You’re already paying EMIs—but now, another need arises. Maybe a medical emergency, wedding, or home renovation.
You ask yourself:
“Can I get a second loan while still repaying the first?”
The answer: Yes—but it depends on a few critical factors.
When Taking a Second Loan Makes Sense
Your Credit Score Is Strong
CIBIL score above 700 increases your chances of approval.
Your FOIR Is Within Limit
FOIR (Fixed Obligations to Income Ratio) should ideally be below 40-50%.
Example: If you earn ₹50,000/month, your total EMIs shouldn't exceed ₹20,000–₹25,000.
You’ve Never Missed EMIs
A clean repayment record builds lender trust.
You Have a Valid Reason
If the second loan is for a critical expense (like surgery or education), some lenders are more flexible.
Risks of Taking a Second Loan
Lower Approval Chances
Lenders may see you as a high-risk borrower with multiple debts.
Increased EMI Pressure
Two loans = double the monthly burden.
Impact on Future Credit
If you miss even one EMI, your credit score can dip sharply.
Hidden Charges or Higher Interest
Some lenders may offer a second loan at a higher rate if they sense urgency.
Alternatives Before Taking a Second Loan
Top-Up Loan on Existing Loan
Easier if your current lender offers top-up loans with fewer checks.
Balance Transfer with Top-Up
Transfer your loan to another lender with lower interest + request additional funds.
Gold Loan or Secured Loan
If you have assets, secured loans can give higher limits with lower rates.
Personal Line of Credit
Flexible disbursal and repayment—only pay interest on what you use.
Vizzve Can Help You Choose Smartly
At Vizzve Finance, we evaluate:
Your current EMI load
Reason for the second loan
Income and repayment ability
…before recommending the best-fit option—second loan, top-up, or alternate product.
⏱️ Get approval within 30–60 minutes for urgent needs.
FAQs
Q1. Will my CIBIL score drop if I take a second loan?
Not immediately—but your credit utilization increases, and missed EMIs can affect your score.
Q2. How soon can I apply for a second loan after taking the first?
There’s no fixed time, but ideally wait 3–6 months of clean EMI history.
Q3. Can I take loans from two different lenders?
Yes. But both lenders will see your overall debt load via your credit report.
Published on : 24th July
Published by : SMITA
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