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Get Debt-Consolidation Loan up to ₹1 Cr
Product Detail
- Are you scared to lose your business and fall into debt?
- Or are you dealing with a lot of creditors?
- Tired of paying multiple EMIs in a single month?
What if you have to pay just 1 EMI/month?
You need business loan debt consolidation to become stress-free and run your business.
If you get frustrated paying multiple EMIs each month, then you have an option to combine all these loans into 1.
Through this debt consolidation loan, you can pay off all your debts, liabilities, and credit card outstanding amounts with a single payment each month.
Business Loan Debt Consolidation Benefits
1. Club Loans up to ₹50 Lacs
2. Tenure up to 60 months
3. Only 1 EMI per Month
4. Lower Existing EMI by up to 50%
5. 100% Online Process
6. No collateral or security
7. Loan approval within 24 hours
Eligibility
Who can apply:
· 🏢 Minimum 2 years business existence
· 📈 Credit score - 700 or above
· 🧾 One ownership is mandatory
(residence or office)
Age:
Above 23 years and below 65 years
Required Documents
Identity Proof
Any of the following
· Passport
· Voter ID
· Driving License
· Pan card (Mandatory)
· Aadhar Card (Mandatory)
Address Proof
- Piped Gas Bill
- Electricity Bill
- Domicile Certificate
Any of the following
Other Docs
- Current A/C Bank Statement (Last 1 Year)
- Income Tax Returns (Last 2 Years)
- Proof of Office Address
- Proof of Business Existence
- GST Registration Certificate
- Proof of Residence or Office Ownership
Example
For instance, if Megha has the following existing debts running:
She has 4 personal and 3 credit card outstanding loans. The loan amounts for both categories are mentioned in the tables. Now, Megha has 7 existing loans for which she has to pay 7 EMIs per month.
Sn. No. | Loan Amount | Existing ROI | Existing EMI | Outstanding EMI |
Loan 1 | 1,50,000 | 18% | ₹ 3,809 | 1,25,000 |
Loan 2 | 3,00,000 | 16% | ₹ 7,295 | 2,25,000 |
Loan 3 | 5,00,000 | 14% | ₹ 11,634 | 3,50,000 |
Loan 4 | 7,00,000 | 12% | ₹ 15,571 | 4,50,000 |
Total | 16,50,000 | - | ₹ 38,310 | 11,50,000 |
For 4 loans other than credit card outstanding, she has to pay a monthly EMI of ₹38,310. Secondly, she also has to pay back the credit card's outstanding balance of ₹ 3,50,000. Seems like a lot, right?
Sn. No. | Loan Amount | Existing ROI | Existing EMI | Outstanding EMI |
Credit Card 1 | 50,000 | 36% | - | 50,000 |
Credit Card 2 | 1,00,000 | 36% | - | 1,00,000 |
Credit Card 3 | 2,00,000 | 36% | - | 2,00,000 |
Total Amount | 3,50,000 | - | - | 3,50,000 |
What if you could bring down the EMI to just 28,937/month in 72 months?
If you apply for a personal debt consolidation loan then you can cut down your existing EMI by 42%.
New Debt Consolidation Loan
Outstanding Loan Amount | 11,50,000 |
New ROI | 11.50% |
New Tenure | 6 years |
New EMI | ₹22,185 |
EMI Saving | 42% |
New Debt Consolidation Loan
Outstanding Credit Card Amount | 3,50,000 |
New ROI | 11.50% |
New Tenure | 6 years |
New EMI | 6,752 |
With an EMI of 28,937/month for 72 months, you will have more time to repay the loan, and that too at a lower rate of interest.
The repayment period for business loans ranges between 1 and 7 years. Depending on the applicant’s financial records and credit score, a business loan’s annual percentage rate (APR) can vary from 10.50% to 17%.
