Can I Apply for a Personal Loan from Two Banks

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 / NBFCsInterest Rate (p.a.)
Upward9.00% – 36% p.a.
HDFC Bank10.5% p.a. – 21.00% p.a.
Yes Bank10.99% p.a.
Navi9.99% p.a. – 45% p.a.
Kotak Mahindra BankUp to 12% p.a.
Axis Bank12% p.a.- 21% p.a.
IndusInd Bank10.49% p.a. – 31.50% p.a.
HSBC Bank9.50% p.a. – 15.25% p.a.
IDFC First Bank10.49% p.a.
Tata Capital10.99% p.a.
Home Credit19% p.a. – 49% p.a.
Ujjivan Small Finance Bank11.49% p.a. – 16.49% p.a.
Aditya Birla Capital14% p.a. -26% p.a.
State Bank of India9.60% p.a. – 15.65% p.a.
Bank of Baroda10.50% p.a. – 12.50% p.a.
IIFLUp to 24% p.a.
Fullerton India11.99% p.a. – 36% p.a.
IDBI Bank8.15% p.a. – 10.90% p.a.
RBL Bank14% p.a. – 23% p.a.
Punjab National Bank7.90% 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.

4 Lakh Personal Loan at 12,000 SalaryPersonal Loan for Minimum 10000 Salary
Personal Loan for Minimum 14000 SalaryPersonal Loan for Low Income Earners
Personal Loan for Minimum Salary 16000Personal Loan for 17000 Salary
Personal Loan for Minimum Salary 20000Personal Loan for Minimum Salary 21000


  1. Can I apply for a loan at 12,000 Salary?

    24hrloan provides you with up to 5 lakh personal loans with a 12K net salary.

  2. My current job is 10 months old. Can I apply for a loan?

    You can apply with 10 months of job experience.

  3. Can I apply for the loan from anywhere?

    24hrloan offers a pan India loan facility. You can apply for a personal loan or business loan from anywhere in India.

  4. What is the maximum repayment tenure?

    Werize is offering up to 3-year loan repayment tenure. You can get up to 60-month repayment tenure with other Banks/NBFCs.

  5. Can I apply for a personal loan from two banks?

    If you have a 750+ CIBIL Score, you can apply for a loan from two banks at the same time.

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