All Finance Help at Single Place

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All Finance Help at Single Place

• All
  Finance Help at Single Place

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Loans From Two Banks at the Same Time?

• Yes you can goal from two bank at the same time
  however you have to fulfil the following
  requirement to get secound loan

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FOIR
Apart from your credit score, the bank checks
your repayment capacity and based on it, the bank
will decide whether or not you are eligible to
get a loan. Banks use your FOIR (Fixed Obligation
to Income Ratio) to determine your repayment
capacity.
Good credit score
When you apply for a loan, a lender, first of
all, checks your credit score with rating
agencies. If your credit score is good i.e. above
750, you can apply for a new loan.
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Top-up loan

• A top-up loan is a type of loan that a bank
  offers on top of the primary loan amount to its
  existing customer of a personal loan, home loan,
  etc. If a bank doesn't offer a top-up loan, the
  customer can transfer his/her existing loan to a
  new lender and apply for a top-up loan.

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Features and benefits of atop-up loan

• Minimal documentation
• Because the customer has an existing relationship
  with the bank, the bank already knows about the
  customer, his credit history and repayment
  behaviour. Hence, the requirement for
  documentation is minimal. However, it may vary
  from bank to bank
• Debt consolidation
• 2) Borrowers can get a top-up loan on their
  existing personal loan and pay off other debts
  like credit card bills on time. Consolidating
  other debts will help the borrower reduce the
  overall interest cost, and now they will have a
  single loan to pay off.

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Attractive interest

3) There are lenders that offer a top-up loan
at attractive interest rates for the customers
with a good repayment history. Because of this,
many borrowers opt for a top-up loan rather than
applying for a new loan.

• Consolidated EMI
• 4) Many lenders allow the customer to repay the
  original loan and top-up loan in a consolidated
  EMI, so there is no need to repay the loans
  separately. Hence, you will have a single EMI to
  pay every month and you will not need to remember
  different due dates for different loans.

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