Features and Benefits of a Debt Consolidation Loan
Customized Loan Amount
Borrowers generally have the flexibility to choose the loan amount as well as the repayment term of their choice
Quicker Disbursal
You can avail debt consolidation personal loans from leading digital lending apps like Moneyview within 24 hours making it feasible for those looking for urgent funds
No Need for Collateral
A personal debt consolidation loan can be availed without furnishing any collateral or security
Affordable Interest Rates
We understand how important interest rates are as they determine the EMI amount to be paid. At Moneyview, the interest rate starts at just 1.33% per month
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?
What is a Debt Consolidation loan?
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.
Where Can You Get a Debt Consolidation 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.
Eligibility Criteria For Personal Loan for Debt Consolidation From Moneyview
In order to get Rs. 2 lakh personal loan through Moneyview, you will need to fulfill the following criteria -
- Applicants must be between 21 years and 57 years
- Applicants must receive an income of Rs. 13,500 or more*
- Income must be credited directly to the applicants’ bank account
- Credit score must be a minimum CIBIL score or Experian score of 650
| Income and Credit Score Eligibility Criteria* | |||
|---|---|---|---|
| Salaried Individuals | Minimum In-Hand Income | Area of Residence | CIBIL Credit Score Requirement |
| Rs 13,500 | Any | CIBIL Score/Experian Score of 650 and above | |
| Rs 20,000 | Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) | New to Credit or CIBIL Score/Experian Score of 650 and above | |
| Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL Score/Experian Score of 650 and above | |
| Self-Employed Individuals | Rs 15,000 | Any | CIBIL Score/Experian Score of 650 and above |
Documents Required for Debt Consolidation Loan
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 |
Fees and Charges for Personal Loan for Debt Consolidation From Moneyview
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 1.33% per month |
| 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 |
|
How Can I Avail a Debt Consolidation Loan?
Check Eligibility
Find out the maximum loan amount you’re eligible for online in 2 minutes
Select Loan Tenure
Choose a custom loan amount and a repayment period that suits your financial needs
Upload Documents
Provide your personal details and upload the necessary documents, all on the app or website
Amount Disbursed
Get the loan amount disbursed to your account within 24 hours of approval
Conclusion
Availing a debt consolidation loan is a great idea as it will help you pay off your debts a lot more easily. Instead of paying off this consolidated debt through credit cards or private chit fund loans, avail personal loans from Moneyview and benefit from affordable interest rates and hassle-free application. Visit the Moneyview loan app or on the website within a timeframe of 2 business hours.
Debt Consolidation Loan - Related FAQs
While personal loans from Moneyview can help clear off your consolidated debt, it will not consolidate your debts for you. You will have to contact your nearest bank for this purpose.
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:
- You should compare the interest rates of the existing loans and the new loan before going in for a debt consolidation loan. The consolidation loan works beneficial for you only when the new rate of interest is lower than old loans.
- The processing charges on the loan will also have to be taken into account.
- Also you will have to keep in mind that availing a debt consolidation loan helps you consolidate not relieve your debts. You will still have to make the repayment on the new debt.
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