Key takeaway
A debt consolidation loan eligibility assessment helps determine whether a borrower may qualify to combine eligible debts into one personal loan. The loan amount can range from Rs. 40,000 to Rs. 55 lakh, with interest rates from 10% to 30.5% p.a.,, subject to applicable terms and eligibility.
- Credit profile: A CIBIL Score of 650 or higher is one of the stated eligibility criteria, subject to other requirements.
- Repayment: Combining eligible debts into one loan may simplify repayment through a single EMI and due date.
- Loan amount: Borrowers can select a suitable amount based on their financial need and assessed eligibility.
- Interest rate: The applicable rate can range from 10% to 30.5% p.a., and may vary based on the borrower’s profile.
- Tenure: Personal loan tenures can range from 12 months to 108 months, helping borrowers select a repayment period that suits their capacity.
Borrowers should compare the new loan’s total cost, applicable charges and EMI before consolidating existing debts.
