Rs. 40000 - Rs. 55 lakh
You may be eligible for a pre-approved offer
Enter mobile and OTP | Check offer | Combine your debts
-
Multiple debts can cause cash problems or missed EMI payments. They can be expensive to manage. You can reduce money stress by combining all your debts - like credit card dues, car loans, or student loans - into one simple loan called a personal loan for debt consolidation. Get funds in 24 hours* and clear all your debts at once.
✅ Check your pre-approved loan offer in just 2 steps to see if you can combine them all into one easy payment.
Why debt consolidation helps
-
This loan reduces your financial burden because personal loan interest rates are lower than many debts, especially credit card interest on pending payments. It also makes repayment easier by giving you one EMI with one due date instead of managing different EMIs due at different times.
Why this matters: This helps you repay debts faster instead of paying some on time and getting late payment charges on others.
Simply put, a personal loan for debt consolidation is your ticket to becoming debt-free faster.
How to qualify for a personal loan for debt consolidation
-
Check your personal loan eligibility
Once you decide to get an instant personal loan to clear all your debt, you must understand if you qualify. Here are the usual requirements for a debt consolidation loan:
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
-
Submit documents to prove your eligibility
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Phone bill
- Real-time image / photograph
- Ration card
Check your eligibility for personal loan using just mobile number and OTP – 100% online process.
How to apply for a personal loan for debt consolidation
-
Step-by-step guide to apply for a personal loan
- Click on ‘CHECK ELIGIBILITY’ on this page.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Check if you have an offer. If not, fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the offer or loan amount that you need. Choose from our personal loan variants.
- Choose the repayment tenure and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will contact you for further steps.
Pro-tip: Knowing these debt consolidation eligibility rules can help you pay off all pending debt and live debt-free.
Tools to help you plan
Don't forget to check your eligibility for a personal loan using our simple online calculator, and plan your EMIs using the loan EMI calculator. You can also get a personalised pre-approved loan offer for easy access to the loan. Share a few basic details and check your pre-approved offer for a personal loan for debt consolidation today.
*Terms and conditions apply
Key offerings: 3 loan types
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
Rate of Interest per annum |
10% to 31% p.a. |
Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
Flexi Facility Charge |
Term Loan – Not applicable Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi facility charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
Principal Holiday Facility Fees |
Above charges are inclusive of applicable taxes & will be deducted upfront from loan amount *(Loan amount includes approved loan amount, Insurance Premium & VAS Charges) |
Bounce charges |
Up to Rs. 1,200 per bounce. |
Pre-payment charges |
Full pre-payment
Part pre-payment
*Foreclosure will be processed post clearance of first EMI |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
Broken period interest / Pre-monthly Instalment interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows:
Scenario 1: If Loan is disbursed on 1st or post 10th of the month: |
Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
Related articles
Disclaimer
Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.