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Overview
Business loan debt consolidation is understood as taking out a novel business loan to pay off pre-existing business loans and debt. By availing a small business debt consolidation loan, a business owner is moving multiple debts into an amalgamated monthly payment dues.
At times, business loan debt consolidation works in a similar way as business debt consolidation. It offers to streamline debt into a manageable payment. One consolidation business loan can provide a longer and flexible repayment period, with a reduced rate of interest.
Advantages of Business Loans Debt Consolidation
Boost Credit
By business loan debt consolidation, one can consolidate debt to enhance the credit score. Such a method is particularly possible if they make the loan payments constantly on time or period as mentioned.
Create an Emergency Fund
One might find themselves in a loophole from one pay-cheque to another pay-cheque, without any mentioned funds to save. In such a case, instead of waiting for an emergency to happen, it is considered to be smart and wise to avail a loan in creating an emergency fund. It could vary from being a medical expense or an immediate trip one requires to consider, having a fund for a rainy day is always a beneficial idea.
Freedom of Usage
Funds which a person would receive via such a loan can be utilized for multiple reasons. Either it is to fund an international trip, buying an electronic or gadget, repaying a friend, one can essentially opt for a business Loan to satisfy any of these mentioned requirements.
Reduced Interest Rates
Interest rates on this loan, as compared to repayment of Credit Card or Credit Card Loan is significantly lower. This is especially true in case of larger amounts.
May Expedite Payoff
If the debt consolidation loan is raising a reduced rate of interest other than the individual loans would, essentially contemplate making extra cash with the money they save every month. Such a method can assist to eventually pay off the existing debt, in addition saving a lot more on interest in the long run. To keep in mind, however, business loan debt consolidation generally causes further increased loan terms—so an individual would have to make a point of paying the debt off early to take advantage of such a benefit.
Interest Rate & Cost for Debt Consolidation Loan
To comprehend the rate of interest along with cost or charges associated with a business loan debt consolidation is significant to build a well-strategize decision. One must entail transparency in structure of fee, ensuring it is quick and flexible for them to manage the consolidated loan without any surprises.
Features & Benefits
Eligibility
Who can apply:
- Minimum 2 years business existence
- Credit score - 700 or above
One ownership is mandatory
( residence or office)
Age:
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
- Income Tax Returns ( Last 2 years)
- Current Account Bank Statement ( Last 1 year)
- Proof of Residence or Office Ownership
- Proof of Office Address
- Proof of Business Existence
- GST Registration Certificate
- Repayment Schedule of Existing Loans
How to Apply
LoansJagat is a platform to offer business loans debt consolidation quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
- Visit the LoansJagat.com
- Click on apply button
- Select the loan category
- Enter city name, full name & mobile no
- Mention the annual sales
- Click on the next button
- Fill in your personal and financial details
- Finally, based on the following information, you will get bank options available.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of business loans debt consolidation.
- Eligibility Criteria: It must be adhered to reduce the chances of loan rejection.
- Regular Paid Installments: Monthly payments must be ensured on time.
- Credit Utilization: It must be a ratio of 30% or less.
- Credit Scores: They are often the key factor on which lenders rely on to assess the risk associated with an individual. A score of 750 and above is considered credit-worthy to increase the chances of loan approval.
- Avoid Multiple Loans: Taking several loans and credit cards without closing pre-existing applications will also portray you as credit-hungry and unreliable as a borrower.
- Inquiries And Applications: As an increased number of lenders approach, a person's credit score gets lower, often showing that they are credit-hungry and in dire need of funds from lenders and banks, jeopardizing their financial credibility.
- Debt-to-Income Ratio: Keep your debt-to-income ratio low. This ratio compares your monthly debt payments to your monthly gross income. Lenders typically prefer a ratio of 36% or lower.
- Consider a Co-Signer: If your credit score or income is insufficient, a co-signer with a solid financial profile can improve your chances of approval of a personal in kolkata..
- Be Honest: Provide accurate and truthful information on your application. Misrepresentation can lead to automatic rejection and damage your credibility.
- Consult a Financial Advisor: If you’re unsure about your financial standing or need advice on improving your chances, consult a financial advisor.
FAQ’s