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
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 -
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 |
- No additional/hidden charges levied
- The interest amount for the period between loan disbursement and loan cancellation will be payable.
- Processing fees will also be retained
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