2 min read
25 May 2021

Indians have recently been making credit card using an integral part of their lives. Deeper introspection reveals that this is because credit cards increase spending power, simplify shopping, and give you easy access to funds in times of emergency. However, skipping credit card payments or simply paying the minimum amount will attract a hefty interest rate, which can escalate into sizeable debt over time. This will also harm your credit score.

So, if you have substantial credit card debt, take corrective measures immediately. To clear it quickly, use a debt consolidation loan, such as Bajaj Finserv's Personal Loan for debt consolidation. Apart from a high sanction, you can avail of other benefits, such as a long tenor and flexible prepayment and foreclosure terms. So, you can conveniently clear your debts without weighing down your finances further.

Additional Read: How outstanding debt affects your credit score

Take a closer look at how a debt consolidation loan can help you tackle credit card payments that are overdue.

Borrow without any collateral

The amount that you need may run into lakh. However, you can get access to this amount with ease without submitting any form of collateral. Bajaj Finserv gives you a debt consolidation loan on these terms, allowing you to borrow up to Rs. 25 lakh.

Eliminates the stress of repayment

Once you consolidate and clear your existing debt, you can breathe easy. Make use of the flexible prepayment and foreclosure terms, coupled with a longer tenor, to clear the debt consolidation loan at your pace, without any hassle.

Raising funds is an easy task

When it comes to debt consolidation, time is of the essence. Most lenders recognise this, so they quickly offer you a debt consolidation loan, usually within a day. The simple loan procedure and minimal document requirements that lenders like Bajaj Finserv offer aid in this process. Besides, you will receive the money directly into your bank account. This way, you don't have to bother yourself with collecting or cashing a cheque.

Once you consolidate and clear your existing debt, you can breathe easy. Make use of the flexible prepayment and foreclosure terms, coupled with a longer tenor to clear the debt consolidation loan at your pace, without any hassle.

It allows you to manage your loan conveniently

All you have to do is log on to the customer portal with your user ID and password, and you will be able to view your loan's principal statements, balance and interest statements at your convenience. When you take a debt consolidation loan from one of the leading loan provider's in the country, you will be able to access this information without contacting an executive or visiting the branch.

Additional Read: 4 Simple ways to manage your debt

These are some of the benefits that a debt consolidation loan offers, making it a worthy contender if your credit card's outstanding amount has you concerned. However, before you apply for it, ensure that you understand the eligibility for a personal loan and check if it's a good match for you. Using the handy personal loan eligibility calculator will tell if you can avail of this loan and the amount you can borrow. You can also avail of pre-approved offers by Bajaj Finserv that help you save time and get instant financing. Just enter your basic details and check out your personal loan pre-approved offer.
 

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