Consolidate Your Loans up to ₹50 Lakhs
Product Detail
Loan Consolidation is an easy way to merge your multiple loan EMIs and credit card outstanding bills into one Single EMI. This helps in paying off the liabilities in a quicker and smooth way while also improving the credit score and lowering the monthly repayment amount by up to 50% , thereby increasing the disposable income in hand.
Benefits of Loan Consolidation
Through LoansJagat’s loan consolidation, avail the following benefits
1. Merge multiple loans and credit cards outstanding into 1 single loan
2. Club total outstanding loan amount up to ₹50 lakhs
3. Higher Repayment Tenure up to 72 months
4. Pay just 1 EMI/month
5. Lower the EMI amount by up to 50%
6. Lower rate of interest
7. Compare & Apply among 20+ Banks & NBFCs
8. Improve your Credit score
9. 100% Online process
10. Increase Disposable Income
Eligibility
Who can apply:
- 👨💼 Salaried Individual
- 📈 A credit score above 700
- 💳 Minimum ₹60,000/month net salary
- 🧑💻 Total work experience of at least 1 year
Age:
👨💼Above 23 years and below 58 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- PAN Card (Mandatory)
- Aadhaar Card (Mandatory)
Any of the following
Address Proof
- Aadhaar Card
- Piped Gas Bill
- Electricity Bill
Any of the following
Other Docs
Mandatory
- Salary Slips (Last 3 months)
- Salary A/c Bank statement (Last 3 months)
- Statement of Accounts of Existing Loans and credit cards, which you wish to close
Example
For Example, Let’s Assume if Megha has 4 personal loans and 3 credit cards outstanding.
The loan amounts with 5-year tenure and credit card outstandings are mentioned in the tables below.
Loan Details
Sn. No. | Loan Amount | Existing ROI | Existing EMI | Current Outstanding Loan Amt |
Loan 1 | 1,50,000 | 18% | ₹ 3,809 | 1,25,000 |
Loan 2 | 3,00,000 | 16% | ₹ 7,295 | 2,25,000 |
Loan 3 | 5,00,000 | 14% | ₹ 11,634 | 3,50,000 |
Loan 4 | 7,00,000 | 12% | ₹ 15,571 | 4,50,000 |
Total | 16,50,000 | - | ₹ 38,310 | 11,50,000 |
Credit Card Outstanding Details
Sn. No. | Credit Card Outstanding | Existing ROI (For Delayed Due Amount) | Existing EMI | Outstanding Amt to Repay |
Credit Card 1 | 50,000 | 36% | - | 25,000 |
Credit Card 2 | 75,000 | 36% | - | 50,000 |
Credit Card 3 | 1,25,000 | 36% | - | 75,000 |
Total | 2,50,000 | - | - | 1,50,000 |
For 4 loans other than credit card outstanding, she has to pay a monthly EMI of ₹38,310. Secondly, she also has to pay back the credit card's outstanding balance of ₹ 1,50,000 as defined in above table along with finance charges for delayed payments @36% p.a.
What if she could bring down the EMI to just 22,783/month instead of 38,310/month?
If Megha applies for a loan consolidation, then she can cut down her existing EMIs by 41% and has to pay just a Single EMI as below.
Outstanding Credit Card Amount to Pay | 1,50,000 |
New ROI | 12.50% |
New Tenure | 6 years |
New EMI of Credit Card Outstandings | 2,972 |
Outstanding Loan Amount to Pay | 11,50,000 |
New ROI | 12.50% |
New Tenure | 6 years |
New EMI of Loans | ₹22,783 |
EMI Savings | 41% |
With a total Single EMI of Rs. 25,755/month (22,783 + 2,972) for 6 years from any one Bank/NBFC as against Rs. 38,310 current EMI and Rs. 1,50,000 Credit card Outstanding dues, Megha can easily repay the loan and credit card outstandings without any high finance charges and that too at a lower rate of interest and lower EMI by 41% with a relaxed mindset, helping her increase her credit score and monthly Savings. Also, she just have to remember Single EMI date!
The repayment period for loan consolidation ranges between 2 and 7 years. Depending on the applicant’s financial records and credit score, the annual percentage rate (APR) can vary from 10.50% to 17%.
Repayment Period | Minimum 2 year to Maximum 7 years |
Annual Percentage Rate (APR) | Minimum 10.5% to Maximum 17% |
Processing Fees | 1% to 2% |
Stamp Duty Charges | Rs. 500 |
