Yes, it is possible to take a personal loan with existing loan. However, approval depends on several factors related to your financial profile and repayment capacity. Lenders evaluate your Debt-to-Income (DTI) ratio, which compares your monthly debt obligations (existing EMIs) to your monthly income. A lower DTI ratio (preferably below 40-50%) indicates better loan eligibility, as it shows you can manage additional debt without financial stress.
Can I Apply for Personal Loan Even if I Have Existing Loan?
Yes you can apply. Your credit score also plays a critical role. A score above 700 enhances your chances of approval, as it reflects responsible credit behavior. If your score is low or if you have missed EMI payments in the past, lenders may either reject your application or offer loans at higher interest rates.
Keep in mind the following considerations:
Interest rates on the new loan may be higher if your existing obligations are high.
Loan amount eligibility may reduce, as lenders will cap the amount based on your income.
Adding another EMI may strain your monthly budget, so plan carefully.
Consider consolidating multiple loans or doing a balance transfer if interest rates are more favorable.
To apply for another personal loan, you need to submit standard documents such as identity proof, address proof, income proof, and details of your existing loan. Some lenders may ask for a loan statement or sanction letter of the ongoing EMI to assess your repayment history.
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Can I Take a Personal Loan if I Already Have an Ongoing EMI?
ruchi
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7 months
2025-05-21T12:36:29+00:00 2025-05-21T13:02:14+00:00Comment
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