Business Wire IndiaA recent study found that as of March 2021, Indian households had a total debt of around Rs. 43 trillion compared to about Rs. 6 trillion in March 2008. Given this scenario, and that borrowers may have more than one source of debt, one may be looking for ways to become debt-free and eliminate the strain on their finances.
A personal loan can be a reliable solution in this regard. Availing of a collateral-free high-value loan amount is easy with a personal loan and one can use it to consolidate multiple debts with ease.
Debt consolidation lets one focus on clearing a single loan rather than repaying multiple types of credit, be it credit cards, a car loan and an education loan, for instance. A Bajaj Finserv Personal Loan for Debt Consolidation is even more beneficial as it comes with various value-added features. Here’s why borrowers can use it to consolidate multiple debts easily, quickly and affordably.
Have a single EMI to take care of every month
A key benefit of consolidating debt is that one doesn’t have to keep track of multiple EMIs and a complex repayment calendar. This way individuals can manage timely repayment of one pocket-friendly EMI. They can use the personal loan EMI calculator to gauge their EMIs in advance and plan their debt consolidation loan repayment wisely. Just enter the loan amount, tenor, and interest rate to compute the EMI that will suit their budget and then apply for the personal loan for debt consolidation on budget-friendly terms from Bajaj Finserv.
Get collateral-free funds quickly
The biggest advantage of a personal loan is that borrowers can qualify for it based on simple eligibility terms related to their age, income, city of residence, and credit rating. This is an unsecured loan and so, one is not asked to produce any asset-related papers. This makes the approval process quick and stress-free. What’s more, Bajaj Finserv offers finance of up to Rs.25 lakh on affordable terms.
Repay the loan comfortably
When individuals choose to consolidate multiple debts, easing the strain on their income is a priority. One way of doing this is by choosing a long repayment tenor. Bajaj Finserv allows one to choose tenors of up to 60 months as per their finances. Moreover, in the event of excess funds, individuals can dedicate surplus amounts towards making prepayments and eventually foreclose the loan by paying a nominal charge.
On the other hand, one can avail of the Flexi Loan facility on the Bajaj Finserv Personal Loan for Debt Consolidation. This way, borrowers can withdraw from their loan limit multiple times, as per their needs, and pay interest only on what they utilise. Further, one can opt to pay only the interest component every month during the initial duration of the tenor and reduce their EMIs by up to 45%*. This can be a boon when it comes to freeing up income for other obligations or commitments.
Manage debt and repay affordably
The main advantage one has when they consolidate their debt is that they can capitalise on the pocket-friendly personal loan interest rate and eliminate a high-interest debt like that of a credit card from their monthly expenses. A common problem of not paying credit card debt in full is that its interest compounds and then one has an ever-increasing amount to take care of at soaring interest rates. In such cases, consolidating debt with a personal loan can save one a lot of money.
Boost credit score by making timely repayments
Individuals can use the practice of debt consolidation to boost their credit score too. Since their EMIs are now more affordable and fewer in number, they can handle them with ease. Timely repayments build a healthy credit record and will augment their credit score. Moreover, a debt consolidation loan helps one pay off all existing debts like car loans and credit card debts all at once, which is bound to improve their credit score.
If one is in urgent need of finances, the best way to speed up getting a personal loan for debt consolidation is to check their pre-approved offer from Bajaj Finserv. It gives them instant approval within 5 minutes of submitting the application. Moreover, to increase their convenience as a salaried applicant, one can apply for the personal loan for salaried employees to become eligible for the loan quickly based on their employment and income status. Individuals can get started now and become debt-free slowly yet steadily to make their finances healthier than ever.
*Terms and Conditions apply
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