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4 Ways to Consolidate Your Debt

  • Highlights

  • The process of debt consolidation is to combine multiple existing loans into one

  • This can help make the process of loan repayment convenient

  • We’ve listed 4 ways in which you can consolidate your existing

A debt consolidation allows to club all your smaller loans into one. Be it an outstanding bill of your credit card or a loan you take for your business, you can make repayment of all your debts into one by consolidating them. There are several ways in which you can do this without paying expensive interest rates or charges.

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Here are four ways to consolidate your debt.

1. Borrow a consolidation loan:

- Consolidation loans are custom loans that help you clear debts.
- These loans have a nominal rate of interest that make EMI affordable. So, you don’t have to worry about losing your income to high EMI.
- This makes loan repayment easy, as you have to tackle one loan rather than repaying multiple debts with varying rates of interest.

2. Carry out a credit card balance transfer:

- If you feel that your credit card lender is not offering a higher credit limit or has a high interest rate, you can always switch providers.
- A credit card balance transfer involves transferring your current credit card balance to a new lender.
- Even though the balance remains the same, you benefit from a higher credit limit, along with more affordable interest rates.

3. Carry out a home loan balance transfer:

- If your home loan has a high interest rate or poor customer service, you can always choose to do a balance transfer.
- This means that your balance will shift to a new lender and you will make an EMI payment to the new lender henceforth. If you have multiple home loans, you can move these together to the new lender and club them.
- This is the most convenient and easy way to consolidate home loans. It also lets you enjoy various other incentives the lender might be offering like a top-up loan, discounts, and more.

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4. Apply for a personal loan:

- This is the most flexible option for when you want to merge your debts. It usually allows you to borrow up to Rs.25 lakh.
- It also gives you a flexible tenor option for smoother and more convenient repayment.
- Apart from this, an instant personal loan also comes with other benefits such as quick approvals, line of credit, and much more.

Whether you have a credit card debt, home loan or any other outstanding debt, these methods can help you consolidate them without any hassle. You can borrow a Personal Loan from Bajaj Finserv to instantly consolidate your debts. This loan is feature-rich and offers excellent customer service too.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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