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Can I Get a Personal Loan if I Have an Existing Loan?

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People are eligible to avail two loans from the same bank based on your credit score and your repayment capacity. Banks always go through your documents before sanctioning you a loan to see how well you are able to handle your monthly payments.

Can I Get Personal Loan If I Have Existing Loan

Your credit history and CIBIL score

A minimum score of 750 is considered a good one. The lenders always check the credit score statement before lending you the money. So, before applying for the loan check for your credit scores so that your loan application does not get rejected. In case your credit card scores are not good enough, then do rectify them. So, those chances of being your personal loan getting approved are more and also you will get low interest rates personal loans.

Check the Eligibility Criteria

Most of the banks or any other loan providers always have a particular eligibility criterion. Banks see that the borrower is within the age group between 21 to 65 years. Another thing that the banks consider is that they verify about your minimum earning per year. The younger you are, there is more probability of getting a loan.

Current liabilities

In this, all the active and open credit accounts are taken into consideration. But getting a loan is not that easy. There are some procedures that you need to get by so that your loan request gets approved.

Something which one should consider after taking the loan is the repayment option. It is always a difficult task to take two loans and pay them back on time. Always remember you need to pay back the money to the bank along with the interest.

Purposes for which you can take a Personal Loan

As the name suggests, one can opt for a personal loan for various reasons. The bank or any other financial institution doesn’t ask you the reason behind the application of your personal loan. For example, you can opt for personal loans for your wedding plans or any travel plans, to support any medical emergencies in the family, for your education or even to renovate your house. If you are looking for some of the best business loans for veterans, then you need to do proper research on the same. For this, you can take help of Google or any social media or you can even seek help from a bank which can give you information about where to make a choice.

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Always check your ability of repayment

It is always good to check your repayment capability before opting a loan. Nowadays, every financial transaction that you make can be tracked. Always make sure that you go ahead with the loan amount and you can repay it every month without any delay. If you fail to pay the EMI on time it will surely affect your CIBIL score.

The EMI of your loan must not exceed more than 30 to 40% as you also have many other expenses to meet in every month. When you already have an ongoing loan than try to accompany your existing loans with your future ones because it is the only way that will help you with your life a lot. You need to also check for banks or any other financial institutions those provide you low-interest rate personal loans when looking for best business loans for veterans.



By

Ram Kumar blogs at DeviceBowl. He is a graduate in Computer Science and Engineering. Addicted to Blogging and Coding.

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