Many people have 2-3 loans, along with many credit cards outstanding. And that may have clued up a bigger portion of their monthly income. Also, having a higher debt to income ratio is bad and may hurt the credit score.
When you have many debts to pay in a month, you may find it difficult to manage other expenses. Then, what is the solution?
You can go for the debt consolidation loan and pay just 1 EMI in a month.
If you want to know why you should apply for a personal loan for debt consolidation, then this post will help you.
- It can help you clear your debts easily
Having so many EMIs to pay in a month also means paying a higher interest. Hence, if you consolidate your debt, you will end up paying just 1 EMI. And you can manage to pay lower personal loan rates. What’s more, leading lenders can let you repay your personal loan for debt consolidationover up to 60 months. Thus, you can stretch it and pay reduced EMIs to deal with other outlays.
- You can borrow as high as up to Rs.25 lakh
It does not mean how much debt you have; it is still possible to repay all. You can do that using the online personal loan for debt consolidation facility. It is because you have the freedom of availing a higher amount of up to Rs.25 lakh to consolidate all.
- The loan comes with easy to meet eligibility and documents
An online debt consolidation loan does not need you to follow many complex eligibility conditions. It also does not need a bucket of documents. The standard personal loan eligibility and documents include:
- You need to be a resident citizen of India.
- You should be aged between 23-55 years.
- You should be employed with an MNC, Public or a Private Limited Company.
- KYC Documents.
- Employee ID Card.
- Last 2 months’ Salary Slips.
- Previous 3 month’s Salaried bank account statements.
- You can get the approval instantly
Leading lenders may approve your loan application within minutes. It is after you meet their eligibility criteria and submit documents. Once the loan is approved, the loan money can be credited in your bank account within 24 hours.
How to apply for the personal loan for debt consolidation online?
Applying for the online debt consolidation loan is super easy if you follow a few simple steps:
- Land on the website of the lender you wish to apply for the loan. Look for the ‘Apply Now’ button on the debt consolidation loan page. A new application page will open after you hit it. You will now need to enter your personal, professional and employment details.
- You will now be asked to enter a loan amount that you want and a tenor you will repay the money within.
- Now the representative of the creditor will get in touch with you to collect documents from your doorsteps.
- Your approved loan amount will be disbursed into your bank account within 24 hours.
You are now well aware of the benefits of taking a debt consolidation loan to repay all existing debts and pay just 1 EMI.
If you are ready, then you can start applying for it online and save your time.