In times of steadily-growing inflation and increasing costs of living, availing loans has become quintessential to achieving various goals. For instance, you may be servicing multiple loans, each taken for a different purpose: a home loan to buy a villa, a car loan to purchase a high-end sedan, and a personal loan in order to fund an overseas family holiday. However, servicing several loans at the same time not only places heavy demands on your monthly budget, but also puts you in a challenging position, financially.
At such times, consolidating your loans can be a smart move. This way, you can reduce the overall cost of borrowing significantly. In addition, debt consolidation rolls all your existing borrowings into one thus leaving you with just a single EMI to tend to every month. To this end, an offering like Loan Against Property can prove to be effective as it gives you access to substantial financing, at an economical rate of interest and for a long tenor.
Read on to know more about consolidating your debt with the Bajaj Finserv Loan Against Property.
What does the Bajaj Finserv Loan Against Property have to Offer?
The Bajaj Finserv Loan Against Property is a feature-rich product that offers an answer to your financial headwinds. Here’s why.
- Bajaj Finserv offers a high-value sanction of up to Rs. 3.5 crore depending on the market value of the real estate you pledge. This gives you access to ample funds with which you can consolidate both small and big-ticket loans running into tens of thousands and several lakhs alike
- Since a Loan Against Property is backed by a high-value asset, the interest charge on this loan is relatively lower, resulting in a reduced cost of borrowing. On the other hand, your current debt, a combination of unsecured and secured borrowings, is likely to have varying interest rates with the overall credit cost placing a strain on your budget. Here, this cost-effective loan from Bajaj Finserv allows you to repay all your debts in an affordable manner
- Bajaj Finserv has simple eligibility criteria that make it easy to qualify for the loan. As a salaried individual, you should be a resident Indian aged between 33 and 58 years and earn income from an MNC, a private or a public company. Whereas, if you are self-employed, you should be a resident Indian aged 25 to 70 years residing in a city mentioned under the approved list of cities, where the lender sanctions loans
- Documents prove your eligibility and furnishing the right documents hastens your approval. Bajaj Finserv has simple document requirement that makes for a straightforward loan application procedure. Salaried applicants are required to submit their latest salary slips, last 3 months’ bank account statements, PAN card/ Aadhaar card, residential proof, ITR and a copy of property documents to be pledged. On the other hand, a self-employed applicant must submit last 6 months’ bank account statements, PAN/ Aadhaar Card, address proof and a copy of property documents to be pledged
- On meeting the eligibility criteria and submitting the right documents, Bajaj Finserv follows up your application with a speedy approval and a swift 4-day loan disbursal, one of the fastest in the country. This not only helps you consolidate debt sooner, but also avoid penal charges that pending dues normally attract
- Bajaj Finserv offers a Flexi Dropline feature that allows you to make multiple withdrawals on the go while incurring interest only on the amount withdrawn. Further, you can choose to pay interest-only EMIs throughout the tenor and repay the principal only once the tenor ends. This helps you reduce your EMIs by up to 45%
Now that you know the distinct features and the benefits of the Bajaj Finserv Loan Against property, use it to consolidate your debts and repay them without hassle.
Additional Read: What is Debt Consolidation?
How to Use a Loan Against Property to Consolidate Debt?
Follow these simple steps to consolidate your debts using the Bajaj Finserv Loan Against Property.
- List out your all loans and credit card debts and mention details like the outstanding balance, interest rates, and due date against each of them
- Arrange these debts in descending order by prioritising the high-interest borrowings and calculate the total outstanding dues
- Avail funding from a Bajaj Finserv Loan Against Property commensurate to your net debt amount and choose a tenor over which you can repay the borrowed sum comfortably. Use the Loan Against Property EMI calculator to ascertain the tenor length by determining your monthly instalments
- Once you get the funds, pay off each loan on priority basis as per your list
- Service the Loan Against Property diligently and make part-prepayments to get debt-free sooner
Additional Read: Benefits of Debt Consolidation
Now that you know how to manage large amounts of debt from various sources effectively, take the next step to avail Bajaj Finserv’s Loan Against Property. To get started, check your pre-approved offer. Doing so gives you instant approval through a tailored offering and puts you on track to combatting debt quickly.
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