New Delhi, Aug. 20 -- A few months back, you took a 2-year personal loan to purchase a laptop for your work-related assignments. Now there is a medical emergency in the family, for which you need financial assistance. You are wondering if you can take a second personal loan?

In this article, we will understand whether an individual can take multiple personal loans, what banks check before giving multiple personal loans, and how an individual should manage multiple personal loans.

The Reserve Bank of India (RBI) has not issued any guidelines on limiting the number of personal loans an individual can take. So, banks are free to frame their policy on how many personal loans an individual can take. Banks usually don't have a policy on limit...