If you already have a personal loan and are wondering, “Can I get education loan if I have personal loan?” The answer is: yes, you can, but success depends on how lenders view your overall credit and repayment capacity.
Having a personal loan means you already have EMIs to pay. Lenders will calculate your debt‐to‐income ratio (DTI) or fixed obligations to income ratio (FOIR). A high existing obligation can reduce your education loan eligibility.
If you've been timely with your personal loan repayments, it builds a positive credit history. Late payments or defaults will hurt your chances.
For student education loans, lenders often require a parent or guardian as co‐applicant with sufficient income and good credit. Your personal loan should not grossly strain the co‐applicant’s capacity either.
Banks assess the educational institution’s credibility, the course cost, projected income post‐studies etc. While not directly impacted by your personal loan, this influences the overall loan decision.
Check your current EMI obligations (including personal loan) and ensure adding another loan won’t push your DTI too high.
Maintain a clean credit history and ensure your personal loan EMIs are paid on time. If possible, reduce your personal loan burden (prepay or shorten tenure) before applying for another loan.
Choose a reliable institution and course that lenders view favourably. Provide a strong co‐applicant (parent/guardian) with stable income and low existing liabilities. Be transparent about your personal loan; hiding it may lead to rejection.
I hope this helps!
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Can I Get Education Loan if I Have Personal Loan?
ravi
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31 days
2025-11-26T07:58:56+00:00 2025-11-26T07:58:58+00:00Comment
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