Make Single EMI
Merge multiple loans and credit card bills into a single consolidation loan
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Disclaimer:-The EMI figures are illustrative. Actual loan terms depend on the lender's credit policy and applicant eligibility.
LoansJagat is a marketplace platform that connects users with partnered banks and NBFCs. Loan approval and sanctioning decisions are made exclusively by the respective lender.
Few of our Lending partners include Axis Finance, Tata Capital, Yes Bank, Bajaj Finserv, Poonawalla Fincorp, Aditya Birla Finance Limited, etc.
Apply for Loan Consolidation Upto 50 Lacs
What is
Loan Consolidation?
Loan Consolidation is an easy way to merge multiple loan EMIs and credit card outstanding bills into a single EMI through an RBI-regulated bank or NBFC. This makes it easier, smoother, and faster to pay off the loan. You can improve your credit score while saving more than with your previous EMIs. The rate of interest, tenure, and approved loan amount are decided based on your credit history, income, number of loans being consolidated, and repayment history of these loans.
Merge multiple loans and credit card bills into a single consolidation loan
Get additional loan amounts by clubbing multiple loans up to ₹50 Lacs
Easily repay the loan in up to 84 months
Pay just one EMI per month instead of juggling multiple repayments
Quick digital processing with minimal documentation required
Lower your EMI and increase monthly savings
Lower Rate of Interest Benefit depending upon your credit profile and count of consolidated loans
Compare and apply with 20+ banks and NBFCs for the best deal
Timely repayment of a consolidated loan helps boost your credit score
Complete the entire process online without any physical paperwork
How Does Loans Consolidation at LoansJagat work?
You should Consolidate
(if you satisfy any of the following conditions):
If you've got 2+ active loans
If your EMIs are unmanageable
If your interest rates are too high
If you are paying min. due on Credit Cards
For Example, let's assume Mayank is an employee working in a technology company who has taken multiple loans and also has a few credit card bills to pay off. Let’s assume he has 4 personal loans and outstanding balances on 6 credit cards ( as per the table below).
| Loan Type | Outstanding Amount | Interest Rate (p.a.) | Tenure | Monthly EMI |
|---|---|---|---|---|
| Personal Loan 1 | 2,75,000 | 19% | 3 Years | 10,080 |
| Personal Loan 2 | 1,80,000 | 22% | 4 Years | 5,671 |
| Personal Loan 3 | 3,45,000 | 17% | 2 Years | 17,058 |
| Personal Loan 4 | 4,20,000 | 10.5% | 5 Years | 9,027 |
| Credit Card Outstanding (Up To 6 Cards) | 2,80,000 | 30% | 3 Years | 11,886 |
| Total | ₹15,00,000 | 10.5% - 30% | — | ₹53,722 |
It was difficult for him to pay different EMI amounts on different dates each month. He chose to consolidate all his loans and credit card bills at an APR of 12% p.a. for a 6-year tenure, with a one-time processing fee of 2%, totalling Rs 30,000 , along with stamp duty charges of ₹500.
In this case, he has to repay all loans and credit card bills with just 1 Single EMI ( ₹.29,325 * 72 months), which totals to Rs. 21,11,400 ( Principal = Rs 15,00,000 and total interest of Rs. 6,11,400 over a 6-year tenure).
Before
After
Total Savings
₹24,397 / month
Monthly EMI Reduced
EMI Savings
45.41%
FAQs
All frequently asked questions related to Personal Loan Consolidation
Office Address
Corporate :
A12 and 13, First Floor, Office No 4, Sector 16, Noida, Uttar Pradesh - 201301
E-Mail :
support@loansjagat.com