How to get Instant Loan for Debt ConsolidationHow to get Instant Loan for Debt Consolidation?
Multiple loans are cumbersome that increases the financial burden with increasing rate of interest. Different repayment schedules make loan management difficult causing confusion and delay. Debt consolidation loan is a great choice and a compiled loan clearance solution to pay off various loans through one loan. All loans get consolidated into a single loan.
Debt consolidation allows you to repay the principal amount faster as interest rates are normally lower. An ideal option for salaried individuals, businesses or those with a low income can manage debts all at once.The best source to a get a debt consolidation loan easily is through instant personal loan apps and credit websites. Online lenders offer attractive slabs for interest rate, making the repayment affordable.
However, merging of all loans does not mean that your loan liability has reduced. It just implies simplification of the whole loan mapping to aid convenience to the borrower. The debt remains the same until it is repaid in full. A borrower has to ensure payment of the loan in all cases. A debt consolidation loan online if handled well and cleared on time can help in increasing the credit score of the borrower.
Check the latest Simply Cash personal loan app launched by a trusted financial firm in India – HeroFinCorp. It can be downloaded in seconds from Google Play store on your android phone. It is beneficial for debtors as the documentation is minimal and repayment is hassle free in manageable EMIs.
Eligibility Criteria for debt consolidation loan for salaried or self-employed individuals:
- Must be a citizen of India
- Required KYC documents including Aadhar Card number linked to mobile number, Pan Card or Driving licence
- Age limit must be 21-58 years’ old
- Must be stable professionally in a job or business
- Must earn a minimum income of Rs.15,000 per month
- Six months’ bank statement of salary account for salaried and 6 months’ bank statement with most transactions for self-employed
How to Apply for Debt Consolidation Loan via Simply Cash?
- Install Simply Cash Instant loan app from Google Play Store
- Register with basic details – mobile number and email address
- Set the desired EMI using the loan EMI calculator
- Paperless verification of KYC details using a security code
- Bank account verification through net banking; the credentials are never stored
- Instant loan approved in minutes and transferred to the bank account
What are the Benefits of Debt Consolidation Loan?
- Taking the borrowers out of an overwhelming financial situation
- Helping borrowers to take control over their increasing debts
- Taking less time in payment of EMIs every month
- Decreasing the number of debts to manage
- Eliminating the stress of poor debt management