6 Best Debt Consolidation Loans in India 2020

Managing multiple debts can be enormous. Take one loan to consolidate all others. A single debt consolidation loan makes it easy to make monthly payments. It allows you to pay off the principal amount rapidly as the interest rate applied is relatively low. A debt consolidation could give you an opportunity for a simple monthly payment to consolidate your debts.

This loan is used to repay for any type of loan, so it is mandated to choose the perfect loan for debt consolidation. This will help you to save interest on your loan. Choosing the right loan for you includes various factors such as rate of interest, finance charges, early payoff fees and minimum credit scores. In this article, you will get to know about the best loan for Debt Consolidation.

Best Loan for Debt Consolidation in 2020

Benefits of Debt Consolidation Loan

• For many customers, debt consolidation loans can be a smart way to save money on interest, monthly payments which enhance your credit card score. Below are the advantages of a Debt Consolidation Loan.
• If you have many debt sources at a high annual percentage, you can save on total interest if you get a loan with a lower rate for debt consolidation. Tariffs can be significantly lower than interest rates on credit cards, so you'll save money on interest rates with Debt Consolidation Loan.
• Even you choose a longer tenure for the loan the debt consolidation loan will help you avoid missed payments. You'll pay more in total, but have more easy payments to handle, thanks to a debt consolidation loan which reduces your monthly payments but not your interest.
• Your credit card score may rise with a debt consolidation loan. With Debt Consolidation Loan you are going to convert the damaging score of revolving debt into virtually benign debt in instalments.

Choose the Best Loan for Debt Consolidation

Below listed are the best lenders in India providing debt consolidation loan with attractive interest rates.

SBI Xpress Credit Personal Loan

• Loan Amount- Up to Rs 20 lacs
• Interest Rates- 11.90% to 17%
• Loan tenure- Up to 6 years
• Minimum Income- Rs 15000 monthly
• Processing Fee- 1% of the loan amount

Bajaj Finserv Debt Consolidation Loan

• Interest Rates- 12.99% annually
• Get loan amount up to Rs 25 lacs
• Minimum documentation for the loan approval
• Get loan within 24 hours in your account
• Loan Tenure- 2 years to 5 years

  

  Best Loan for Debt Consolidation in 2020

Citibank Personal Loan

• Loan Amount- Up to Rs 30 lacs
• Get loan amount in your account within 2 days
• Loan Tenure- 2 years to 5 years
• Interest Rates starting from- 10.50% to 17.99%
• Loan processing fees- 2% to 3% of the loan amount
• Get loan with minimum documentation and easy processing

Axis Bank Personal Loan

• Get your loan amount with easy documentation and without any extra charges
• Get loan amount starting from Rs 50,000 to a maximum of Rs 15 lacs
• Get interest rates starting from 16% p.a to 24% p.a
• Get loan tenure starting from 1 year to 5 years

ICICI Bank Personal Loan

• Get loan up to Rs 20 lacs
• Get loan tenure starting from 1 year to 5 years
• Get interest rates starting from 11.25% to 22% p.a
• Existing bank customers can get loan instantly
• Apply for loan via online with minimum documentation

  

  Best Loan for Debt Consolidation in 2020

HDFC Bank Personal Loan

• Get loan amount up to Rs 40 lacs
• Get interest rates starting from 11.25% to 21.50% per annum
• Loan processing fees- 2.50% of the loan amount
• Get loan tenure up to 7 years
• Get loan amount with minimum income criteria of Rs 15000 pm
• Apply for the loan via both online and offline process.

Conclusion

Getting another loan to merge all other loans means you have reduced your debt load. It only means that you have restructured the loan conveniently, and the debt is still the same until you repay it fully. A debt consolidation loan is important and beneficial for those who have multiple debts with bad credit. Therefore, a debt consolidation credit allows us to better manage our finances with the same amount of payment each month.