Can I Apply for Multiple Loans at Once Using PSBLoansIn59Minutes?

 

The Government of India–backed digital lending platform PSBLoansIn59Minutes was created to simplify and speed up loan access for Indian Micro, Small, and Medium Enterprises (MSMEs). By leveraging advanced technology, the platform enables borrowers to receive in-principle loan approvals from participating public sector banks within just 59 minutes.

A common question among borrowers is whether they can apply for multiple loans at the same time using PSBLoansIn59Minutes. The short answer is yes—but with important conditions and limitations.

Is There a Legal Limit on the Number of Loans You Can Have?

There is no legal restriction on the number of loans an individual or business can hold. If your income, credit score, and debt-to-income (DTI) ratio meet lender eligibility criteria, you may hold multiple loans simultaneously—such as personal loans, home loans, or business loans.

However, most banks prefer to limit borrowers to two or three active loans to manage repayment risk. Applying for multiple loans also leads to multiple hard credit inquiries, which may temporarily reduce your credit score.

A hard inquiry occurs when a lender checks your credit report during a loan application. Each hard pull can cause a small, short-term dip in your credit score. Since credit scores are a key approval factor, frequent applications can work against you.

Can You Apply for Different Loan Types Together?

Loans broadly fall into two categories:

• Secured loans (home loan, auto loan, loan against property)
• Unsecured loans (personal loan, MSME loans, working capital loans)

On the PSBLoansIn59Minutes platform, you cannot apply for two different loan types in a single application. For example, you cannot apply for a personal loan and a business loan together in one submission.

However, you can submit multiple applications separately for different loan types. Each application will be evaluated independently, and banks will carefully assess your combined repayment capacity, income stability, and existing liabilities.

How to Apply for Multiple Loan Types on PSBLoansIn59Minutes

The loan application process is fully digital and paperless:

1. Log in to the official PSBLoansIn59Minutes portal
2. Select the desired loan type
3. Register using your email ID and mobile number
4. Upload required documents digitally

The platform uses AI-driven algorithms to analyse income tax returns, bank statements, GST data, and financials. This automated evaluation generates real-time insights on eligibility, creditworthiness, and risk, allowing banks to issue quick in-principle approvals.

Does PSBLoansIn59Minutes Allow Lender Comparison?

Yes. One of the strongest features of PSBLoansIn59Minutes is the ability to compare offers from multiple banks after submitting a single application.

Important points to remember:

• These are multiple offers, not multiple applications
• All offers relate to one loan request
• You can proceed with only one lender
• Other offers automatically expire

Applying for Multiple Loans of the Same Type

If you want two loans of the same type—such as two business loans or two personal loans—PSBLoansIn59Minutes does not automate this process.

In such cases:

• Separate applications are required
• Banks assess total borrowing exposure
• Approval depends on cumulative EMI burden
• Bank-specific credit policies apply

Impact of Multiple Applications on Credit Score

Submitting multiple loan applications within a short period can:

• Lower your credit score due to repeated hard inquiries
• Raise red flags for lenders
• Lead to stricter approval conditions
• Result in higher interest rates or shorter loan tenures

Even though PSBLoansIn59Minutes uses automation, final approvals still involve credit bureau checks by individual banks.

Best Strategy If You Need More Than One Loan

1. Identify priority needs – Apply first for the most critical or income-generating loan
2. Wait for approval – Understand EMI and repayment obligations
3. Apply sequentially – Submit the second application only if your finances can handle combined EMIs

Alternatives to Multiple Loan Applications

• Apply for a higher loan amount in one application
• Opt for top-up loans if you already have an active loan
• Use working capital limits or credit lines for flexible funding

Conclusion

PSBLoansIn59Minutes is a powerful platform for fast, transparent, and digital loan processing. While it allows only one application at a time, you can submit separate applications if needed. The key is to apply strategically, maintain a healthy credit profile, and avoid unnecessary multiple inquiries.