Can I Apply for a Personal Loan from Two Banks?

The simple answer is yes. You can apply for a personal loan from two banks at the same time. But your credit score should be a minimum of 720. Also, it would help if you calculated EMI to pay the loans. Remember other factors like credit enquire debt of income & current credit score before applying.

So, Can I apply for a personal loan from two banks? We will give you a clear answer in this post. So keep reading…

Is it possible to get a personal loan from two banks?

No doubt, you can apply for a personal loan from two banks. But you should check out the points before applying.

Credit Score: When you going to apply from two banks, credit bureaus check your CIBIL score. This will hard impact on credit scores. If your CIBIL score is more than 750, you can apply for a personal loan from two banks.

Debt to Income Ratio: Debt ratio calculates your current EMI & Other expenses. Lenders will check your monthly debt & determine your borrowing risk. After that, you will be eligible for the loan.

 Log in at the Same Time: Lenders will pull your credit score after applying for a loan. It’s better to apply for a loan at the same time from two banks.

Repayment Capacity: Lenders will check the repayment capacity of the borrower before approval.

Previous Loan Track: Banks or NBFC companies will check your last loan track. If you are currently paying higher EMI, you will not be eligible to apply.

Also Read: LazyPay Personal Loan

Does it affect Credit Score?

If you log in for a personal loan in two banks, defiantly affect your credit score.  You should require a minimum 750+ CIBIL Score if you log in to two banks. Remember, if half of your salary is going to repayment, you can’t apply for a loan next time.

So, the answer is simple. Yes, it will affect your Credit Score. Also, lenders will check your repayment capacity and previous loan track before approval.

Comparison of Personal Loans in Different Banks

Banks / NBFCs	Interest Rate (p.a.)
Upward	9.00% – 36% p.a.
HDFC Bank	10.5% p.a. – 21.00% p.a.
Yes Bank	10.99% p.a.
Navi	9.99% p.a. – 45% p.a.
Kotak Mahindra Bank	Up to 12% p.a.
Axis Bank	12% p.a.- 21% p.a.
IndusInd Bank	10.49% p.a. – 31.50% p.a.
HSBC Bank	9.50% p.a. – 15.25% p.a.
IDFC First Bank	10.49% p.a.
Tata Capital	10.99% p.a.
Home Credit	19% p.a. – 49% p.a.
Ujjivan Small Finance Bank	11.49% p.a. – 16.49% p.a.
Aditya Birla Capital	14% p.a. -26% p.a.
State Bank of India	9.60% p.a. – 15.65% p.a.
Bank of Baroda	10.50% p.a. – 12.50% p.a.
IIFL	Up to 24% p.a.
Fullerton India	11.99% p.a. – 36% p.a.
IDBI Bank	8.15% p.a. – 10.90% p.a.
RBL Bank	14% p.a. – 23% p.a.
Punjab National Bank	7.90% p.a. onwards

Also Read: Fi Money Personal Loan

Eligibility Criteria

Follow the eligibility criteria to apply for a personal loan:

• The age should be 21 to 55 yr.
• 1 yr salary account statement required
• -1 / 700+ CIBIL required
• Indian Citizen
• A minimum Net Salary of Rs. 12,000 is enough to apply

Documents Required

• Pan Card
• Aadhaar Card
• Recent 3 yr Salary Slip
• 1 yr. bank statement pdf format
• Electricity bill / Tax receipt as a residence proof
• Co-applicant Aadhaar Card & Pan Card

How to Apply for a Personal Loan?

You can apply for a personal loan through our official partner Werize. This is a fully digital process. Check out the step-by-step process:

Step 1: Click on the “Apply Werize Loan” button to start the process.

Step 2: You will be redirected to our partner site.

Step 3: Fill up the basic details

Step 4: Enter your residential PIN code

Step 5: Upload Pan Card, Aadhaar Card, Salary Slip & 1 yr Bank Statement

Step 6: Click on the submit button.

Step 7: Now the bank will verify your documents & give you the eligible loan amount.

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