financial viability

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’re committing to several monthly payments.

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.

Hence, calculate your EMI schedule beforehand using a personal loan EMI calculator.

Additional Read: Easy Financial Planning with a Personal Loan EMI Calculator

Credit score

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’re regular on your repayments.

But as discussed earlier, the financial strain from a second personal loancan push you to the edge while paying back. Also, if you don’t 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.

So, either you’ll not be forwarded a second loan, or the personal loan interest rates on the second one will be higher.

Therefore, work out your personal loan eligibility beforehand, and preferably, with multiple lenders.

Additional Read: How Opting for a Personal Loan Can Boost Your Credit Score in the Future

Assets and liabilities

It is no secret that your assets must exceed your liabilities, especially when you’re looking for multiple loans. Having a good asset profile will provide you with extra cushioning to fall back on in case you’re 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.

Debt-to-income ratio

Equated monthly instalments from both your current loan and the new one you’re applying for will be factored in when the lender evaluates affordability.

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.

Over to you

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

Get in touch with us today to begin your personal finance journey.

Apply for Personal Loan
Disclaimer

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Important Information

Investor Information

Visit us on:,Visit us on: www.tatacapitalmoneyfy.com,www.tatacapitalmoneyfy.com

Our Private Equity Funds

Amalgamated Companies

Top Branches

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.