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Debt Consolidation Loan in Mumbai – Manage Debt Effortlessly

Living in the ‘City of Dreams,’ you need a big pocket to fulfill your basic desires. Mumbai recorded a 26.5 score on the cost of living index recently, making it one of the costliest cities in India to live in. So, multiple loans, credit card outstanding amounts, and multiple EMIs are a regular thing.

You can now erase the stress of paying off EMIs on different dates with a debt consolidation loan in Mumbai. Scroll down to check your eligibility to apply with LoansJagat.

Stressed About?	Description
Multiple EMIs Per Month	You have to pay each EMI on different dates. And if you miss even a single payment, you will spoil your CIBIL score.
High Interest Rates	Most of your loans will have a really high rate of interest. However, you can bring down this ROI with a single Debt Consolidation Loan.
Unhealthy CIBIL Score	Since you would pay more interest on loans, it won’t be possible to pay-off the EMIs on time. This will lead to bad CIBIL score.
Less Time to Pay-Off Loan	You can’t extend the tenure to pay-off loan. However, this is possible in debt consolidation loan.

Now, you have 2 options. Either choose to stay stressed about different loans throughout the month or apply for a debt consolidation loan today. So, do you choose the hard way or the smart way?

Debt Consolidation Loan Interest Rate and Charges

You are probably thinking how a debt consolidation loan is better than multiple loans.

To get an answer, have a look at the table. This table is prepared with exclusive insights from experts in the loan disbursal industry.

Feature	With Debt Consolidation	Without Debt Consolidation
Interest Rates	As high as 20%	As low as 11.50%
Savings on Interest Rates	Different EMI for each loan	Reduce EMIs by 40%

Types of Debt Consolidation Loan

Loan Type	Features
Personal Loans	Took a loan for home renovation, wedding expenses, and other needs? Club all the debt into 1.
Credit Card Loans	You can club your multiple credit card outstanding amounts into just 1 EMI/month.
Business Loans	If you took multiple loans to keep the business afloat, then focus less on loan repayment with a Debt Consolidation Loan.

Why Opt for Debt Consolidation Loan from LoansJagat?

LoansJagat has disbursed loans to 2000 Crore+ cusomers throught India. So, what makes us unique?

Feature	With LoansJagat	Other Organisation
Low Rate of Interest	✅	✅
20% Savings on EMIs/Month	✅	❌
Flexible Loan Repayment Tenure	✅	✅
Loan Disbursed in 24 hours	✅	❌
Zero Documentation	✅	❌
100% Online Process	✅	❌
Compare Rates from 20+ Banks and NBFCs	✅	❌
Loans Up To 50 Lakhs	✅	✅
Personal Loan Expert	✅	❌

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

Any of the following

Passport
Voter ID
Driving License
Aadhar Card (Mandatory)
Pan card (Mandatory)

Address Proof

Any of the following

Passport
Utility Bill
Aadhar Card
Driving License

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 Amount

Min ₹ 10,000 Max ₹ 50 L

Interest Rate

Min 6%Max 30%

Tenure up to

Min 1 year Max 7 years

Loan Summary

Loan

₹ 117,397

Loan Amount

₹ 100,000

Interest Payable

₹ 17,397

Monthly EMI

₹ 1,957

How to Apply

LoansJagat is a platform to offer debt consolidation loans in Mumbai 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!

Scroll Up. Fill in the basic details about your name, number, and work profile.
Fill in your personal details. For example, your email, company name, and DOB.
Mention your credit score, PAN number, and salary-related information.
Compare the offers from 20+ banks and NBFCs before applying for loans.
Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
After successful document verification, your loan will be approved and money will be credited to your bank account.

Tips to Avoid Loan Rejection

The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of debt consolidation loans in Mumbai.

1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.

2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.

3. Clear Existing Debts

Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.

4. Provide Verified Information

Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.

5. Stable Employment

Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.

6. Credit Report of Last 6 Months

When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.

7. Timely EMI Repayments

If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.

8. Don’t Engage in Paid Fantasy Gaming Apps

Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.

9. Clean Salary Bank Account Statement

Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.

10. Average Bank Balance

Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.

11. Multiple F&O Transactions in the Stock Market

If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.