Overview

Having multiple debts escalates financial burdens, causing you to worry unnecessarily. Often, a long-due credit card bill, cash repayments, rent payments, or any other liability is a debt that remains unpaid due to unforeseen circumstances. However, inflated debts can hinder an individual's CIBIL score. Henceforth, a sensible and wise way would be to clear off other loans or credit card bills as reasonable monthly EMIs instead of piling up and elevating the interest rate.

If there is insufficient capital to clear the debt, an effortless way out is to opt for a debt consolidation loan and allow multiple debts to be taxed into a single payment. Such a method offers to reorganize all strenuous financial issues and pay the debts quickly. In addition, the online market for personal loans is a platform for people who can afford to take a loan and pay it back eventually. Personal loans debt consolidation are astounding financial support to assuredly pay off all the dissipated debts with the fusion of just one personal loan.

Advantages of Personal Loans for Debt Consolidation

Boost Credit : By personal loan debt consolidation, one can consolidate debt to enhance the credit score. Such a method is particularly possible if they make the loan payments constantly on time or period as mentioned.

Create an Emergency Fund : One might find themselves in a loophole from one pay-cheque to another pay-cheque, without any mentioned funds to save. In such a case, instead of waiting for an emergency to happen, it is considered to be smart and wise to avail a loan in creating an emergency fund. It could vary from being a medical expense or an immediate trip one requires to consider, having a fund for a rainy day is always a beneficial idea.

Freedom of Usage : Funds which a person would receive via such a loan can be utilised for a multiple reasons. Either it is to fund an international trip, buying an electronic or gadget, repaying a friend, one can essentially opt for a Personal Loan to satisfy any of these mentioned requirements.

Reduced Interest Rates : Interest rates on this loan, as compared to repayment of Credit Card or Credit Card Loan is significantly lower. This is especially true in case of larger amounts.

May Expedite Payoff : If the debt consolidation loan is arising a reduced rate of interest other than the individual loans would, essentially contemplate in making extra cash with the money they save every month. Such a method can assist to eventually pay off the existing debt, in addition saving a lot more on interest in the long run. To keep in mind, however, personal loan debt consolidation generally causes further increased loan terms—so an individual would have to make a point of paying the debt off early to take advantage of such a benefit.

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 loans 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!

• Visit the LoansJagat.com
• Click on apply button
• Select the loan category
• Enter city name
• Fill in the total loan amount
• Mention the net monthly salary & other financial details
• Click on the next button
• Fill in your personal and financial details
• Finally, based on the following information, you will get bank options available.

Tips to Avoid Loan Rejection

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

• Eligibility Criteria: It must be adhered to reduce the chances of loan rejection.
• Regular Paid Installments: Monthly payments must be ensured on time.
• Credit Utilization: It must be a ratio of 30% or less.
• Credit Scores: They are often the key factor on which lenders rely on to assess the risk associated with an individual. A score of 750 and above is considered credit-worthy to increase the chances of loan approval.
• Avoid Multiple Loans: Taking several loans and credit cards without closing pre-existing applications will also portray you as credit-hungry and unreliable as a borrower.
• Inquiries And Applications: As an increased number of lenders approach, a person's credit score gets lower, often showing that they are credit-hungry and in dire need of funds from lenders and banks, jeopardizing their financial credibility.
• Debt-to-Income Ratio: Keep your debt-to-income ratio low. This ratio compares your monthly debt payments to your monthly gross income. Lenders typically prefer a ratio of 36% or lower.
• Consider a Co-Signer: If your credit score or income is insufficient, a co-signer with a solid financial profile can improve your chances of approval of a personal in kolkata..
• Be Honest: Provide accurate and truthful information on your application. Misrepresentation can lead to automatic rejection and damage your credibility.
• Consult a Financial Advisor: If you’re unsure about your financial standing or need advice on improving your chances, consult a financial advisor.

FAQ’s