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Combining multiple loans into a single loan helps manage the financial liabilities smoothly and reduce the monthly EMI burden. Combining several loans into a single loan is known as debt consolidation.

An overdraft is a temporary credit by the bank to cover the expenses beyond the account balance. An overdraft is charged only for the amount used for the number of days. Overdraft is usually more expensive than a debt consolidation loan.

Thus, debt consolidation loans should be applied when the need is to manage multiple personal loans and credit cards better by combining them into a single loan. Overdraft loan is for frequent working capital requirements.

Benefits of Debt Consolidation Loans:

1. Convenience

A single loan is more convenient to remember and make payments. Managing multiple payment deadlines can easily be a recipe for disaster.

2. Lower Interest Rates and Charges

Having multiple smaller loans has its perils as the interest rate on smaller loans is generally higher. Credit cards have a significantly higher interest rate than personal loans. Multiple loans also mean managing multiple charges like early closure, late payment and NOC.

3. Services

A debt consolidation loan means having services from a single financial institution. An honourable financial relationship from a financial institution means getting better service and response.

4. Incentives

Opting for a debt consolidation loan may get the latest offers. One such incentive could be access to airport lounges and better banking terms.


LoansJagat makes the process of availing debt consolidation loans easy with a quick online application along with complete guidance by a dedicated loan officer. Applicant needs to enter basic requirements and choose from the debt consolidation offers from leading financial institutions. LoansJagat provides transparent tracking and real-time guidance.

Documents required for Debt Consolidation Loan:

  • Salary Slip

  • KYC (Either your central KYC or any other government-issued identity card)

  • Most recent loan statement

  • Last six months bank statement

In the case of businesses, the required documents are as follows:

  • Balance sheets of the previous three years.

  • Statements of Profit and Loss

  • TAN (Tax Account Number)

  • Applicant’s saving account statements

  • Current account statements of past six months

Process for debt consolidation loan:

  1. Obtain a foreclosure letter and No objection certificate (NOC) from your existing lender.

  2. Start the transfer process with LoansJagat by presenting all the necessary documents.

  3. Sign the loan agreement after receiving the sanctioned letter from the financial institution.

  4. LoansJagat would enable disbursement of the outstanding amount in favour of the old lenders.

  5. Once your previous lender receives the payment, it will discontinue your loan account and clear your dues.

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