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Are You Eligible For a Personal Loan For Debt Consolidation?

  • Highlights

  • You can save on expenses by consolidating debt

  • A personal loan can come in handy to reduce obligations

  • Eligible Indian citizens between 25–58 years can apply

  • Documentation is mandatory to prove your eligibility

Having multiple outstanding debts can result in you experiencing a cash crunch or missing your EMIs. In other words, multiple debts can be an expensive affair. You can easily reduce your financial stress by consolidating various outstanding debts like those related to credit cards, 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 that of several debts, including credit card interest over outstanding payments.

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Secondly, 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 pay off your debt faster instead of paying one on time and incurring more late payment charges on the others. In short, a personal loan for debt consolidation is your ticket to becoming debt-free faster. Find out if you are eligible for it here.

How to qualify for a personal loan for debt consolidation

Once you have decided to go for an instant personal loan to clear off all your debt, 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

Personal Loan for Debt Consolidation | Bajaj Finserv

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.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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