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5 reasons why you should apply for a Personal Loan for Debt Consolidation

  • Highlights

  • A loan for debt consolidation is an unsecured loan

  • You can use it to consolidate and repay your existing debt

  • You can apply for one online and get instant approval

  • This can be then repaid over a tenor that suits you best

With an estimated number of 2,500 cases of insolvency in the courtrooms in 2018, rising levels of debt is a situation that needs urgent attention. When you have various debts, be it credit card debt or loans and have missed EMI payments, your finances suffer and so does your credit score.

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Your savings too are sure to get depleted with multiple high rates of interest getting compounded. So, if you have a significant amount of outstanding debt, it is best to tackle it with the help of a personal loan for debt consolidation. Not only does this help you repay your debts, but also makes the process more affordable and convenient.

Bajaj Finserv’s Personal Loan for Debt Consolidation is one such customised financing option that helps you clear all your debts swiftly. Here are top reasons to avail this personal loan for debt consolidation.

1. It helps you clear debts affordably and easily

Debts often come with multiple EMIs and soaring levels of interest. By consolidating your debt, you not only reduce multiple EMIs into a single installment, but can also benefit from lower personal loan interest rates. When you choose the customised debt consolidation loan from Bajaj Finserv, you gain from affordable repayment over 60 months. Considering that this loan is collateral-free, you also don’t need to risk your personal assets.

Additional Read: Are You Eligible For a Personal Loan For Debt Consolidation?

2. It allows you to borrow up to Rs.25 lakh

No matter what kind of debt you have accumulated, you can consolidate your repayment for an amount up to Rs.25 lakh based on your eligibility. Bajaj Finserv’sDebt Consolidating Loan benefits you by also offering you the Flexi Interest-only loan, which allows you to only repay the interest as EMIs. This helps you reduce your EMIs by 45% and manage your cash flow better.

3. It has easy eligibility criteria and no hidden charges

Debt can be quite stressful to manage, but this customised personal loan eliminates the added hassles of complicated requirements for eligibility and application. Just use the eligibility calculator to see if you qualify, and apply online for fast approval. The documents required are minimal and include your salary slips, bank account statements, employee ID and basic KYC documents as address and ID proof. All this is designed to make application quicker and easier. Additionally, this loan carries no hidden charges. You can make part-prepayments to reduce your EMIs and overall interest at nominal fees and also foreclose your loan. Learn about the fees and charges you are likely to face over and above the personal loan interest rate.

Additional Read: How Does Outstanding Debt Affect Your Credit Score?

Personal Loan for Debt Consolidation

4. It lets you access funds instantly

Time is a major constraint when it comes to paying off debt. To help with this aspect, this personal loan gives you approval instantly, and offers you money in your bank in 24 hours. This makes it one of the best ways to tackle debt no matter what the deadline.

5. It gives you online access and pre-approved offers

Last, but not the least, you can manage your personal loan for debt consolidation no matter where you are and when you choose to with secure online access. So, you can check your EMI schedule, statement, etc., without visiting a branch or calling a representative. Moreover, you can make the most of pre-approved offers that may give you a more competitive interest rate or other promotional offers. To check your pre-approved offer, click here.

With all this on offer, a personal loan for debt consolidation is an ideal way to free yourself from debt. Don’t forget to check your eligibility for the personal loan and plan your repayment using the loan EMI calculator, before getting started.

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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