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Loan Consolidation in India

Is it the right solution for your EMI stress?

What is Loan Consolidation?

Loan consolidation is the process of taking out a single new loan to pay off multiple existing debts. Instead of managing several EMIs for different loans and credit cards, you make one single monthly payment. The goal is usually to simplify finances, and sometimes, to get a lower overall interest rate.

When It Can Help

  • You have multiple high-interest debts (like credit cards).
  • You are struggling to keep track of different payment dates.
  • You have a good credit history and can qualify for a lower-interest loan.
  • You are committed to not taking on new debt after consolidating.

When It Can Make Things Worse

  • Your credit score is too low to get a favorable interest rate.
  • The new loan has a much longer tenure, making you pay more interest over time.
  • You continue to spend on credit cards after consolidating them.
  • The underlying issue of overspending isn't addressed.

Clarity Before Commitment

Loan consolidation isn't a magic fix. Applying for it without understanding your financial health can lead to another rejection. Understand your EMI situation first.

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