Overview

When you apply for a loan, you sign up for repaying the loan in monthly installments. Similarly, multiple loans come with multiple EMIs/month, right? No.
 

You can pay off multiple loans with just 1 EMI/month. A personal loan debt consolidation allows you to remember just 1 date every month to repay your loan. Scroll down to read other benefits of consolidating your multiple debts:
 

A personal loan debt consolidation can make it easy for you to manage multiple loans at the same time, without affecting your CIBIL score. After you consolidate your personal loans, you won’t have to be stressed about multiple EMIs. So, what are you waiting for?

Apply now!
 

Personal Loan Debt Consolidation Interest Rates and Charges

You are probably thinking how a personal debt consolidation loan is better than multiple loans.

To get an answer, have a look at the table. This table is prepared with exclusive insights from experts in the loan disbursal industry.

Why Opt for Personal Loan Debt Consolidation from LoansJagat?

LoansJagat has disbursed loans to 2000 crore+ customers through India. So, what makes us unique?

Features & Benefits

Eligibility

Who can apply:

• Minimum monthly income: ₹25,000 in metro cities, ₹20,000 in other cities
• Salaried individual
• A credit score above 700
• Total work experience of atleast 1 year

Age:

• Above 23 years and below 58 years

Required Documents

   

Identify Proof

Any of the following

1. Passport
2. Voter ID
3. Driving License
4. Aadhar Card (Mandatory)
5. Pan card (Mandatory)

   

Address Proof

Any of the following

1. Passport
2. Utility Bill
3. Aadhar Card
4. Driving License

   

Other Documents

Mandatory

1. Salary Slips ( Last 3 months)
2. Salary A/c Bank statement ( Last 3 months)

Calculator

Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary

How to Apply

LoansJagat is a platform to offer personal loan debt consolidation quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
 

• Scroll Up. Fill in the basic details about your name, number, and work profile.
   
• Fill in your personal details. For example, your email, company name, and DOB.
   
• Mention your credit score, PAN number, and salary-related information.
   
• Compare the offers from 20+ banks and NBFCs before applying for loans.
   
• Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
   
• After successful document verification, your loan will be approved and money will be credited to your bank account.

Tips to Avoid Loan Rejection

The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of personal loan debt consolidation.

1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
 

2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.

3. Clear Existing Debts

Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.

4. Provide Verified Information

Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.

5. Stable Employment

Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.

6. Credit Report of Last 6 Months

When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.

7. Timely EMI Repayments

If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.

8. Don’t Engage in Paid Fantasy Gaming Apps

Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.

9. Clean Salary Bank Account Statement

Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.

10. Average Bank Balance  

Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.

11. Multiple F&O Transactions in the Stock Market

If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.

FAQ’s