Juggling Too Many Loans? Consolidate Your Debt With A Personal Loan.
Debt has the potential to negatively impact your financial well-being and hinder your ability to save. However, there are numerous efficient and straightforward methods to minimize it, and one such wise solution is a debt consolidation loan. Opting for debt consolidation allows you to streamline your focus onto a single loan. By obtaining a single loan to settle your previous debts, you are left with only one monthly payment, making it more manageable compared to juggling multiple loans.
The primary advantage of a debt consolidation loan is that it reduces both your interest rate and monthly installment amount. A single loan will accrue less interest compared to multiple loans with varying interest rates. Nevertheless, it is crucial to thoroughly analyze the applicable interest rate, finance costs, and early payment fees before applying for a debt consolidation loan. This can be done with Grahaan Capital’s personal loan. You can even calculate personal loan EMI using our free EMI calculators available online. This will help you get clarity on the outgoing amounts.
A debt consolidation loan is a type of personal loan used to repay existing debt. Debt consolidation is the process of combining several outstanding loans into a single one. This is done by taking a personal loan for debt consolidation with a lower interest rate and flexible tenure of the sum required to pay off your outstanding loans. The remaining outstanding loans are paid off from the new personal loan taken. Here are four simple tips to help you consolidate your debts:
Consolidation loans are a special kind of loans that are designed to help you with the situation where you have taken out many different loans which have to be paid back and you can’t find the money. This type of loan intends that the borrower avoid paying multiple high interest EMIs and instead settle a single amount less than the interest rate. One loan, if applied, will simplify repayment since, you can now pay back one loan, with one interest rate rather than dividing your repayment exactly between several debts.
If you feel that your credit card lender is not offering a higher credit limit or has a high interest rate, you can always switch providers. A credit card balance transfer involves transferring your current credit card balance to a new lender. Even though the balance remains the same, you may be able to benefit from a higher credit limit, along with more affordable interest rates.
You can, as well, do a balance transfer, if the home loan has a high interest rate or poor customer service. In other words, your loan account will be transferred to a different lender and you will now be paying the EMIs to him. In case you have various home loans, you can take these and bring them together to the new lender and bring them together. That is why this is the most convenient and simple way to combine home loans. Besides, it enables you to go ahead with other offers like a top-up loan, discounts, and more.
This is perhaps the most flexible option for when you want to merge your debts. It usually allows you to borrow a considerable loan amount of up to Rs. 40 lakh. It also gives you a flexible tenor option for smoother and more convenient repayment. Apart from this, an instant personal loan also comes with other benefits such as quick approvals, ease of accessibility, painless paperwork, and a lot more.
The eligibility criteria for personal loans vary from one lender to another. Qualifying for a personal loan isn’t too difficult, salaried workers can easily obtain a loan from Grahaan Capital for up to Rs 40 lakh, with a minimum interest rate in the market. However, some general rules are usually followed, and they are:
Documents required for personal loans to establish your identity, income, loan repayment capacity, and place of residence. Our simple documentation process ensures that you don’t deal with a lot of paperwork. You only need to submit a few basic documents, including:
Grahaan Capital offers the lowest personal loan interest rate for applicants for a maximum of 84 months, which means you can get a minimum EMI. Please see below, a detailed list of personal loan interest rates, fees & charges.
| Particulars | Charges |
| Personal Loan Interest Rates | 10.75%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹40 Lakh |
| Loan Processing Fees | Minimum 2% plus applicable taxes |
| Lowest EMI per month | Starting from ₹1,699* per Lakh for 84 months |
| Loan Tenure | 12 – 84 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources & 4% If paid from other sources |
| Default Interest | Minimum 3% per month |
| Repayment Instrument Dishonor Charges | Minimum ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| * No Other Hidden Charges | |
You can apply for a Debt Consolidation Loan with us quickly and conveniently. All you are required to do is to follow the steps mentioned below:
