How Can You Take A Business Loan And Personal Loan Together?

Today’s lifestyle has not only increased the quality of life but has also increased the burden of people’s pockets. To live a good lifestyle, you must also have extra funds. But what to do when you have already taken a loan? Along with this, other questions also arise, can you take two loans simultaneously? Let us answer these questions.

Yes, you can take personal loan and business loan together. Now how will you think? Many lenders provide business loans to you, knowing that you have taken a personal loan. Such lenders approve loans based on various factors.

Income to debt ratio

The ratio of low debt to income (DTI) shows the balance of your debt and income. This has a direct impact on the borrowing capacity of the customer. A low debt-to-income ratio is usually less than 40 percent and it shows that there is a good balance between income and debt. Lenders definitely see a lower debt-to-income ratio as it indicates that the customer can manage the additional debt responsibly. The lower the DTI, the more the customer is likely to get the loan.

Credit score

Credit history is a big factor when processing personal loan applications. It is managed by Credit Burroughs. A credit score of 750 or more is considered good. If an applicant has a low credit score, there is a chance that your personal loan application will be rejected or you will get a loan at higher interest rates.


If there is more income than the interest rate will be reduced. Being a high-income customer gives credibility to the lender as the chances of default are reduced. For example, if a person’s income is 25 thousand rupees per month, then the lender will offer him a loan at an interest rate of 14 percent. If someone’s salary is 70 thousand, then he will get a personal loan at the rate of 12 percent from the same lender.

Company strike

The applicant’s company also plays an important role in deciding the loan interest rate. Those working in well-known and stable organizations get loans at low interest rates. This is because the lenders consider the careers of the employees of the well-known companies to be stable and understand that they will be more responsible in paying the debts.

Credit repayment history

If an applicant has a good repayment history, it plays a positive role in terms of loan approval and interest rate. The lender sees that if the applicant is disciplined in terms of payment, then he does not hesitate to reduce the interest rates.


If the lender finds fault in the credit profile of the applicant, he either rejects the loan application or gives loan at a higher rate of interest. Most lenders want applicants whose loans are not defaulted.

Relationship with lender

Most of us like to open savings account and fixed deposit in the same bank. This makes you a loyal customer of the bank. Due to this, you also have a relationship, by taking advantage of which you can take a loan at low interest rates when you need a personal loan. Being an existing customer, you will definitely get some benefits because you are an existing customer of the bank and the bank will not want to lose you at all.

How to manage loan EMI

If you are using personal loan and business loan at the same time, then you will have to pay a lot of monthly installment. Therefore managing EMIs should be your top priority. Let us tell you about some methods:

Know your payment ability

Take as much loan as you can repay every month. The online EMI loan calculator can help you calculate EMI. With this, you will already know how much instalment will be deducted every month.

Choose a longer repayment period

The repayment period of the loan directly affects your loan amount. By choosing a longer repayment period, you can repay the loan for a longer period, which will reduce your EMI amount.

Manage personal expenses

If you are already running a loan and you want to take a second loan, then first you have to see how much amount you have to pay for all the loans. The EMI for each month of both loans should not exceed 50 percent of your monthly salary. You can also find additional source of income. Only then you will be able to run your daily expenses and personal expenses easily.

Never miss an EMI

Paying EMI continuously improves your credit score. With this, you get a loan at lower interest rates than others. So keep a good credit score and pay your credit card bills and existing loans on time so that you can get a good loan deal. Timely payment of EMI is necessary.

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