Avail affordable personal loans to pay off your consolidated loan
Do you have many loans and are struggling to manage them? Do you often miss repayments for some of your loans? Or do you wish you could avoid making multiple payments for your loans?
A simple concept that is designed to make loan repayments easier, debt consolidation refers to consolidating all of your debts/loans into one single loan.
Imagine a scenario where you have many different loans like personal loans, credit card debt, education loans, etc. from different lenders, which require you to keep a track of different payment schedules. This may result in missing payments. In these cases, a single debt consolidation loan may be availed which will help you close down all the existing loans and take on a single loan. This way, it gets easier for you to manage your debt.
But how can you repay your consolidated loan? The answer is simple - with the help of an affordable personal loan.
Certain banks take over your existing debt by paying off your existing debts. Hence, a debt consolidation loan can be availed from banks, non-banking financial institutions or certain fintech lenders.
However, not every lender provides this facility. Therefore, as a borrower, you will have to check with your lender. On the other hand, personal loans to repay such consolidated loans are much more easily available.
One of the most popular digital lending apps in the market - Moneyview offers affordable personal loans that can be used to pay off your consolidated loan.
Note: Moneyview does not consolidate your loans. However, you can avail a personal loan from our lending partners to pay off a loan that has already been consolidated.
Finance Your Dreams with Personal Loans
Flexible Terms, No Hidden Fees, Easy Approvals
Flexible Loan Amount
Borrow any amount starting from ₹5,000 and going up to ₹10 Lakh
Collateral Free Loans
To apply for a personal loan through Moneyview, you don’t need any asset or arrange for a guarantor
Quick Disbursal
The loan amount is disbursed to your account within 24 hours of approval
Affordable Interest Rates
Benefit from low-interest rates starting from 14% per annum
In order to get Rs. 2 lakh personal loan through Moneyview, you will need to fulfill the following criteria -
Submitting documents need not be a complicated process. At Moneyview, we require only 3 key documents from you, as listed below -
| Identity Proof | Address Proof | Income Proof |
|---|---|---|
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice)
|
Any 1 of the following -
|
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits OR Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed |
At Moneyview, we focus on making loans affordable for our customers. Check out our fees and charges below -
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 14% per annum |
| Loan Processing Charges | Between 2% to 8% of the approved loan amount |
| Penal charges on Overdue EMI | 24% per annum plus applicable taxes, if any |
| NACH Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Debt consolidation loans for an individual with a bad credit score may be subject to lender discretion. Many lenders do not specify the exact credit score required to meet the eligibility criteria for a loan. Hence it becomes difficult to know in advance if you should apply for a particular loan for debt consolidation.
However, Moneyview clearly specifies its credit score requirement which makes it possible for the applicants to know in advance if they are eligible for personal loan for debt consolidation from Moneyview.
Moneyview requires its applicants to have a minimum CIBIL score or Experian score of 650. In addition to the bureau credit score, our lending partners use their in-house credit score models to assess the creditworthiness of applicants.
Debt consolidation may work for you if you are having issues making multiple loans repayments and keeping a track of them. By going in for a debt consolidation loan, you could reduce the number of outstanding loans and easily manage one loan EMI.
However, there are a few points to keep in mind if you are looking to consolidate your loans into one:
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