Everything you need to know about Personal Loan for Debt Consolidation
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Everything you need to know about Personal Loan for Debt Consolidation

  • Highlights

  • You can combine outstanding debt with debt consolidation

  • You can take a personal loan to consolidate debt

  • The eligibility criteria for personal loan are easy

  • You can apply online for a debt consolidation loan

Outstanding dues can strain your finances, and soit is important to clear them as soon as you can.This will allow you to safeguard your savings and protect yourself from having to pay hefty interest payments. Clearing outstanding dues is even more important if you find yourself paying penal interest and late charges ever so often. So, whether you have unpaid business credit cards, a few small loans or a combination of both, give debt consolidation a serious thought. Here is all you need to know aboutit.

What is debt consolidation? Is debt consolidation right for you?

Debt consolidation means combining your debt and paying it off as a whole. This is preferable over managing multiple EMIs, each with its own rate of interest. This option is especially helpful if you are repaying more than one debt each month, and are defaulting on payments regularly due to lack of funds or because you can’t track multiple EMIs efficiently. Consolidating your debt in such a scenario makes most sense as it makes it easy to handle and quick to repay.

How should you tackle debt consolidation?

While consolidating debt it is important to choose an option that will make repayment economical and convenient, and not burden your finances further. One of the most common mistakes to avoid while paying off debt is taking multiple loans or credit to do so. If you opt for this method, you may end up in a debt rut that is hard to break awayfrom. Instead, take a loan that suits your purpose. In this scenario, a personal loan is a perfect match. Personal loan interest rates are low, which means that once you clear your debt, repaying this loan won’t be a hassle.

Consider Bajaj Finserv’s Personal Loan For Debt Consolidation. It offers you a Flexi Loan facility, where you can borrow as per your needs and repay conveniently.You can check whether or not this loan is in your budget by making use of the handy Loan EMI calculator. Bajaj Finserv also has attractive pre-approved offers that saves your time and simplifies the process of availing financing. Simply enter your basic details and check out your pre-approved offer.

Eligibility and documents required

Look at the eligibility criteria for Bajaj Finserv’s personal loan for debt consolidation. This will indicate whether or not you are a good match for the loan.
- You must be between 25 and 58 years of age and a resident of India.
- You must be employedwith an MNC, public or private company.
- Your salary per month must qualify as per the requirements listed.

You can also check your eligibility for personal loan with the help of a simple calculator. Not only will it tell you if you qualify, the calculator will also tell you the amount that you can avail as a loan based on your details.

Now, take a look at the documents that you have to submit for debt consolidation loan.
- KYC documents
- Employee ID card
- Salary slips for the past 2 months
- Bank statements of your salary account for the past 3 months

Personal Loan for Debt Consolidation

Fees and charges associated with a debt consolidation loan

Apart from a nominal interest rate, you may also have to pay a few additional charges on your debt consolidation loan. Here’s a look at what they are:
- Processing fees - EMI bounce charge - Penal interest - Secure fee - Foreclosure charges - Prepayment charges

Being aware of these charges will help you take measures to avoid them, as well as plan for their payment if they are mandatory ones, such as a processing fee.

Application procedure

You can choose to apply online or offline for a personal loan for debt consolidation depending on the terms of your lender. Online application usually takes a matter of minutes and you can complete the process even when you’re out and about. On the other hand, if you want to apply offline, several lenders give you the option to do so by giving them a missed call or sending an SMS. A representative will get back to you and guide you regarding the steps that you must complete.

So, to live a financially healthy life, consider consolidating your debt with a personal loan today.

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