Yes, you can definitely take as many personal loans as you want. Legally, there’s no limit on how many personal loans you can take. Most lenders and NBFCs will consider granting you a second (or third) loan provided you meet their eligibility criteria. It includes a good credit score, stable income, and a debt-to-income ratio (DTI) within acceptable limits.
Can You Take Out Multiple Personal Loans?
Yes, when you have a lender’s approval or a strong financial profile, you can definitely avail multiple personal loans. For instance, if your existing EMIs are manageable and your total EMIs stay below about 50% to 60% of your monthly income, some lenders may approve another loan.
Also, each lender evaluates loan applications individually. Even if one lender approved a loan, another may still grant one as long as your overall debt burden and repayment capacity look good.
Recent rules introduced by the Reserve Bank of India (RBI) require lenders to update credit bureau reports every 15 days, rather than monthly.
It enables you to get more funds when a single loan isn't sufficient to suit your demands.
With more frequent updates, lenders get a clearer, near-real-time view of a borrower’s obligations. That makes them more cautious about approving additional loans if you already have active EMIs, to avoid over-leveraging.
So while multiple loans are allowed, approval now depends more heavily on your current debt load and repayment track record. Remember that submitting several loan applications in a short amount of time can damage your credit score. Also, ensure to factor in all extra expenses that raise the total cost of borrowing, such as processing fees, late fees, and prepayment penalties.
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Can I Apply for Multiple Personal Loans?
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2025-11-27T06:49:04+00:00 2025-11-27T06:49:06+00:00Comment
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