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Tata Capital > Blog > Personal Use Loan > Simple and Smart Ways of Debt Consolidation

Personal Use Loan

Simple and Smart Ways of Debt Consolidation

Simple and Smart Ways of Debt Consolidation

Are you troubled with multiple loan repayments every month? Fret not! You can club all your outstanding debts into one master account by opting for debt consolidation. Read on to explore smart and easy ways to consolidate your debt.

#1 Choose personal finance for consolidating debt

If you are servicing multiple active loans and it is hard to keep track of the EMI dates, you can opt for personal financing for consolidating your debts. This allows you to pay off several debts in one go. Before approaching your lender, calculate your EMIs and interest payable with a loan EMI calculator to plan your repayment.

Besides, you can repay your loan conveniently with single, low-cost EMIs instead of multiple ones with higher interest rates. With Tata Capital, you can get competitive personal loan interest rates starting at 10.99%.

Before applying for personal finance to repay your existing loans, credit card dues, and other debt, keep the following points in mind. Identify your debt obligations, debt tenure, and the overall amount you owe. After you pay off your outstanding dues, strictly stick to your consolidated loan’s payment cycle to not default on EMIs.

Additional Read: What is Debt Consolidation? How Can a Personal Loan Help?

#2. Take a home equity loan

Another way to consolidate debt is by availing of a home equity loan. Here you borrow funds by pledging your residential property or commercial building as collateral. Since there is no restriction on how you spend the loan amount, you can easily use it to repay your pending debts.

#3 Opt for a credit card balance transfer

If you want to consolidate your pending credit card dues, there’s an easy solution for you. All you have to do is make a credit card balance transfer. Through this, you will shift your single or multiple credit card debts to a new credit card from a different lender. However, you should only transfer your credit card balance if you get a more affordable interest rate and higher credit limit.

The balance transfer allows you to reduce your penalty expenses and clear your pending dues with monthly low-cost payments.

Additional Read: Credit Card or Personal Loan?

Over to you

Do you want to consolidate your pending debts? Turn to Tata Capital, and get an instant personal loan for debt consolidation. Our collateral-free personal financing is available with attractive loan interest rates, minimal documentation, and flexible tenures. Enjoy quick loan processing, sanction, and disbursal of funds.

Furthermore, you can use our personal loan EMI calculator as well. This will help you figure out ideal monthly instalments and interest payable on your loan by entering the loan duration, amount, and interest rate.

With us, you can opt for structured EMI plans to repay your consolidation loan conveniently. Why, yes! If you expect salary hikes or bonuses shortly, you can choose our Step Up Flexi EMI Plan to pay smaller EMIs initially and pay higher EMIs as your income increases.

Moreover, at Tata Capital, you can pre-pay part of the loan amount any time after 6 months of getting personal financing without any additional charges or penalty.

Want to know more about our loan offerings? Check your personal loan eligibility and clear your pending debts today!

Apply Now
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