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About the author
Ananya Shrivastava
Ananya Shrivastava is a Content Writer at LoansJagat, specialising in finance-focused news, blogs, and long-form articles on Indian markets, RBI policy, personal finance, and lending. She has authored over 450 blogs and 250 news pieces, combining technical knowledge with rigorous research to simplify complex financial concepts into clear, engaging content. With a marketing-driven lens and sharp editorial judgment, she consistently achieves top Google rankings while ensuring every claim is backed by verified data.
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Simplify All Your Loans Into One Affordable EMI
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Debt Consolidated
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Club all Loans & Credit Card Bills into Single EMI
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Consolidate your debts into one easy EMI.
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Key takeaways:
This is the common question people ask when consolidating multiple loans. Going bank to bank on your own means separate applications and no single view of your debt.
Why start with LoansJagat before approaching lenders individually?
LoansJagat compares offers from over 50+ partnered banks and NBFCs in one place. It covers loans up to ₹99 lakhs, across both unsecured and secured consolidation routes. Users receive instant loan offers within 2 minutes of submitting basic details.
A dedicated loan manager handles the case end-to-end. Applications are routed to lenders in a controlled manner rather than sent out indiscriminately. LoansJagat also coordinates foreclosure letters, NOCs and documentation, and supports lender-to-lender payout where the lender permits it.
The process is 100% paperless, with no upfront fee for sanction or disbursal. Many users reduce their combined EMI by up to 50%, over a repayment tenure of 2 to 7 years.
Final approval always rests with the lender. Once your debt consolidation loan is sanctioned, multiple EMIs become one.
There are a few steps to get the consolidation loan, which are as follows:
Hence, this is how one can get a consolidation loan from banks.
This is the list highlighting which banks offer debt consolidation loans in India:
Note: The information is largely taken from Google.
These are some of the names illustrating which banks offer debt consolidation loans in India.
It is not true that banks blindly give you debt consolidation loans in India. The people are selective and need to pass debt consolidation loan eligibility requirements. This eligibility varies from person to person.
Let us look at the criteria for debt consolidation loan eligibility:
Hence, one needs to fall under these criteria for debt consolidation loan eligibility.
It would not be strange that it is difficult to get a debt consolidation loan for CIBIL defaulters. This is because most of the banks still need a credit score of more than 700 to get the debt consolidation loans.
Still, there are options where banks can allow debt consolidation loans for CIBIL defaulters, which are as follows:
Quick disbursal
*T&C Apply
Hence, this is how the banks offer a debt consolidation loan for CIBIL defaulters.
This is the common concerto image: "How can I get approved for a debt consolidation loan with bad credit?” But yes, there is a way to get a debt consolidation loan with a bad credit score.
Here are some of the steps to follow:
Hence, this is how you can get debt consolidation loans from banks even if you have bad credit scores.
One can now get a debt consolidation loan online. This creates a private and easy environment for the bank and borrower, with certain steps to eliminate waiting and long processes in banks hopping from counter to counter.
Hence, this resolves the worry of how I can get a consolidation loan online.
An SBI debt consolidation loan has specific eligibility criteria and a process to follow to obtain the loan.
Let us discuss the debt consolidation loan from SBI:
You need to apply for an SBI debt consolidation loan if your needs fall under these categories.
Bonus tip: Do you know? According to the Economic Times, it has highlighted that in today’s generation, Gen Zs with a salary of 30,000 rupees are getting into debt of 4,000,000 rupees. This indicates how Gen Zs fall into debt traps easily.
A debt consolidation loan is a helpful option for people with multiple debts. One with a good credit score has no difficulty getting approved for it, but the real challenge is the one with a bad credit score. Still, options like NFBCs' banks, secured loans, and third-party guarantor loans can make approvals for debt consolidation loans. Therefore, it is not difficult in India for people with bad credit scores to get debt consolidation loans.
Debt consolidation is a good idea, and one cannot make a worse decision by choosing to consolidate their multiple debts because this is the debt lifter process.
NFBC Banks, i2iFunding, and Lendbox are some of the companies that allow giving debt consolidation loans with bad credit scores.
Banks charge different interest rates on the debt consolidation loan; not every bank offers the same interest rates.
A debt consolidation loan is a type of loan which is given against your multiple debts at a certain interest rate.
No, debt consolidation is not only available for people with good credit scores; even with bad credit scores, people can apply for it.
What is the full debt consolidation process?
You apply on LoansJagat, share your loan details, compare offers from 50+ banks, pick the best one, upload documents, and once approved, all your loans get paid off and you repay one single EMI.
Check eligibility in 2 minutes, share your existing loan details, compare lender offers, choose one, upload documents, and get your loans cleared after approval.
No, debt consolidation is not only available for people with good credit scores; even with bad credit scores, people can apply for it.
The eligibility check takes 2 minutes. After documents are submitted, it usually takes a few hours to a few days depending on the lender's verification and approval process.
A loan manager from LoansJagat gets in touch to understand your loan details, check your profile, and help you move forward with the right lender offer.
Your credit report shows all your active loans, outstanding amounts, and repayment history. Lenders use this to decide your eligibility and interest rate.
Yes. Details of your existing loan outstanding balances help the lender calculate the total amount needed to close all your loans through the consolidation.
If you are including credit card dues in the consolidation, yes. The outstanding balance on each card needs to be verified before the lender can include it in the loan
amount.
Foreclosure letters may be required by some lenders to confirm the exact amount needed to close each loan. This depends on the lender's process.
An NOC is usually issued by the old lender after your loan is fully closed, not before. Once your existing loans are paid off through consolidation, you can collect the NOC from each lender.
