my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

Two Personal Loans at Same Time: Good or Bad?

Anika was excited about renovating her house. She has decided on the new bathroom tiles she wanted, the new color of her walls, her new kitchen cabinet, and the new cupboard, counters, and appliances. She opted for a personal loan to cover all these expenses. But halfway through, she realized that there would be numerous unforeseen expenditures that she has to incur. She considered opting for a second personal loan. Let’s talk if she has made a wise decision?

The rate at which people have started taking personal loans has greatly increased over the past few years. But one must note that taking multiple personal loans may not be a good idea. You must ask yourself, “Do I need such a huge amount?”, “Can I repay the interest on two personal loans?”, “What is the amount of my monthly income that will be used to repay the multiple personal loan?”. These are fundamental questions that you must ask yourself before opting for two personal loans at the same time.  There is no restriction on getting multiple personal loans, but usually, a lender will not sanction another loan if you already have to repay a personal loan. Plus, it is riskier and more expensive to get two personal loans. While you may have a stable flow of income, there may be unpredictable circumstances in which you may not be able to pay the excess loan amount. This can have a huge impact on your credit score and hamper your chances of getting a loan in the future. You might want to take another loan for that and it is possible to get caught into a cycle of debt. Thus, it is not advisable to opt for another loan when you’re already paying one. The lender always looks at your credit history and if you can repay the sanctioned amount. Also read step by step personal loan procedure at Finserv MARKETS.

Taking two personal loans at the same time can lead to:

  1. Overborrowing 

Overborrowing and multiple loans are synonymous. You may not need the entire amount of loan that is sanctioned. This can lead to an increase in unnecessary monthly payments. If you delay payments or are unable to repay the loan, it can have a severe impact on your credit score. 

  1. High debt to income ratio

Before sanctioning a loan, your debt to income ratio is analyzed. To get an instant personal loan you must have a low debt to income ratio and a high credit score. If your debt repayments take up more than 50% of your earnings, you are unlikely to get the loan. Ideally, to ensure adequate capacity for repaying your debt repayment must be 40% or less of your income. 

  1. Impact on your credit score 

A high credit utilization ratio puts you in the high-risk borrower category. This will eventually lead to a lower credit score. Non-repayment of loans has the highest impact on your credit score and will reduce the probability of you getting a loan in the future. 

  1. It might not be financially viable

Regularly opting for personal loans means that you are not being financially conservative. If you opt for a personal loan to pay your daily expenses this might be a problem. In such cases, it is always advisable to consider other financial help. 

If you are unable to estimate the amount required before you apply for a loan, you can opt for the Bajaj Finserv Flexi Personal Loan available on Finserv MARKETS. This is a first of its kind way of borrowing funds in India where a pre-approved loan limit will be sanctioned based on your credit score and you can borrow funds as per your requirements. You can pay interest only on the borrowed limit and prepay when you have additional funds! 

Features and Benefits of Bajaj Finserv Flexi Personal Loan

  • Bajaj Finserv Flexi Personal Loans are available for businessmen, salaried and self-employed individuals. 

  • You do not need to make multiple applications, all you need to do is transfer the money from your loan limit directly to your personal account as per your needs and requirements. 

  • You can part prepay your loan depending on your money flow for which you will not be charged any extra money. 

  • You have the option of choosing to pay only your interest amount as your EMI for the first year. This will reduce your EMI amount by up to 50%. You can pay the principal amount at the end of the year. 

  • There are no additional documents or extra charges to pay when you withdraw funds multiple times. 

  • The entire process of withdrawal and part prepay of funds is through an online customer portal -Experia- for hassle-free and smooth processing. 

  • Daily interest is charged as per the amount utilized at the end of the day, you can use the Flexi Interest Calculator to check daily interest calculations.

So, now you know why taking multiple loans at a same time is not a good idea instead you can opt for a Bajaj Finserv Flexi Personal Loan available on Finserv MARKETS and make life better.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!