Seven Ways in Which Personal Loan Can Help Consolidate Debt Easily

Author : jitenderchauhan592
Publish Date : 2020-06-24 05:15:02

Seven Ways in Which Personal Loan Can Help Consolidate Debt Easily

You availed a business loan for Rs.15 lakh from a leading online lender to give wings to your business. Unfortunately, destiny had some other plans for you and you had to shut down the business due to loss-making. 

Since your business was the major source of income for you, you were compelled to think of selling the equipment for paying loan EMIs. Still, you have no idea about managing other monthly expenses. 

What will be your condition if you faced a similar situation or what will you do if you are facing one? Will you sell your home, liquidate assets, and investments to make way for loan EMIs and make ends meet? It’s not a good idea! 

You can use a personal loan for debt Consolidation. By using the loan money, you can end up not only repaying the ongoing debt, but you can also give a fresh start to life with lakh of rupees in hand. 

It is because a personal loan for debt consolidation is an unsecured loan, which is offered based on your repayment, income history, and CIBIL score. It makes the personal loan interest rate a bit higher, but you can lessen it if you have excellent creditworthiness. 

You can also do a personal loan interest calculation by using a personal loan interest calculator at a lender’s website for free. This way, you may know the overall personal loan interest rate that your income may support. 

Would you like to know how a personal loan may help you consolidate your debt and let you make a fresh start in life? Read on and explore more!

Here’s how the personal loan is fit for debt consolidation 

1. Loan amount of up to Rs.25 lakh

Be it the need to consolidate your debt or any other needs, you can avail a personal loan, without restrictions, of up to Rs.25 lakh. 

2. Reasonable interest rate 

If you have maintained a higher credit score, along with sound repayment and employment history, you can get a lower personal loan interest rate. 

3. Hassle-free loan approval 

If you have the required personal loan eligibility, you can get the loan approval in 5 minutes after submitting the online loan application form. 

4. Money in your bank within 24 hours 

Loan applicants with the approval for the same may expect to get the money disbursed into your bank account within 24 hours. This way, you can use the money for diverse purposes to restart your life afresh. 

5. Flexi loan facility 

You can use the flexi loan facility and pay up to 45% lower loan EMIs. It is by paying only the interest as EMI on the utilized money from the total limit. The rest of the money gets settled after the completion of the loan tenor.  

6. Flexible loan tenor 

You don’t have to stress out for repaying the availed personal loan soon. You can enjoy a flexible loan tenor ranging 1-5 years to spread the loan and pay small EMIs. 

7. Online loan management 

By using the lender’s digital customer portal and loan app, using online loan management you can easily know your loan status online. you can manage and track your loan details 24/7 and right from anywhere. 

It’s time to consolidate your debt by availing a personal loan and use the rest of the money to take a fresh start in life. 

Bajaj Finserv presents pre-approved offers on personal loans, home loans, business loans, and more. It can help you minimize the loan procedures to make it less time-consuming. 

You need to share your basic details such as your name and mobile number to check out your pre-approved loan deals right away. 

Must Read: Pros And Cons Of Instant Personal Loan

Category : business

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