FinIndia24x7 offers Personal Loans for Debt Consolidation for easier management of debts, such as multiple loans and other borrowings. One of the benefits is that you get to repay the loan at a lesser interest rate, which helps you save money on EMIs, therefore, helping you manage your finances better. As a borrower, you are required to make a single payment instead of making multiple payments, to other creditors. Below are some of the benefits of Debt Consolidation.
Multiple card bills and personal loan EMIs which may be difficult to repay at a time can be easily managed by availing debt consolidation, lets us understand how does debt consolidation actually works with the help of this simple example:
For Instance: Sapna has multiple existing debts. In this case, how can she manage to cover these debts with the help of debt consolidation?
> 2 Personal Loans ( Total Outstanding Debt = 10 Lakhs)
> 5 Credit Card Bills ( Total Outstanding Debt = 10 Lakhs)
> App Loans (Credit Bee, Cashie, Early Salary, Navi, Cred, Money View, etc … = 10 Lakhs)
Here, Surya can apply for a Debt Consolidation loan of 30 Lakhs ( 10 lakhs of personal loan + 10 lakhs of credit card bills + 10 App Loans), through this she can get all the debt consolidated in a single EMI at low interest rate. The debt consolidation tenure ranges between 1 to 7 years but at lower interest rates in comparison to all the debts separately.
Debt consolidation comes with multiple benefits for the borrowers who are struggling with several debts, for example any type of personal loan (medical, travel or marriage), Credit Card bills. Below mentioned are few of the key features of debt consolidation:
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