How to Get Started with Debt Consolidation at LoansJagat?

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:

1. Assess Your Total Debt

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.

Let’s look at an example of a boy named Vipul:

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.

2. Check Eligibility and Compare Offers

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.

Read More – Debt Faster By Consolidating Your Loans
 

Eligibility Criteria

To qualify for a debt consolidation loan at LoansJagat, you must:

• Be between 23 and 58 years old.
• Earn a minimum monthly income of ₹25,000 (₹20,000 in non-metro cities).
• Have a credit score above 700.
• Be employed with at least 1 year of work experience.

Example: Aditya's Debt Consolidation

Aditya has the following loans:

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.

Comparison Table

3. Apply Online

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. 

Example: Uday's Debt Consolidation

Uday, a 28-year-old from Bengaluru, had the following debts:

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.

4. Receive Loan Approval and Disbursement

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.

Example: Paras's Debt Consolidation

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.

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.

5. Manage a Single EMI Payment

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. 

Also Read - Debt Consolidation Loan Options in 2025
 

Example: Shubham's Debt Consolidation

Shubham had the following debts:

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

Conclusion

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.

FAQs

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.
 

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About the Author

LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?