5 Advantages of Taking Personal Loan for Debt Consolidation

 Do you have many ongoing debts that are accruing for a large amount of your current income? Are you paying more than 50% of your income in EMIs? Are you unable to save enough per month due to this? If yes, what is the way out?

You don’t need to worry anymore as you can avail of the debt consolidation loan and breathe easy!

If you want to know about personal loan for debt consolidation and its key benefits, then this post will guide you. Read on!

What is the personal loan for debt consolidation?

The debt consolidation loan is an extension of the personal loan. It has been designed to help you consolidate or repay your debt. This way, you can just pay 1 EMI in a month instead of so many and save easily. Leading banks and NBFCs in India provide you with this facility.

What are the benefits of a personal loan for debt consolidation?

1)      You get to borrow a large loan amount

The personal loan for debt consolidation comes with a large loan amount. It means that you can avail a high amount to repay your debts easily. Most of the leading lenders in India let you borrow up to Rs.25 lakh depending on your eligibility.

2)      You can clear your debts easily

With so many EMIs running in a month; it becomes tough for you to manage other things in life. You may be earning enough, but a large part may be going towards EMIs. Hence, the debt consolidation loan comes as a respite. You can now reduce many EMIs into one single EMI and even enjoy lower interest rates. If your credit score is higher with a clean repayment record, then you will get the loan approval swiftly.

3)      It comes with easy to meet eligibility conditions

When it comes to applying for a debt consolidation loan, you can always plan the costs involved. You can use the loan calculators online and know the exact EMI that you will pay if you avail a particular amount. The loan also carries an easy to meet eligibility, making it easier to apply. The standard eligibility terms include:

-       Your age should be between 23-55 years 

-       You should be employed with an MNC, Public or a Public Limited Company

-       You must be a resident of India

 

4)      It comes with instant approval and disbursement within 24 hours

If you have the required eligibility, then you can get the online loan approval instantly. Once done, the approved loan amount is credited in your bank account within 24 hours. It means an easy way to access a large amount quickly and repay your debts on the go.

5)      You get to repay the loan over 60 months

The debt consolidation loan comes with the facility of a flexible loan repayment tenor. You can opt for a tenor of up to 60 months and pay smaller EMIs. Going for a smaller tenor means managing expenses in the month without hassles.

You are now aware of the immediate benefits that a personal loan for debt consolidation facility provides you with.

Are you ready to pay only 1 EMI and not too many in a month and save on interest payments as well? Then you can apply for the debt consolidation loan online. It can help you save time and efforts!