-
Customer care hotline Call +44 7831 065557
Are you ready for an upgrade?
Login to the new experience with best features and services
Notifications
-
As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.
-
Activate your Credit Card within minutes and enjoy unlimited benefits
Accounts
Deposits
Loans
- Metra Trust Loans
-
Personal Loan
-
Consumer Durable
Loan -
Home Loan
-
Education Loan
-
New Car Loan
-
Pre-owned Car Loan
-
Two Wheeler Loan
-
Pre-owned Two
Wheeler Loan -
Commercial Vehicle
Loan -
Gold Loan
-
Loan Against Property
-
Loan Against Securities
-
Personal Loan
EMI Calculator -
Education Loan
EMI Calculator -
Home Loan
EMI Calculator
Wealth & Insure
Payments
Cards
- Metra Trust Cards
-
Ashva :
Metal Credit Card -
Mayura :
Metal Credit Card -
FIRST Millennia
Credit Card -
FIRST Classic
Credit Card -
FIRST Select
Credit Card -
FIRST Wealth
Credit Card -
FIRST WOW!
Credit Card -
Forex Card
-
Deals
-
Debit Cards
-
Co-branded Cards
-
Credit Card
EMI Calculator -
FIRST Corporate
Credit Card -
FIRST Purchase
Credit Card -
FIRST Business
Credit Card
Premium Metal
0% Forex & Travel
Lifetime Free
- Max benefits, Free for life
-
FIRST Classic10X RewardsShoppingNever Expiring Rewards
-
FIRST Millennia10X RewardsShoppingNever Expiring Rewards
-
FIRST Select10X RewardsLifestyle1.99% Forex
-
FIRST Wealth10X RewardsLifestyle1.5% Forex
-
FIRST WOW!RewardsTravelZero Forex
-
LIC ClassicRewardsInsuranceShopping
-
LIC SelectRewardsInsuranceShopping
10X Rewards
- Reward Multipliers
-
AshvaLifestyleMetal₹2,999
-
MayuraLifestyleZero Forex₹5,999
-
FIRST ClassicNever Expiring RewardsShoppingLifetime Free
-
FIRST MillenniaNever Expiring RewardsShoppingLifetime Free
-
FIRST SelectNever Expiring RewardsLifestyleLifetime Free
-
FIRST WealthNever Expiring RewardsLifestyleLifetime Free
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Corporate Account
Cash Management Services
Corporate Lending
Treasury
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Offers
About Us
Investors
Careers
ESG
At times, a single loan may not be enough to meet personal needs and you may require a second one. Here are answers to some questions you should know out before applying for a second loan.
Can you get another loan if i already have one?
Yes, an individual can avail of more than one Personal Loan. Similar to the first loan, an individual will have to meet the eligibility requirements of the second loan set by the lender. Loan providers consider several factors, such as your existing loans and current income before approving loan applications. If you’re already repaying a personal loan, a lender will carefully analyse your repayment capacity before approving new applications. If the lender finds a reason to believe you will be unable to repay two loans, the loan application could be rejected.
Should you avail of your second personal loan from another lender?
Approaching a different lender for the second loan can seem like a smart move. However, it won’t help your approval chances if:
- You do not meet the eligibility requirements of the personal loan
- You have existing repayments
Both - your existing lender as well as your new lender, will look at your repayment capacity and income to determine your eligibility for a second loan.
Should you approach your existing lender?
Approaching your existing lender with a new financial requirement is usually recommended. You get to negotiate better terms based on your repayment history and credit score. You may also get to borrow funds as per your needs at competitive personal loan interest rates.
How does having multiple personal loans affect my credit score?
Managing multiple loans responsibly can positively impact credit scores by demonstrating a history of timely repayments. However, defaulting on multiple loans can adversely affect creditworthiness.
Are there any limits to how many personal loans I can have?
The number of personal loans an individual can have depends on various factors, including their financial situation, creditworthiness, and lender policies. However, borrowing responsibly is crucial to avoid over-leverage and financial strain.
What’s the alternative to a second personal loan?
A top-up is a provision that lets you add a certain amount to your existing home loan amount. With top-up loans you don’t need to approach another lender for the second loan. Some lenders will also let you combine your previous loan with the top-up loan or treat them both as separate loans. The value of your top-up loan entirely depends on your eligibility. The lender will take into account factors such as your credit score, current liabilities, and income, before approving the loan.
Before deciding whether to take a second loan, carefully analyze the factors that affect your eligibility to ensure you make the right choice. If you're considering a Personal Loan balance transfer, you can easily apply for one online at your convenience.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.