Combine your debt and repay it with a personal loan
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Combine your debt and repay it with a personal loan

  • Highlights

  • You can ease repayment with a debt consolidation loan

  • Debt consolidation loan reduces your expenses

  • Personal loan for debt consolidation has fast disbursal

  • You can improve your credit score with debt consolidation loan

One way of getting debt-free quickly is cutting down on your everyday expenses. However, if you have a large amount of debt, this solution isn’t the most practical one, as it won’t allow you to tackle the debt swiftly. So, it makes more sense for you to combine your debt and repay them in one go. An easy way of doing this is with the help of a loan tailored specifically for this purpose. This low-interest yet high-value loan will help you clear your debt in exchange for a convenient, single payment each month.

So, consider combining your debt and repaying it with a Personal Loan for Debt Consolidation. Here are the benefits of adopting this method.

Ease of repayment owing to a single EMI

Having only one EMI to pay will eliminate the risk of missing payments and paying the penalties that they come with. Besides, combining your debt will also help you reduce your expenditure on interest payments. This is because paying the personal loan interest rate is more affordable as compared to that of multiple debts.

Further, you can enhance personal loan repayment by choosing Bajaj Finserv’s Personal Loan For Debt Consolidation. Bajaj Finserv offers this option to you with a Flexi Loan facility, wherein you can borrow funds in instalments, as per your needs, and repay the amount as per your convenience.

Reduced expenses

While you are saving on interest and preventing default payments, when you choose a personal loan, your monthly outflow is likely to reduce significantly as well. As a result, you can efficiently cut back on expenses and save more. Be sure to use a personal loan EMI calculator to check how you can reduce your monthly cash outflow on EMIs before taking the loan.

Additional Read: What are the fees and charges on personal loan for debt consolidation?

Faster approval and disbursal

Choosing a debt consolidation loan from the right lender can help you save on time too. Leading loan providers, including as NBFCs like Bajaj Finserv, offer instant approval with disbursal within 24 hours of document verification. This helps you tackle your debt on time without further delay. You can also avail exciting pre-approved offers to further save time and get instant financing. All you need to do is enter your basic details and check out your pre-approved offer.

Personal Loan for Debt Consolidation

Better credit score

Outstanding debt affects your credit score. While you reduce your expenses and repay your debts by consolidating them, you are also working towards a better credit score. Taking care of outstanding amounts and paying off what you owe has a positive effect on your credit score. This comes to your aid when you need to borrow funds in the future, thereby offering you a long-term benefit.

Additional Read: How a Personal Loan Can Help in Paying Out Your Student Debt

But, do remember to check your eligibility for a personal loan before applying for one. This will ensure that you save time and are able to tackle your debt as efficiently and quickly as possible.

Personal Loan Instant Approval

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