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Personal Loan for Debt Consolidation

Consolidate all your existing loans into one and manage your instalments effectively with a personal loan for debt consolidation from Bajaj Finserv. Get financing up to Rs.25 lakh at attractive rates of interest and repay all your debts easily.

Pay up to 45% lower EMI with a Flexi Interest-only Loan from Bajaj Finserv.

  • Instant approval

    Apply for a personal loan for debt consolidation and get loan approval in an instant.

  • Money in bank in 24 hours

    Your loan will be disbursed in 24 hours of verification of your documents.

  • Flexibility

    With the Flexi loan facility, you can borrow when you need and repay conveniently.

  • Minimal documentation

    With minimal documentation and an easy to meet eligibility criteria, availing a Bajaj Finserv Personal Loan is easy.

  • mortgage loan interest rates

    Flexible tenor

    Repay conveniently with a flexible tenor, ranging from 24 to 60 months.

  • Loan up to Rs. 25 Lakh

    With a loan of up to Rs.25 lakh, manage all your existing debts effortlessly.

  • transparency

    Pre-approved offers

    Get pre-approved deals and promotional offers on your personal loan

  • Online account

    View all your loan details and track your repayment schedules with our customer portal - Experia.

Personal Loan Eligibility Criteria

Salaried individuals can easily avail a debt consolidation loan by meeting the basic eligibility criteria and submitting the necessary documents required for personal loan.

Personal Loan Fees and Charges

Bajaj Finserv Debt Consolidation Loan comes with negligible fees and charges. Read more about interest rates on personal loan before applying for the same.

How to Apply

Apply online for a personal loan for debt consolidation by following these four easy steps:

Step 1

Enter your personal, financial, and employment details.

Step 2

Choose the loan amount and tenor that you require and get instant approval.

Step 3

Submit your documents to the Bajaj Finserv representative, who will get in touch with you.

Step 4

Receive the money in your bank account within 24 hours.

Debt Consolidation FAQs

What is debt consolidation?

Debt consolidation is when an you obtains a fresh loan to repay existing debts and liabilities. Generally, multiple small debts are combined into one loan with more favourable repayment terms such as lower interest rates and affordable EMIs. It simplifies the repayment process and allows you to keep a tab on your overall debts efficiently.

Typically, there are two types of debt consolidation loans - secured and unsecured loan. An unsecured personal loan for debt consolidation is considered one of the most effective ways to mitigate the burden of student loans, credit card debts, and other significant liabilities.

How does debt consolidation work?

In debt consolidation, you avail of a new loan of substantial value to repay all existing debts. Subsequently, you have to make a single monthly payment to account for this newly availed loan.

Usually, such loans ensure lesser interest outgo compared to the total interest expenses incurred for all the existing debts accumulated together. It is considered an effective and more straightforward method of lowering the burden of multiple loans. Above all, this process allows you to pay off loans in a more streamlined manner since you only have to worry about one due date each month.

How to consolidate debt with a personal loan?

You can easily consolidate your debts to avail personal loan at lower interest rate on personal loan and for a longer tenor. Suppose you have two credit cards and each has a debt of Rs.60,000 and Rs.32,000, respectively.

You also have a student loan of Rs.1.5 lakh that you must repay within the next 2 years. To repay the entire debt, i.e., Rs.2,42,000, you decide to consolidate the credit card and student loan with a personal loan. To streamline the repayment process, you can opt for a loan with a low interest rate and a longer tenor.

Can I take a personal loan to consolidate credit card debt?

Yes, credit cardholders can avail a personal loan to consolidate your dues. In fact, consolidating card dues with a personal loan is among the most effective ways of streamlining payments at a lower cost. Interest rates applicable on personal loans is relatively lower than that of credit card dues. This means credit cardholders can save considerably since you won’t have to service late payment fines. Furthermore, such a method allows you to pick a flexible tenor and suitable EMI to facilitate easier repayments. Also, by paying personal loan EMIs on time, you can improve your current CIBIL score and improve your credibility significantly.