Yes, it's possible. You can borrow money from any number of banks, but this is generally not a good idea because it will increase your monthly EMI burden. If banks believe you have too many outstanding financial obligations for your income level, your chances of getting a loan diminish. There's a significant chance you'll be turned down for a loan because lenders are concerned that you won't be able to meet your responsibilities.
Before granting personal loans, lenders analyze numerous variables such as your current income, existing loans, and so on. If you have a Personal Loan that you are already repaying, the lender will carefully examine your repayment capacity before approving additional Personal Loans. Your loan application may be denied if the lender has grounds to suspect you will be unable to repay two loans.
Alternative for a second Personal Loan?
- Instead of two loans, it is better to apply for a much higher loan amount from one single lender.
- You can ask for a top-up loan from your current lender.
- Because you are already a customer of the lender, obtaining a top-up on a Personal Loan from the same lender will make the documentation process quicker, and loan processing and disbursement will be quick and easy.
Conclusion: If you match the lender's eligibility standards, you may be able to take out multiple Personal Loans. If you are already repaying a debt, the conditions become more strict. A better option is to look for a lender that provides a top-up loan so that you may easily meet your increasing financial needs.
Looking For A Personal Loan? Compare and find the best Personal Loan Products In The Market