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Debt consolidation loan

About Debt consolidation loan

Get acquainted with Debt consolidation loans at LoanzBazar

A Debt Consolidating loan is a type of loan which is taken to pay off all other loans by a single loan with a lower interest. When you use a personal loan to consolidate debt, the money is used to pay down the individual loans.

These types of loans are standard loans with low interest which are easy to sanction and can be paid off with easy EMIs. These loans are best to pay smaller loans and do not involve heavy paperwork. The person taking a consolidated loan will be able to save money on interest and the finance cost of the small loan they owe by doing so. Instead of making many payments to different creditors, the borrower would just have to make one payment.

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Loan Amount

25,000

25,00,000

Rate of interest

11.00%

36%

Loan Tenure

6 Months

72 Months

Calculated EMI*

Fastest debt consolidation loan at LoanzBazar

The debt consolidation loan takes even less time than a personal loan. At loanzBazar taking a debt consolidation loan is much easier than you think. It takes hours to sanction the loan into your bank.

Check Loan Eligibility at loanbazar

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Making LoanBazar your first choice for your debt consolidation loan

Applying for Debt consolidation loan has never been easier with Loanzbazar. Check details here:

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Quicker loan approvals than personal loans

LoanzBazar guarantees the fastest loan approval and transfers within 24 hours after screening the required documents and your application.

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Easy EMI repayment options

With the fastest and most convenient loan approvals, LoanzBazar always offers options for repayment in EMIs. You get to pay any way you want only after 6 months of the money transfer.

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Allowance of large loans

At LoanzBazar you can take a loan from anywhere between Rs 50,000 to Rs 10,00,000 and use it for paying off your previous debts.

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Paying back in enough time

You can repay your loan amount with interest within 6 months to 5 years by opting for LoanBazar’s services.

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Less documentation required

When you are opting to take a loan with LoanBazar you won’t be worrying about documents. For a debt consolidation loan, you just need to show some basic documents.

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No extra costs

The loan process at LoanBazar is completely transparent. You do not need to pay any processing fee or other charges while applying for a debt consolidation loan

Documents to Apply for a Debt consolidation loan

When applying for a Debt consolidation loan, you will need to submit the following documents:
  1. PAN Card
  2. Identity proof (Aadhaar Card, Driving licence, Passport, Voter ID, etc.)
  3. Signature Proof (Passport, PAN card, etc.)
  4. Address proof (Passport copy, Aadhaar card, driving licence, utility bill – gas or electricity bill, Voter ID ,ration card, rent agreement, etc.)
  5. Bank statements of the past 6 months
As a salaried individual, you additionally need to submit the following:
  • As a salaried individual, you additionally need to submit the following:
  • Income Tax Returns for the last 2 years
  • Doctor proof (License, registration certificate, GST number)
  • IT Assessment OR Clearance Certificate
  • Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR
Please note that depending on your individual profile and Fullerton India’s policy at the time of loan application, additional documents may be requested.

Loanbazar Debt consolidation loan Eligibility

  • You must be a Salaried Employee
  • Age: 23-55 years old
  • Net Monthly Income must be more than Rs. 20,000.
  • No defaults in the last 24 months.
  • You must be residing in Delhi/NCR, Bangalore, Pune, Chennai,Mumbai or Hyderabad.

What does a Debt consolidation loan cover?

Debt consolidation loans are very easy and convenient loans with low interest and it also does not let your credit score go down. The debt consolidation loan covers a single loan that may help pay off your other loans in a go. You can use it to lessen your burden.

Flexible Repayment options

Final installment options for a loan will be decided based on your profile and inputs.

Debt consolidation loan

Repayment done via Fixed Equated Monthly Installments, where EMI=Principal + Interest. Each Installment reduces both interest and Principal amount. Ideal when: You know the precise Loan Amount needed and your income is consistent.

How to apply

Avail our personal loans through your preferred platform and enjoy unmatched convenience at your fingertips…

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Via Website

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Via Our App

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Via WhatsApp

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Via Call

Compare Debt consolidated Loan rates of Interest in Mumbai, Pune, Thane, Navi Mumbai, Delhi, Bangalore,

Debt consolidation loans typically have interest rates from 6 per cent to 36 per cent. IDFC FIRST Bank offers an interest rate starting at 10.49% which is one of the most reasonable ones in the market.

Bank Name Rate of Interest for Salaried Employee
HDFC Bank 10.99% - 17.85%
Axis Bank 11.99% to 24%
ICICI Bank 10.99% - 17.85%
Standard Chartered Bank 11% - 16%
IndusInd Bank 14% - 16%
Kotak Bank 11.50% - 24.00%
Bajaj Finance 14.25% - 16.75%
HDB Finance 14% - 21%
Fullerton Finance 13.00% - 24.00%
State Bank of India 11.00% - 17.65%
IDFC Bank 10.99% - 17.85%
IDFC Bank 10.99% - 17.85%
Tata Capital 13.50% - 18%
Yes Bank 12.50% - 16.00%

FAQs

At loanzBazar your loan money will be sanctioned in your bank within 24 hours.

You will wind the application process and paperwork to be very simple and easy. You will be able to pay off all your debts in one go. You will also prevent yourself from ruining your credit score.

Anyone who has a constant income and is an Indian between the age of 21-65. Has a salaried job experience or business ownership for more than 2 years.

Yes, you can apply for the loan online and you need to upload real documents in time.

You will have to pay your penalty fees for the month along with the amount for that month's EMI.