Can I Take 2 Personal Loans From Same Bank

Both the loans are easy to get.

Can i take 2 personal loans from same bank. Fixed deposits of the same bank. Yes it s perfectly possible to take out more than one loan with either your current lender or a second lender. To qualify for a second loan the combined maximum outstanding loan amount cannot exceed.

This facility will give you a credit limit but you may have to offer a collateral like a fixed deposit. The unsecured loans follow the most straightforward procedure and it takes minimum time. Such practice should be avoided by customers.

If you re applying for roughly the same amount of money with similar lenders credit bureaus often recognize that you re trying to find the best rate not actually attempting to take out multiple loans. Some might think that the more applications the more chance of being accepted. Instead of choosing two personal loans you can opt for an overdraft facility from your lender.

Lendingclub for example says that borrowers can have two active loans from the lender at the same time. Sometimes it s tempting to make multiple applications for credit. The old loan will not be closed when a parallel loan is availed.

Yet another excellent alternative is to avail a loan against securities. Howvere different lenders have different policies and each application for credit will be assessed on its own merit. Do not apply personal loans at multiple banks 17512 views banks customers at times need loans for an emergency or they apply at 2 3 banks so that they can take from the bank whichever gives them better or quickly.

The unsecured personal loan vs. Usually lenders do not sanction two personal loans at the same time. A parallel loan is a loan that is availed in addition to your existing loan from a single bank.