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Save On EMIs by Consolidating Your Existing Debts

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Save On EMIs by Consolidating Your Existing Debts

  • 2 min read

  • Highlights

  • Ease repayment burden by consolidating unpaid dues

  • Consolidate multiple EMIs into one, low-value EMI

  • Benefit from flexible, easy-to-manage repayment terms

  • Get a boost to your credit score as well

Repaying multiple debts can become difficult over time because of varied repayment schedules and the high rate of interest of each debt. This can lead to adverse consequences like a poor credit score, which will damage your chances of getting an affordable loan in the future. So when you have multiple dues to pay off, consider consolidating them to make repayment simpler. Take a look at how you can reduce your outstanding debt by making using of debt consolidation.

It eliminates the hassle of paying multiple EMIs

If you have many loans, you will have to pay several EMIs. Some of these may be high in value too, depending on the interest rate of the loan. Managing this basket of EMIs can be taxing as you have to keep track of multiple deadlines. If you’re not on top of the schedule, you will also have to pay a late fee or penal interest. In this regard, debt consolidation helps you by clubbing all your EMIs into one easy-to-pay EMI.

It will help you reduce your monthly outflow

Consolidating all your high interest loans with an affordable debt consolidation loan also serves another purpose: lowering the total EMI amount you pay. When clubbed with a long repayment tenor, this amount will reduce further. As a result, you will be able to consolidate your debt with minimal monthly expenditure. This will give you a chance to divert a larger portion of your income towards savings and investment.

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Additional Read : How You Can Use A Personal Loan For Debt Consolidation

It gives you easier and more flexible repayment terms

If you choose your debt consolidation loan wisely, you can make its repayment even more convenient. This is especially beneficial if your existing debt has rigid repayment terms. For example, if you take a personal loan to settle your debt, one with features like an EMI holiday, low rate of interest and nominal prepayment and foreclosure charges will help you repay the loan even more easily.

Apart from clearing your debt, repaying this loan with ease will also give your credit score a boost. Before selecting a debt consolidation loan, ensure that you compare various lenders and select a loan that offers you the best interest rate. This will allow you to make debt consolidation as affordable as possible.

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