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. It makes more sense for you to combine your debts 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 debts 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 owing penalties. Besides, combining your debts will also help you reduce your expenditure on interest payments. This is because paying one personal loan interest rate is more affordable when compared to the interest on multiple debts.
Further, you can repay multiple loans by choosing the Bajaj Finserv Personal Loan for debt consolidation. Bajaj Finserv offers this option to you with a Flexi loan facility, wherein you can borrow funds in installments, as per your needs.
Reduced expenses
While you save on interest and prevent default payments when you choose an instant 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 our 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 and disbursal within 24 hours of document verification. This helps you tackle your debt on time. You can also avail of pre-approved offers to get instant finance. All you need to do is enter your basic details and check your offer.
Better credit score
Outstanding loans affect your credit score. While you reduce your expenses and repay your debts by consolidating them, you are also working towards a better 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.
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