Usually, lenders do not sanction two personal loans at the same time. Even if you are eligible for a personal loan from another lender, it’s not a good idea to apply for multiple personal loans at once. Keep in mind that lenders consider your credit history and repayment capacity while sanctioning a loan.
Can I take 2 home loans?
You may apply for more than one Home Loan, and the amount you spent on legalities may go up, but you are eligible just for a maximum rebate of 1.5 Lakhs. However, you can avail this benefit only after the house in under your possession, and you have not yet initiated the payment of the principal amount to the lender.
How long does it take to pay off a loan of 50 lakh?
If a person takes a loan of Rs 50 lakh at 10% for 20 years, his EMI will be Rs 48,251. If he increases the EMI every year by 5%, the loan gets paid off in less than 12 years. If he tightens the belt and increases the EMI by 10% every year, he would pay off the loan in just nine years and three months.
Is it a good idea to take a personal loan?
“It’s not a good idea to take a personal loan for buying luxury watches and high-end bags,” says Vineet Jain, founder of LoanStreet.in. If you must go on a holiday, throw a lavish party or indulge in some luxury shopping, start saving now. On the other hand, taking a loan for building an asset makes eminent sense.
What should I invest my money in when taking a loan?
Never use borrowed money to invest. Ultra-safe investments like fixed deposits and bonds won’t be able to match the rate of interest you pay on the loan. And investments that offer higher returns, such as equities, are too volatile. If the markets decline, you will not only suffer losses but will be strapped with an EMI as well.
How to apply for an instant personal loan?
In this age of digitisation, the process of verification and documentation has now become short. This is applicable for an instant personal loan as they are fast in disbursal and require minimum documents for approval. Easy Approval. You can get personal loans that are quick and easy in approval.
