How to Manage My Multiple Personal Loan Accounts Efficiently?

Updated on: 22 Jan 2024 // 4 min read // Personal Loans
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A Personal Loan is usually taken from a financial institution by an individual for his or her personal needs like buying a car, house, travel, or anything which pertains to the personal needs of an individual. However, one may require more than one loan simultaneously. So, let’s explore if it is possible for a single person to have more than one personal loan account?

Yes, it is an option. If you have the right amount of income and you think you can handle to pay off these loans within the stipulated time span. So, opting for more than one Personal Loan is definitely an option. However, there are certain things you must consider while opting for multiple Loan accounts.

How to manage multiple personal loan accounts efficiently?

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Always clear the EMIs on time

Of course, this is one of the primary things to start with. When you opt for a loan, there is an interest amount that comes with it. Higher the loan, higher is the interest amount. Thus, it is always advisable that whenever you opt for a loan, you must pay your EMIs on time. This will help you maintain your good score, and the bank will have an understanding that you will be paying further interest and principal amount on time. They will thus, pester you less.

Opt for Top-Up plans

You must always try and get a Top Up plan rather than applying for further Personal Loans account. Considering, you already have multiple accounts, it is a good option to handle your debt.

Save up all the money you can

Taking a loan is easy, but maintaining the amount to return may get difficult at times. If you wish to pay back the amount on time, you must always make sure that the amount you have to pay back is well backed up from multiple sources. This will help you in being prepared for unprecedented situations. Save as much as you can. Cut back on your luxuries for some days and pay back the amount slowly and steadily. If you can pay a higher amount before time, then this will eventually release the, and you will be free from your debts even before you know it.

Opt for other sources of income

It is always advisable that you opt for more than one job or source of income. This will help you save more money, and pay off your Personal Loans easily, and fast as well. Thus, make the most of your day if you have more than one Personal Loan to take care off.

Make your Personal Loan debt your priority, even more than credit card debt

You can delay the time of paying Credit Card debt. However, you must not compromise the timing of paying your Personal Loan on time. Make sure you pay the minimum card due on time. This is because a default in bank payments will hamper your credit score. Also, try to use less of your credit card, so that you can pay more attention to Personal Loan account and do not accumulate additional monthly payments for future.

Which are the best personal loans plans in India you can take for yourself?

SBI Bank Personal Loan

State Bank of India is the largest public sector bank in India that offers customer friendly financial products for a wide segment of customers. There are 4 types of personal loans offered by SBI: SBI Xpress Bandhan Loan, Personal Loan to Pensioners, Xpress Credit Personal Loan, and SBI Festival Loans.

  • Interest rate on SBI Bank Personal Loan: 10.15% to 15.15% p.a.
  • Processing Fees on Personal Loan: Up to 1% of the loan amount plus the taxes applicable
  • Loan Tenure: Up to 60 months
  • Pre-closure charges: Pre-closure permitted after 12 months, i.e. 2 % to 4 % of the outstanding amount of principal as per applicability
  • No guarantor required

Documents required for SBI Bank Personal Loan

  • Loan application form
  • Passport size photographs
  • Copy of Income Tax PAN
  • ID proof
  • Address proof
  • Income documents

RBL Bank Personal Loan

RBL is one of the leading scheduled commercial banks in the country. It has been growing extensively and is on its transformation journey.

Features of RBL Bank Personal Loan

  • Rate of interest on RBL Bank Personal Loan: 15.50% to 25%
  • Processing fees: 2 % to 3 % of the loan amount plus service tax
  • Loan tenure: 1 year to 5 years
  • Pre-closure charges: 5 % of the principal amount which is below 12 months and 3 % of the principal outstanding.
  • No guarantor required.

In short, a lot of flexible loans are offered to cater to the diversified needs of customers. You can thus conveniently opt for Personal Loans for multiple needs; there is no harm and foul in that. However, it is very important that you maintain the right timing of paying off your debts and select the right lender.