If you already have an education loan and are wondering can I get personal loan if I have education loan, the short answer is yes. But it depends on your existing debt and lender. When you apply for a personal loan while having an education loan outstanding, lenders will closely examine:
Your credit score/CIBIL score a strong history of timely repayments, improves your chances.
Your income and repayment capacity they will check whether your income is sufficient to service all current and new loan EMIs.
Your debt-to-income ratio (DTI) or fixed obligations to income ratio (FOIR), if a large portion of your income is already committed to loan EMIs, approval may be harder.
Purpose and timing, some lenders may view taking a large new loan while you’re repaying another as higher risk.
Before applying, calculate your current EMIs (education loan + any other obligations) and see whether adding a personal loan still keeps your EMIs within a manageable portion of your income (typically lenders prefer <35–50 %).
Ensure your credit report is clean. Late payments on your education loan will hurt your eligibility.
Consider the interest rate. Personal loans generally carry higher interest rates than education loans, and having multiple loans may mean a higher rate.
Decide whether you truly need the personal loan, or whether you could adjust your current loan terms or repayment schedule instead.
Inform the lender clearly about your existing loan obligations. Non-disclosure may lead to rejection or worse. I hope you found this information helpful.
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Can I Get Personal Loan If I Have Education Loan?
ruchi
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2025-11-24T19:34:54+00:00 2025-11-24T19:34:56+00:00Comment
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