If you've got lots of different debts and you're struggling to keep up with repayments, you can merge these together into one loan as a way of potentially lowering your monthly payments. These loans are usually secured against your home although some lenders do offer unsecured consolidation loans, but for smaller amounts. With a consolidation loan (which can be secured loan) you borrow enough money to pay off all your current debts and owe money to just one lender.

The general factors taken into account while determining the eligibility of Debt consolidation are listed below:

1. Age (Min. 21 Year )

2. Maximum 58 age at time of closure of the loan for the salaried

3. Maximum 65 age at time of closure of the loan for the self employed

4. Total work / business Experience 3 yrs

5. Indian resident

Self Employed Individuals/Professionals

Proprietorship Firms

Partnership Firms

Private Limited Companies

• Application

• Processing

• Documentation

  Property Valuation

  Personal discussion

• Sanctioning of the Loan

• Disbursement

The Process may vary from bank to bank in which they will do your verification of documents, residence, office, and a cibil check

You can repay your loan over a period of 12 to 180 months

For Salaried:

1. Application form with photograph

2. Identity and Address Proof

3. Latest Salary Slips

4. Form 16 / appointment letter

5. Bank Statements (Last 12 months)

For Self-Employed:

1. Application form with photograph

2. Identity and Address Proof

3. Proof of business existence & Education Qualifications.

4. Last 3 years ITR

5. Last 3 years P&L and Balance Sheet

6. Bank Statements (Last 12months)

Please refer the complete list of documents on our website in the document section of Debt Consolidation.

If you're hopelessly drowning in debt, know that you can't negotiate any lower interest rates with your credit card companies or creditors, or if the math works out, a debt consolidation loan may be a good decision for you. Similarly, if you're in serious trouble with high interest rates, high monthly payments (that you're having trouble with already), and too many bills, a debt consolidation loan might help. Combined with a debt repayment plan or credit counseling, it can be used to pay off all of your debt at a fraction of their original cost. If it may be a good time to strike, pay it all off, and walk away debt-free.

Of course, those situations aren't the norm, and most of us with credit card bills looking to get rid of them aren't in that position. That's not to say there aren't situations where debt consolidation loans can offer people who really need them the breathing room to get out of debt and organize their finances.

an debt consolidation work for you?

Debt consolidation is one way to make paying off your debt more manageable. Instead of paying several minimum monthly payments on a number of bills, this repayment strategy involves getting a new loan to combine and cover your other loans or debts. You can then repay all of your debts with one monthly payment.

A debt consolidation loan can simplify your monthly payments into just one payment and may possible result in lower monthly payment.

Debt consolidation often works best for those with credit card debt, which generally comes with higher interest rates. If you own a home or other valued property that you can use as collateral, lenders will be more likely to offer you lower payments and interest rates. But remember: If you use your property as collateral, you risk losing it if you fail to repay the loan.

A debt consolidation loan with a longer repayment period may lower your monthly payment, but increase the total amount you repay over the life of the loan. Making more than the minimum payment can help pay off the loan faster.

If you have a mortgage, you might look to see if you have enough equity in your home to consolidate your debt with your mortgage. This is usually people's preferred option since mortgage interest rates are usually much lower than other loan interest rates, and mortgages can be amortized (paid) over 15 years. This means you can arrange much lower monthly payments than with another type of loan. If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don't do this very often. If you find yourself doing this every year or two, that means that you are spending more than you make, and it is going to take forever to get your mortgage paid off at this rate.

You can get a Debt consolidation the registered value of your property depending on the Bank to bank

The value of the property would be determined through a valuation conducted by the bank

Yes, property has to be insured. can varies from bank to bank

Post-dated cheques/security cheques submitted earlier will be dispatched to your mailing address within 15 days, provided the revised instructions are verified and found to be in order.

The repayment of loan is done through Equated Monthly Installments. It can be paid through Post Dated Cheques (PDC) or Electronic Clearance System (ECS)

The loan against property can be pre-paid along with the pre-payment charges. (Varies bank to bank)

The processing of the loans usually takes approx 15 working days after all the documents are submitted.