Debt Consolidation Loan
Debt Consolidation Loan
Simplify your finances by combining multiple debts into a single manageable loan with a lower interest rate.
Simplify Your Finances with Loan and Credit Card Consolidation
Consolidating your existing loans and credit cards can be a smart financial move that simplifies payments and reduces the stress of managing multiple debts. By merging various loans and credit card balances into a single payment, you can stay organized and avoid missing deadlines. One of the major benefits of debt consolidation is the potential to secure a lower interest rate. High-interest credit cards, in particular, can quickly increase your debt, making it challenging to keep up with payments. Through consolidation, you could lock in a lower rate, allowing more of your payment to reduce the principal rather than just covering the interest. This financial strategy can not only make debt management easier but also save you money in the long run. In addition, debt consolidation can improve your cash flow by extending your repayment terms, leading to lower monthly payments. This extra financial breathing room helps you manage your expenses more effectively. Over time, consistent, on-time payments may positively impact your credit score, helping you build a healthier financial profile. If you feel burdened by multiple debts, consolidating your loans and credit cards can provide the structure and financial relief you need. Take control of your finances and work toward a debt-free future with the right consolidation plan.
Why Debt Consolidation Is Right for You
Debt consolidation isn't just about convenience—it's about taking control of your financial health. By choosing to consolidate, you’re opting for an efficient and straightforward approach to debt management. Many people find that a single payment plan is easier to manage, but the benefits go deeper than that. Lowering your interest rate means more of your hard-earned money goes toward reducing your actual debt, not just interest. This can lead to faster repayment and a shorter time spent in debt. Additionally, if your current debts are spread across multiple creditors with varying terms, consolidating brings all your debts under one umbrella, streamlining the repayment process. The end result? Less stress, better cash flow, and a clearer path toward financial freedom. By opting for a debt consolidation service tailored to your unique situation, you can reduce financial pressure, achieve better control over your payments, and set yourself on the road to improved financial well-being.
The features & advantages of Debt Consolidation Loan are as follows:
Easy repayment option - 36 to 60 months
Very low rate of interest*
Fast Loan Process
Single Monthly Payment
Flexible Loan Options (Salaried)
Maximum eligibility of your income
We takeover Personal Loans & Credit Cards*
Minimum Documentation
Documents Required for Debt Consolidation Loan
Photo (Passport Size)
Pan Card
Aadhaar Card
Last 3 Months Salary Slip
Last 4 Months Bank-Statement to Till Date (Updated)
Present Address Proof
Permanent Address Proof (If Rented)
Permanent Address Ownership Proof (If Loan Amount Above 10 Lakh)
Last 2 Year Form-16
Co. Id Card
Existing Loan Details Required
All Loans Schedule/Statement of Account (SOA)
All Credit Card Statement
Existing Loan Closure Proof
Frequently Asked Questions
What is a debt consolidation loan?
It’s a loan that allows you to merge multiple outstanding debts into one single loan with one EMI.
What is loan consolidation?
Loan consolidation refers to the process of combining multiple debts, such as personal loans and credit cards, into a single loan. This is typically done to simplify payments and potentially reduce interest rates.
How does loan consolidation work for personal loans and credit cards?
In consolidation, you take out a new loan to pay off your existing debts, including personal loans and credit card balances. Instead of managing multiple payments and due dates, you make a single monthly payment toward the new loan.
How many days will be required for disbursement of loan?
From the day of submitting your complete documents to our executive to loan disbursement by bank, it will take around 3 to 7 days.
What are the benefits of consolidating personal loans and credit card debts?
1. Simplified payments: You only need to manage one loan, making it easier to stay on top of payments.
2. Lower interest rates: Consolidation may help reduce your overall interest costs, especially if you're consolidating high-interest credit card debt.
3. Improved cash flow: By extending the repayment term, you could lower your monthly payments, improving your cash flow.
4. Boost to credit score: Timely payments on your consolidated loan can positively impact your credit score.
Will consolidating my loans affect my credit score?
Initially, applying for a consolidation loan might cause a small dip in your credit score due to the credit inquiry. However, over time, if you make timely payments, consolidation can improve your credit score by reducing credit card utilization and improving your payment history.
Who should consider consolidating their loans?
Loan consolidation is ideal for salaried individuals who:
- Have multiple loans and credit card balances.
- Struggle with managing different payment schedules.
- Are paying high-interest rates on credit cards or personal loans.
- Want to simplify their finances by having a single payment.
What is the minimum income criteria to get debt consolidation?
Minimum net take home salary is 30k required for debt consolidation.
Is loan consolidation the same as debt settlement?
No. Loan consolidation combines your debts into one loan with a new interest rate and payment schedule. Debt settlement involves negotiating with creditors to pay a reduced lump sum to clear your debt, which may negatively affect your credit score. We do not advise to settlement of loans & credit cards.
What types of debts can be consolidated?
Common debts that can be consolidated include: Personal loans, Credit card balances, Car loan.
How do I qualify for loan consolidation?
To qualify for a loan consolidation, lenders typically assess your: Credit score, Income level, Debt-to-income (DTI) ratio, Employment history.
Can I still use my credit cards after consolidating my debts?
Yes, you can still use your credit cards, but it's advised to avoid accumulating new debt. The goal of consolidation is to simplify your financial obligations, so adding new credit card debt could defeat the purpose.
What are the risks of loan consolidation?
Some risks to consider include:
- Longer repayment terms: While this lowers monthly payments, you may end up paying more in interest over time.
- Potential for more debt: If you continue to use credit cards after consolidation without addressing spending habits, you could end up deeper in debt.
- Fees: Some consolidation loans come with origination fees, late fees, or prepayment penalties.
What are the documents required in order to apply for a Debt Consolidation Loan?
Passport Size Photo
Pan Card
Aadhaar Card
Last 3 Months Salary Slip
Last 4 Months Bank-Statement to Till Date (Updated)
Form-16
Present Address Proof
Permanent Address Proof (If Rented)
All Running Loans Statement/Schedules
Credit Card Statement Last generated