Multiple outstanding debts can result in a cash crunch or missed EMIs. In other words, they can be expensive.
You can reduce your financial stress by consolidating all your outstanding debts like credit card arrears, car loans, or student loans into one customised loan called a personal loan for debt consolidation. This loan will significantly reduce your financial obligation as personal loan interest rates are lower than several debts, including credit card interest on outstanding payments.
It also makes repayment more convenient by giving you a single EMI with a single due date instead of managing various EMIs due at different times. This will help you repay your debts faster instead of paying one instalment on time and incurring late payment charges on the others.
In short, a personal loan for debt consolidation is your ticket to becoming debt-free faster. Read on to find out if you are eligible for it.
How to qualify for a personal loan for debt consolidation
Once you have decided to go for an instant personal loan to clear all your debt, you must understand your eligibility.
Check your personal loan eligibility
Given below are the usual eligibility requirements for a debt consolidation loan:
- You must be between 20 and 60 years of age
- You must be a residing citizen of India
- You must be a salaried individual employed by an MNC, public or private company
- Your minimum monthly salary should be Rs. 35,000 if you reside in Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida or Thane (salary requirements differ by city)
Additional read: How you can use a personal loan for debt consolidation
Submit documents to prove your eligibility
To help the lender assess your eligibility, 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 statements of your salary account of the last three months
How to apply for a personal loan for debt consolidation
The procedure to apply online for a Bajaj Finserv Personal Loan for debt consolidation is as follows:
- Click on the ‘Apply Online’ button
- Enter your personal, employment and financial details
- Choose your loan amount and tenor to get an instant approval
- A Bajaj Finserv representative will get in touch with you. Submit the necessary documents to them
- Receive the funds in your bank account within 24 hours*
Knowing these debt consolidation eligibility norms can help you pay off all outstanding debt and live debt-free. Don’t forget to check your eligibility for a personal loan using the simple online calculator, and plan your EMIs using the loan EMI calculator.
You can also avail of a personalised pre-approved 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.
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