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Credit Card Consolidation Loan: Simplify Your Debt & Lower Interest Rates
Every second person owns a credit card nowadays. And, with the rise of corporate culture, many people even have more than 1 credit card. But, with multiple credit cards comes a lot of debt and stress to maintain the CIBIL score. A credit card consolidation loan can help you reveal all this stress. After all, you will just make 1 payment/month, get a lower interest rate, and make savings on the interest amount.
You can make savings even after having multiple credit cards!
Surprised? Have a look at the advantages of a credit card consolidation loan:
Without Credit Card Consolidation Loan
With Credit Card Consolidation Loan:
Features & Benefits
Eligibility
Who can apply:
- Minimum ₹ 25000 monthly income in metro cities and ₹ 20,000 in other cities
- Salaried individual
- A credit score above 700
- Total work experience of atleast 1 year
Age:
- Above 22 years and below 58 years
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
Mandatory
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer credit card consolidation loan 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
- Fill in the total loan amount
- Mention the net monthly salary & other financial details
- 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 credit card consolidation loan.
- 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