Is it possible to take more than one personal loan at the same time?

A need for a personal loan may arise at any moment to an individual. The requirement could be a medical emergency, an urgent house repair, replacing a broken laptop or preparing for a wedding in the family.

They say lightning does not strike twice. In other words, the chances of having an unusual event again are rare. When it comes to financial emergencies, often the contrary is true. The bad times keep getting worse. An individual might need another personal loan to cope up with another unwanted situation.

However, financial institutions might not be considerate in sanctioning another personal loan while one is running. Such a request might be an indication of the poor financial habits of an individual reducing their creditworthiness.

Financial institutions offer a loan up to 50% of the monthly salary of an individual. Thus in some exceptional circumstances, an institution might sanction a second personal loan if the existing loan is well under the 50% salary limit. 

A better way to handle such situations is to take a larger personal loan is to anticipate the requirement. A single loan will offer lower EMI, less processing fee and better chances of timely repayment. Another way is to opt for a credit line with the financial institutions. A credit line is more prevalent with the business community to manage their working capital requirements. Credit line provides flexibility to use the amount as and when the need arises while paying as per the availability. One only pays for the amount utilised for the number of days.

Thus, applying for multiple personal loans is not recommended, as that not only reduces the creditworthiness but also puts additional pressure on resources. The better way to manage such emergencies is by either applying for a consolidated personal loan or getting a credit line with your lender.

The best way to apply for a personal loan or a credit line is via LoansJagat. LoansJagat is India’s leading technology platform that helps individuals and businesses avail of various loans like personal loans, business loans, credit lines and secured loans.

LoansJagat makes it easy for individuals to get the best personal loan with the lowest interest rate. One needs to visit the LoansJagat web platform, enter the basic details and loan requirements. LoansJagat provides loan offers from over 40 top Banks and NBFCs. The applicant can then compare various loan offers and choose the offer that best suits the loan requirements.

LoansJagat then informs the applicant about the loan application status. Post the approval user can easily submit the required documents and sign the agreement post which the loan gets disbursed directly in the applicant’s bank account. 

LoansJagat also assists individuals and companies with a dedicated loan officer who guides the applicant throughout the entire loan process from application to disbursal.

If you are looking for the best personal loan with the lowest interest rate, apply on WWW.LOANSJAGAT.COM. India’s leading loan platform.

Also, with the apt guidance, one would not require to apply for multiple personal loans as there are better ways to handle such situations.

News Reporter

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