Are You Eligible For a Personal Loan For Debt Consolidation?

How to qualify for a personal loan for debt consolidation

Once you have decided to apply for a personal loan for debt consolidation, it is important that you understand your eligibility.

Check your personal loan eligibility

Here are the usual eligibility requirements for a debt consolidation loan:

- The minimum age requirement is 25 years and the maximum age limit is 58 years.
- You must be a citizen of India, residing in India.
- You must be a salaried individual employed by an MNC, public or private company.
- Your salary must be at least Rs.37,000 per month if you reside in Bangalore, Chennai, Coimbatore, Delhi, Ghaziabad, Gurugram, Hyderabad, - Mumbai, Noida, Pune, Surat, Thane
- Your minimum salary must be Rs.32,000 a month if you reside in Ahmedabad, Chandigarh, Cochin, Jaipur, Kolkata, Nagpur
- Your minimum salary must be Rs.27,000 a month if you reside in Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag, Trichy, Calicut, Bhopal, Goa, Kolhapur, Raipur, Vapi, Jamnagar, Jodhpur, Lucknow, Rajkot
Additional Read: How You Can Use A Personal Loan for Debt Consolidation

Submit documents to prove your eligibility

In order to prove your eligibility to the lender you will need to submit the following documents:

- KYC documents – ID proof and address proof
- Employee identity card
- Salary slips of the last two months
- Bank account statement of your salary account with information on the last three months

How to apply for a personal loan for debt consolidation

Most lenders allow you to apply online for your convenience. Here are the online application procedures for Bajaj Finserv’s Personal Loan for Debt Consolidation.

- Access the application form on the website
- Enter accurate personal, employment and financial details
- Choose a loan amount and tenor as per your requirement to get instant approval
- Submit necessary documents to Bajaj Finserv representative after they get in touch with you
- Get disbursal of funds in your bank account within 24 hours

Knowing these debt consolidation norms can help you pay off all outstanding debt and live a financially free life. Don’t forget to check your eligibility for personal loan using a simple online calculator and plan your prospective EMIs using the Loan EMI Calculator.

You can also avail a customised pre-approved offer to access your loan in a hassle-free, convenient way. Simply share a few basic details and check your pre-approved offer for a personal loan for debt consolidation today!

Set your mind and pocket at ease by paying off debt, and you’ll be distancing yourself from a bad credit score too.