5 reasons to consolidate your debt with a personal loan from Bajaj Finserv


May 21, 2021 9:32 AM STI

Pune (Maharashtra) [India], May 21 (ANI / BusinessWire India): A recent study revealed that in March 2021, Indian households had a total debt of around Rs 43 trillion against around Rs 6 trillion in March 2008.
Given this scenario, and the fact that borrowers may have more than one source of debt, one can look for ways to get out of debt and take the pressure off their finances.
A personal loan can be a reliable solution in this regard. It is easy to avail a large value unsecured loan with a personal loan and one can use it to consolidate multiple debts easily.
Debt consolidation allows you to focus on clearing a single loan rather than paying off multiple types of credit, be it credit cards, a car loan, and a home loan. studies, for example. A Bajaj Finserv personal loan for debt consolidation is even more beneficial because it has various value added features. Here’s why borrowers can use it to consolidate multiple debts easily, quickly, and affordably.
Have only one IME to take care of each month
One of the main advantages of debt consolidation is that you don’t have to go through multiple IMEs and a complex repayment schedule. In this way, individuals can manage the timely repayment of a user-friendly EMI. They can use the Personal Loan EMI Calculator to assess their EMI in advance and plan their debt consolidation loan repayment wisely. Simply enter loan amount, tenor, and interest rate to calculate the EMI that will suit their budget, then apply for the economically priced debt consolidation personal loan from Bajaj Finserv.
Quickly get unsecured funds
The biggest advantage of a personal loan is that borrowers may be eligible for it based on simple eligibility requirements related to their age, income, city of residence, and credit rating. This is an unsecured loan and therefore it is not required to produce any documents related to the assets. This makes the approval process quick and stress free. In addition, Bajaj Finserv offers financing of up to Rs.25 lakh on affordable terms.
Pay off the loan comfortably

When individuals choose to consolidate multiple debts, easing the pressure on their income is a priority. One way to do this is to choose a long term repayment term. Bajaj Finserv allows you to choose tenors up to 60 months according to their finances. In addition, with excess funds, individuals can spend excess amounts on prepayments and potentially lock in the loan by paying a nominal fee.
On the other hand, one can avail the Flexi loan facility on Bajaj Finserv personal loan for debt consolidation. This way, borrowers can withdraw multiple times from their loan limit, depending on their needs, and only pay interest on what they use. In addition, one can choose to pay only the interest component every month during the tenor’s initial term and reduce their EMI by up to 45 percent. This can be a boon when it comes to freeing up income for other obligations or commitments.
Manage your debts and repay at a lower cost
The main advantage of consolidating debt is that they can capitalize on the low interest rate of low cost personal loans and eliminate high interest debt like credit card debt from their monthly expenses. A common problem with not paying off credit card debt in full is that its interest compounds and you have more and more money to pay off at skyrocketing interest rates. In such cases, consolidating debt with a personal loan can save a lot of money.
Increase your credit score by making timely repayments
Individuals can also use the practice of debt consolidation to improve their credit score. Since their NDEs are now more affordable and fewer in number, they can manage them easily. Timely repayments build a healthy credit history and will increase their credit score. What’s more, a debt consolidation loan can pay off all existing debts like auto loans and credit card debts at the same time, which is sure to improve their credit score.
If there is an urgent need for financing, the best way to speed up obtaining a personal loan for debt consolidation is to check their pre-approved offer by Bajaj Finserv. It gives them instant approval within 5 minutes of submitting the request. Moreover, to increase their convenience as a salaried applicant, one can apply for the personal loan for salaried employees to quickly become eligible for the loan based on their employment status and income. People can start now and get off debt slowly but steadily to make their finances healthier than ever.
To learn more, visit: https://www.bajajfinserv.in
This story is provided by BusinessWire India. ANI will not be responsible for the content of this article in any way. (ANI / BusinessWire India)


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