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About Debt Consolidation Loan

Debt consolidation is a plan to simplify bill paying by combining multiple high-interest debts – usually credit cards – into a single payment. Consolidation cuts costs by lowering the interest rate on debts and reducing monthly payments.

Debt consolidation is a debt-relief option that untangles the mess consumers make with multiple bills from multiple creditors with multiple payment deadlines. The solution combines all the bills into a single debt, which can be eliminated through a debt management program or debt settlement. It provides an opportunity to make one monthly payment – at a reduced interest rate and amount – to settle the debt.

Debt consolidation is also referred to as bill consolidation or credit consolidation. The consumer can choose to consolidate with or without the help of a loan.

It is a long-term financial strategy to help you get out of debt. Allow 3-5 years to completely eliminate debt.

Credit card debt is typically the largest cause of consumer financial problems and also the form of debt easiest to consolidate. Of the estimated 190 million Indian who had credit cards in the summer of 2018, 60% carry a balance from month-to-month and their average balance is Rs.500000/-

That makes more than 100 million credit card carrying consumers prime candidates for some form of debt consolidation.

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Debt Consolidation Loan Products

Achieve all your goals and aspirations; with the right kind of help, exactly when you need it.

Medical Emergency

Borrow Loan Company offers you debt consolidation loan for your unexpected medical emergency.Get instant debt consolidation loan for your all kind of medical emergency expenses.

Wedding Purpose

You can manage your deram marriage day with our debt consolidation loan option. Have the wedding celebration of your dreams. Apply now debt consolidation loan for wedding purpose.

Abroad Travel

Get the funds for the expenditure involved in going abroad for taking up employment. Manage your debt consolidation with Borrow Company for fulfill your travelling to abroad.

Child Educations

We provides child loan for pursuing higher, We given the right tools to every potential child. Also, grant debt consolidation loan for your child higher education.

Get financing for whatever you need now

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How to Consolidate Your Debt Consolidation ?

All loans are not created equal, debt consolidation loan has become a great option for people to use.

Assess Your Credit Card Debt

Compile all your credit card bills and calculate a) total amount owed; b) average interest rate being paid; and c) total monthly payment for cards. This gives you a baseline for comparison purposes. It only works if you lower the interest rate on your debt and reduce your monthly payment.

Review Your Budget

If your monthly income is higher than expenses, you may be able to handle the problem yourself without consolidating debt. If you don’t have a budget, call a nonprofit credit counseling agency. They will coach you through the budget-making process and their service is free.

Make the Right Choice

The three major choices for consolidating debt are a loan, a debt management plan or debt settlement. Each one has pros and cons. Know what you’re getting into before you commit to one.

Stick with It

Consolidation is not a quick fix. The loans usually run 3-5 years. Debt management programs take at least three years. Debt settlement can run 3-5 years. Compare interest rate, monthly payment and pay off time before making a decision.

Debt Consolidation Loan - Eligibility

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a debt consolidation loan.

Age

Minimum Age: 23 years & Maximum age of applicant : 55 years

Income

Minimum Salary Rupees : 14000/- and Minimum Income tax Rupees : 250000 P. A

Credit Rating

Applicant should have the bank specified credit score. Minimum Cibil Credit score : 650

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

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Apply Now

Now apply for a Debt Consolidation online, All you need to do is provide your details below application form.

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