Personal loans, auto loans, high-interest credit cards and other ongoing loans are bound to strain your finances. To help you manage the burden of loan repayment, experts suggest considering a debt consolidation loan.
A debt consolidation loan (also called a personal loan for debt consolidation) combines all your debt into a single manageable personal loan. This means, instead of multiple loan repayments every month, you only need to deal with a fixed monthly payment on a single repayment date.
Choosing the Bajaj Finserv Personal Loan for debt consolidation is a step in the right direction as it offers instant approval on online applications and keeps the application simple. 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 different documents you need to submit when you apply for a debt consolidation loan.
1. Identity proof
Under this category, you need to submit KYC documents that verify your identity. These include your PAN card, voter’s ID card or driver’s license that carry both your name and your picture. This information helps us authenticate your identity.
Additional Read: How does outstanding debt affect your credit score?
2. Address proof
You need to submit documents under this category to prove that you are an Indian citizen and reside in India. These include your Aadhaar Card or Passport copy, electricity bill or phone bill. Your address proof also helps us identify the city you reside in and offer you a corresponding loan amount based on our internal parameters.
3. Documents to show your repayment ability
When you choose a debt consolidation loan, the lender needs to verify your financial ability to repay the new loan. Since this loan is unsecured and not backed by any assets, this step is essential for quick approval on your application. Here, you need to submit your salary slips for the past two months and your salary bank account statement for the last three months.
4. Employment proof
This is another important set of documents that help us check your creditworthiness. Your employee ID card is proof of your job stability and employment status. Employment with a reputable MNC, public or private company is likely to get a higher sanction at a competitive interest rate.
Additional Read: Clear your debts on time to maintain a good CIBIL score
These are all the documents you need to apply for a debt consolidation loan. While minimal documentation can help you raise funds quickly, here are a few other features of this loan:
- You can get up to Rs.25 lakh to tackle your debt
- You can choose flexible loan tenors of up to 60 months
- Personal loans are offered at a nominal rate of interest
- The Flexi personal loan variant allows you to pay interest-only EMIs for the initial part of the tenor
- Personal loans are collateral-free loans
- You can get 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 and its significant benefits check if you are eligible for one. You can also find out all the fees and charges to avail of a personal loan for debt consolidation.
Bajaj Finserv also brings you pre-approved offers across many loan products, such as personal loans, business loans, home loans, and more, to instantly help you avail of financing. All you have to do is share your basic details and check your pre-approved offer.
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