Isn’t it difficult to deal with numerous creditors, manage numerous loans, and make the unnecessary EMI payments? FINTITUDE (as an aggregator) offers debt consolidation loans, so get one and pay off all your other smaller loans.
What is a Debt Consolidation Loan in Delhi NCR?
A debt consolidation loan is an unsecured personal loan that can be used to pay off all outstanding debts without requiring any security or collateral. Therefore, the borrower only has to make one consolidated EMI payment rather than several smaller ones.
What are the typical interest rates for debt consolidation loans?
Interest rates for debt consolidation loans can range from 10.99% to 18.99%, depending on the borrower’s credit history.
Ways to Consolidate Unsecured Debt
There are various approaches and methods for obtaining debt relief. But generally speaking, each choice is suited to a specific circumstance. Do not presume they will all work for you—conduct thorough research before deciding.
To better understand your debt consolidation options, let’s look at four of them.
- Balance Transfers to Credit Cards
- Personal Loans
- Home Equity Loans
- Cash-out Refinancing
How does a debt consolidation loan work?
You only have to make one monthly payment after using a debt consolidation loan to pay off several other outstanding debts. It helps you track your monthly expenses and makes managing your debts simple.
Most debt consolidation loans are unsecured, so your credit history will be considered when you apply. Some, most frequently a house, can be secured against an asset. Let’s say you decide to take out a secured loan for debt consolidation. In that case, you must consider the possibility that the bank, building society, or lender will seize your asset if payments are not made.
Your home could be repossessed if you don’t make your mortgage or other secured debt payments on time.
Where Can You Get a Debt Consolidation Loan?
Some banks pay off your existing debts before taking over the balance. As a result, banks, non-banking financial institutions, and some FINTECH lenders offer debt consolidation loans.
But only some lenders offer this option. As a borrower, you must therefore consult your lender. On the other hand, personal loans are much more readily available to pay off such consolidated loans.
FINTITUDE, one of the most well-known aggregator in the market, offers affordable personal loans that can be used to settle your consolidated loan.
Please take note that FINTITUDE does not combine your loans. However, you already have multiple loan that needs to be consolidated. In that case, you can apply for a personal loan from us to pay it off.
How to Apply For Debt Consolidation Loans?
Several lenders in India offer debt consolidation loans. The application procedure is straightforward and calls for the typical paperwork for any loan. Applying for a debt consolidation loan is explained here.
Step 1: Check eligibility
Step 2: Select the loan amount
Step 3: Upload the required documents
Step 4: Apply
After verification, the lender will approve your application, and the loan will be disbursed into your account in 3 to 4 days.
Documentation and Eligibility Criteria for Debt Consolidation Loans in Delhi NCR
Most people avoid loans because they fear endless paperwork and lengthy procedures. However, the online instant personal loan process has made it simple enough for an individual to be drawn to personal loans. The minimal loan documentation process may persuade you to obtain a personal loan for debt consolidation as soon as possible:
- Duly filled and signed application form.
- Photo ID Proof that includes Voter id/ Driving license/ Passport/ Aadhar card
- PAN card for financial background
- Company address and professional details
- Residence proof that includes ration card/ passport/ driving license/ electricity bill
- Last 6 months’ bank statement of salary account
- For self-employed last 6 months’ bank transaction
- The borrower must be a citizen of India
- The borrower must be in an age limit of 21-58 years
- The borrower should reflect work stability in the professional profile
Suppose you have numerous loans and debts that are difficult to manage and incur penalty charges. In that case, a debt consolidation loan is an excellent option.
Why take FINTITUDE’s Debt Consolidation service?
Debt consolidation is always a smart move, whether it’s to pay off several credit card balances that are past due or to choose one more affordable loan over several high-interest loans. It eliminates the hassle of juggling multiple lenders and due dates and is a less expensive option! Enjoy a selection of loan offers with FINTITUDE’s debt consolidation loan service. Within 24 hours, you can consolidate your debts using up to lakhs!
- Instant approval and payment
- A debt consolidation loan can be obtained in less than 24 hours with a simple application process.
- Flexible Repayments Loan
- There are flexible repayment options available with FINTITUDE’s personalized Debt Consolidation Loan service.
- Basic documentation
- You can apply for a debt consolidation loan online and provide a few supporting documents.
When should you opt for Debt Consolidation Loan?
Credit card Bills: You can choose a debt consolidation loan if you have numerous unpaid bills from various credit cards. Credit cards have interest rates that range from 24 to 36% compared to a debt consolidation loan. With loan offers for debt consolidation, you can reduce your interest rates on credit card debt by up to 50%.
Too many small-ticket loans: You can choose debt consolidation and pay off all of your small-ticket loans at once if you have many. Instead of worrying about numerous lenders and due dates, you only need to service one loan. Additionally, it aids in timely loan repayment, raising a credit score.
Loans with high-interest rates: You can choose a debt consolidation loan if you have previously taken out personal loans with high-interest rates and now want to switch to a loan with a lower interest rate. You can reduce your interest expenses by combining several loans into one with a low-interest rate.
Consolidate Your Debts with FINTITUDE Personal Loans service
With a personal loan service from FINTITUDE, you can combine your outstanding debt into a single monthly payment. The FINTITUDE Personal Loan service Interest Rate Calculator lets you quickly determine your EMI for a particular loan amount. Instant approval is available when you apply online for a personal loan.