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Managing multiple debts can often feel overwhelming, especially when juggling high-interest rates, various repayment schedules and mounting pressure. Debt consolidation is a smart financial strategy that allows you to merge all your existing loans or credit card debts into one single loan. This simplifies your repayment process, lowers your stress, and can even help you save money on interest.
But how can a personal loan help with debt consolidation? The answer lies in taking advantage of personal loans, specifically designed to make debt consolidation more manageable.
How does a personal loan help with debt consolidation?
A debt consolidation loan can help you:
1) Simplify finances
Managing multiple loan payments can be time-consuming and confusing. A personal loan allows you to streamline everything into one simple repayment.
2) Lower interest rates
Personal loans often come with lower interest rates compared to credit cards or short-term loans. This can reduce the total amount you pay overtime.
3) Improved credit score
Consolidating your debts into one loan and maintaining timely payments can help improve your credit score. A healthier credit score opens access to better loan terms in the future.
Why choose FIRSTmoney for debt consolidation?
If you are looking for a hassle-free way to consolidate your debts, IDFC FIRST Bank’s FIRSTmoney smart personal loan could be your answer. This 100% digital solution makes applying for and managing your loan easier than ever before.
Here is how it works:
- Loan amounts up to ₹10 lakhs
Consolidate all your debts into one loan with a significant amount, ranging from ₹50,000 to ₹10 lakhs, based on your eligibility.
- Competitive interest rates
Interest rates start from just 9.99% p.a., making it an affordable option for debt consolidation.
Pay off your loan earlier than planned without incurring additional penalties.
- Quick disbursal
With a fast and paperless application process, get the loan amount transferred to your account within 30 minutes after verification.
- Flexible repayment options
Customise your loan tenure and EMI to match your financial capacity. With FIRSTmoney, you can choose your tenure starting from 9 months going all the way to 60 months.
Eligibility criteria for FIRSTmoney Smart Personal Loan
- Employment: Both salaried and self-employed individuals can apply.
- Age: Applicants must be between 21 to 60 years of age.
- CIBIL score: You need a minimum CIBIL score of 730 to apply for this loan.
When you consolidate your debt with a personal loan, you essentially replace multiple high-interest debts with a single loan that typically has a lower interest rate.
How to apply for a personal loan?
Applying for a FIRSTmoney personal loan is simple and entirely digital:
- Start by scanning the QR code or clicking on the “Apply Now” button on your smartphone.
- Register using your mobile number and confirm basic/personal details to check your eligibility.
- Select the loan amount of your choice starting from ₹50,000 up to your approved loan offer [DN1] and choose flexible repayment terms.
- Link your bank account where you wish the funds to be disbursed.
- Complete the Video KYC verification process by showing your physical PAN card.
Final thoughts
Debt consolidation through a personal loan is an effective way to regain control of your finances, streamline your payments, and reduce stress. By opting for a FIRSTmoney smart personal loan, you gain a seamless, digital borrowing experience with flexible repayment options and no hidden charges.
It is time to take the first step toward financial freedom. Apply for a FIRSTmoney personal loan today and enjoy the benefits of a simpler, stress-free financial journey.
Frequently Asked Questions
Debt consolidation involves combining multiple debts into one single loan with a potentially lower interest rate, making it easier to manage your finances.
A personal loan for debt consolidation helps by combining your existing loans into one, often at a lower interest rate, reducing your monthly payments and simplifying your finances.
Once your eligibility is verified, the loan amount will be disbursed into your bank account within 30 minutes.
No, you only need to show your original PAN card during the video KYC process. The entire loan application process is paperless.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.