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Contributor‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
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Getting started with debt consolidation through LoansJagat is a straightforward process designed to help you manage your finances more effectively. Here are five key steps to guide you:
Assessing your total debt is the first step towards debt consolidation. This means listing all your current debts, including the amount owed, interest rates, and monthly payments. Understanding this helps you plan better and decide if consolidating your debts is right.
Loan Type | Amount (₹) | Interest Rate (%) | Monthly EMI (₹) |
Credit Card Debt | 50,000 | 36 | 2,500 |
Personal Loan | 1,00,000 | 18 | 4,500 |
Education Loan | 1,50,000 | 12 | 5,000 |
Two-Wheeler Loan | 80,000 | 10 | 2,000 |
Total | 4,80,000 | — | 10,000 |
Vipul owes a total of ₹4,80,000 on various loans with varying interest rates and EMIs. Managing multiple payments can be challenging.
By consolidating his debts into a single loan, Vipul can potentially secure a lower interest rate and have just one EMI to manage, simplifying his finances and possibly reducing his monthly outflow.
Debt consolidation simplifies managing multiple loans by combining them into a single loan with a lower interest rate and one monthly payment. LoansJagat offers a platform to compare and apply for debt consolidation loans from over 40 banks and NBFCs.
This process can reduce your EMIs by up to 50% and extend the repayment tenure up to 7 years.
To qualify for a debt consolidation loan at LoansJagat, you must:
Aditya has the following loans:
Loan Type | Outstanding Amount (₹) | Interest Rate | EMI |
Personal Loan | 50,000 | 15% | ₹1,200 |
Total EMI: ₹4,700
By consolidating these loans into a single loan of ₹1,50,000 at an interest rate of 10.5% for 7 years, Aditya's new EMI would be approximately ₹2,500, resulting in a monthly saving of ₹2,200.
Feature | Without Consolidation | With Consolidation |
Number of EMIs | 3 | 1 |
Total EMI | ₹4,700 |
Applying online for debt consolidation through LoansJagat is straightforward. The platform allows you to combine multiple loans and credit card dues into a single personal loan.
Uday, a 28-year-old from Bengaluru, had the following debts:
Loan Type | Outstanding Amount (₹) | Monthly EMI (₹) | Interest Rate (%) |
Personal Loan | 2,00,000 | 5,000 | 15 |
Managing three separate EMIs was challenging for Uday. He applied online at LoansJagat for a debt consolidation loan of ₹4,00,000. After submitting his KYC documents and income proof, he received approval for a loan at 11.5% interest over 5 years.
His new monthly EMI became ₹8,788, reducing his monthly outflow by ₹4,212. Now, Uday manages a single EMI, improving his financial stability and credit score.
To apply, visit LoansJagat, fill in your details, and submit the necessary documents. The platform will provide you with suitable loan options from various banks and NBFCs.
The final step is disbursement once your debt consolidation loan is approved at LoansJagat. This involves signing the loan agreement, after which the agreed amount is transferred to your bank account.
The disbursal process is typically swift, often completed within a few hours to a few days. It depends on the lender's policies.
Paras had multiple loans with varying EMIs and interest rates. He decided to consolidate his debts through LoansJagat. After approval, he received the consolidated loan amount, enabling him to clear all previous debts.
Now, he manages a single EMI, simplifying his financial obligations.
Loan Type |
Simplify All Your Loans Into One Affordable EMI
Customers Served
Debt Consolidated
1200+ Reviews
Locations in India
Club all Loans & Credit Card Bills into Single EMI
Quick Apply Loan
Consolidate your debts into one easy EMI.
Takes less than 2 minutes. No paperwork.
10 Lakhs+
Trusted Customers
2000 Cr+
Loans Disbursed
4.7/5
Google Reviews
20+
Banks & NBFCs Offers
Other services mentioned in this article
Credit Card Debt
30,000 |
18% |
₹1,500 |
Car Loan | 70,000 | 14% | ₹2,000 |
₹2,500 |
Interest Rate | 15%-18% | 10.5% |
Repayment Tenure | 3-5 years | 7 years |
Credit Card 1
1,20,000 |
4,800 |
36 |
Credit Card 2 | 80,000 | 3,200 | 36 |
Total | 4,00,000 | 13,000 | – |
*T&C Apply
Outstanding Amount (₹)
Interest Rate (%) |
Monthly EMI (₹) |
Credit Card Debt | 1,00,000 | 36 | 5,000 |
Personal Loan | 2,00,000 | 18 | 6,000 |
Education Loan | 1,50,000 | 12 | 4,000 |
Total | 4,50,000 | – | 15,000 |
Consolidated Loan | 4,50,000 | 10.55 | 9,500 |
By consolidating his debts, Paras reduced his monthly EMI from ₹15,000 to ₹9,500, saving ₹5,500 each month. This approach not only eased his financial burden but also improved his credit score due to timely repayments.
Managing multiple EMIs can be stressful and confusing. Debt consolidation through LoansJagat allows you to combine all your debts into one loan with a single EMI.
Loan Type | Outstanding Amount (₹) | Interest Rate (%) | Monthly EMI (₹) |
Personal Loan | 2,00,000 | 14 | 6,850 |
Credit Card 1 | 50,000 | 36 | 2,500 |
Credit Card 2 | 30,000 | 36 | 1,800 |
Consumer Durable Loan | 20,000 | 18 | 1,200 |
Total | 3,00,000 | 12,350 |
By consolidating his debts through LoansJagat into a single personal loan of ₹3,00,000 at 12% interest for 3 years, Shubham's new EMI became ₹9,967. This reduced his monthly outflow by ₹2,383 and simplified his repayment
process
Debt consolidation at LoansJagat helps you combine multiple loans into one, making repayments easier. By lowering your interest rate and reducing your EMI, it saves you each month.
With a simple online process and quick approval, you can manage your debts better. This improves your credit score and reduces stress. Start today to take control of your finances and enjoy a debt-free future.
1. What is debt consolidation?
Debt consolidation combines multiple loans into one loan with a single monthly payment.
2. How does it help me save money?
It lowers your interest rate and reduces your total EMI, saving you money each month.
3. Who can apply for debt consolidation?
Anyone aged 23-58 with a monthly income of ₹25,000 (₹20,000 in non-metro cities) and a credit score above 700 can apply.
4. How long does approval take?
It usually takes a few hours to a few days after submitting documents.
5. Can LoansJagat help me choose which loans to merge?
Yes. Based on your outstanding balances and interest rates, LoansJagat helps you identify which loans and credit card dues make the most sense to consolidate.
6. Can LoansJagat help me close credit card dues?
Yes. LoansJagat allows you to include overspent credit card bills along with your personal loans in the consolidation, so all dues get cleared under one single EMI.
7. Can LoansJagat help if my EMI burden is high?
Yes. That is exactly what LoansJagat is built for. By merging all your loans at a lower interest rate, your total monthly EMI can come down by up to 50%.
8. What happens if I am not eligible for personal loan consolidation?
If you do not qualify for an unsecured consolidation loan, LoansJagat may suggest other options such as a secured loan against property or other alternatives based on your profile.
