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Documents you need to apply for a debt consolidation loan

  • Highlights

  • You can easily apply online for a debt consolidation loan

  • Loan applications are fast and need minimal paperwork

  • Keep your identity and address proof handy when applying

  • Lenders check your bank statements and salary slips too

As your debt burden rises, you may consider taking an affordable debt consolidation loan to untangle your finances. The more the time the loan application and approval process takes, the more your income is stressed with high interest rates levied on various credit cards and loans. In this scenario, it can be a boon to apply with a lender, who offers speedy approvals and asks for minimal documents.

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Choosing the Bajaj Finserv Personal Loan for Debt Consolidation is a step in the right direction as it not only offers instant approval on online applications, but also keeps the application simple and fast. With only 4–5 documents required for debt consolidation, you can speed up your application and access funds as per your deadline.

Here are the various categories under which you need to submit paperwork.

Documents as identity proof:

Under this category you need to submit KYC documents that prove your identity to the lender. These include your PAN card, voter’s card or driver’s license that carry both your name and your picture. This information is required by the lender to authenticate your identity.

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

Documents as address proof:

You need to submit documents under this category to prove that you are an Indian citizen and that you reside in India. These include your Aadhaar Card or Passport copy, electricity bills and phone bills. These address proofs also help your lender identify the city you belong to and offer you a corresponding loan amount based on internal grounds.

Documents for proof of ability to repay:

When you are borrowing a debt consolidation loan, it is important for the lender to know your financial ability to repay the new loan. Since this loan is unsecured and not backed by any assets, this step is essential for getting a quick approval on your application. Here, you need to submit both your salary slips of the past two months and your salary bank account statement for the last three months.

Personal Loan for Debt Consolidation

Documents that prove employment status:

In conjunction of your finances, your lender also judges your job stability and checks your employer. Submit a copy of your employee ID and your lender also considers who you are employed with before approving your application. In this regard, if you are employed with an MNC, public company or private company that is reputable, you are likely to get a higher sanction at a more competitive rate of interest.

Additional Read: Clear Your Debts On Time To Maintain a Good Cibil Score

Submitting these documents is all you need to apply for a debt consolidation loan. While minimal documentation is one feature of this loan that can help you raise funds fast, take a look at how else this loan is beneficial:
1. It gives you up to Rs.25 lakh for tackling debt over a flexible tenor of up to 60 months
2. It is available at a nominal interest and has easy prepayment facilities
3. Its flexi personal loan variant allows you to pay interest-only EMIs until your cash flow is stronger
4. It has no restriction on usage and is collateral-free
5. It offers instant approval with money in your bank account in 24 hours

Now that you know all about the documents required for the debt consolidation loan as well as its major benefits, check if you are eligible for one. You can also find out all the fees and charges to avail a personal loan for debt consolidation.

Bajaj Finserv also brings you pre-approved offers across a number of loan products, including personal loans, business loans, home loans, and more to help you avail financing instantly. All you have to do is share your basic details and find your pre-approved offer.

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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