For instance, if Megha has the following existing debts running:

She has 4 personal and 3 credit card outstanding loans. The loan amounts for both categories are mentioned in the tables. Now, Megha has 7 existing loans for which she has to pay 7 EMIs per month.

Sn. No.	Loan Amount	Existing ROI	Existing EMI	Outstanding EMI
Loan 1	1,50,000	18%	₹ 3,809	1,25,000
Loan 2	3,00,000	16%	₹ 7,295	2,25,000
Loan 3	5,00,000	14%	₹ 11,634	3,50,000
Loan 4	7,00,000	12%	₹ 15,571	4,50,000
Total	16,50,000	-	₹ 38,310	11,50,000

For 4 loans other than credit card outstanding, she has to pay a monthly EMI of ₹38,310. Secondly, she also has to pay back the credit card's outstanding balance of ₹ 3,50,000. Seems like a lot, right?

Sn. No.	Loan Amount	Existing ROI	Existing EMI	Outstanding EMI
Credit Card 1	50,000	36%	-	50,000
Credit Card 2	1,00,000	36%	-	1,00,000
Credit Card 3	2,00,000	36%	-	2,00,000
Total Amount	3,50,000	-	-	3,50,000

What if you could bring down the EMI to just 28,937/month in 72 months?

If you apply for a personal debt consolidation loan then you can cut down your existing EMI by 42%.

New Debt Consolidation Loan

Outstanding Loan Amount	11,50,000
New ROI	11.50%
New Tenure	6 years
New EMI	₹22,185
EMI Saving	42%

New Debt Consolidation Loan

Outstanding Credit Card Amount	3,50,000
New ROI	11.50%
New Tenure	6 years
New EMI	6,752

With an EMI of 28,937/month for 72 months, you will have more time to repay the loan, and that too at a lower rate of interest.

The repayment period for business loans ranges between 1 and 7 years. Depending on the applicant’s financial records and credit score, a business loan’s annual percentage rate (APR) can vary from 10.50% to 17%.