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One Loan, One Payment – Simplify Your Debt with Ease!
Tired of keeping track of different loan payments each month? Let a debt consolidation loan simplify your life. Instead of paying high rates on credit cards and managing multiple loans, you can switch to one affordable loan from lendingplate. Pay everything off at once and focus on a single monthly payment that fits your budget with us.
A debt consolidation loan enables you to pay off existing loans and credit card debts across different lenders. Once approved, you receive a fixed amount of money, which you then use to settle all your outstanding balances. Post repayment, you only manage one monthly EMI.
It simplifies your repayment process. At the same time, it lowers your interest costs. The loan is secured against your creditworthiness. This makes it accessible for many borrowers seeking financial relief. Online debt consolidation loans are available with speedy approval processes within a day or two.
Make your debt management simple and stress-free. A consolidated loan puts you back in charge of your finances.
You can save money by replacing higher debt with an affordable one.
Regular payments on your consolidated loan can improve your CIBIL score over time.
Track one payment date instead of juggling multiple due dates.
Learn how much you need to pay every month.
Selecting a personal loan for debt consolidation proves beneficial when looking to clear multiple debts rapidly. It reduces the stress of managing numerous due dates & high-interest rates. It also helps improve credit score, provided you make timely payments.
You get a clear overview of your finances with a fixed EMI by your side when you opt for this loan. It is especially useful if you want to keep up with different payments. You can use it if you wish to regain control. Many lenders offer instant debt consolidation loans. This makes the entire process faster. It creates a sense of financial organisation while offering peace of mind.
The debt consolidation loan is quick. Follow these steps to financial freedom –
Complete our short online form with your personal information. Share your bank details so we can process your application quickly.
Upload your KYC and income documents through our secure platform. Our team will verify them promptly.
We will transfer the loan amount to your account within 30 minutes once approved.
Age
You should be between 21 and 58 years old.
Income
Minimum monthly income of ₹15,000 for salaried individuals. Business owners need ₹18,000 monthly income.
Credit Score
A score of 650 or above gives you the best chance of approval.
Employment
At least 3 to 6 months in current job for salaried applicants. Business owners need 1 year of business vintage.
Identity Proof
Your PAN card and Aadhaar card are the main requirements. We accept passport, driving license or voter ID as alternatives.
Address Proof
Recent utility bills, rental agreements or any government ID with your current address works well.
Income Proof
Last three months' salary slips and bank statements showing regular income credits are essential.
lendingplate offers loans from ₹5,000 to ₹2,50,000 for debt consolidation. Your exact borrowing limit depends on these key factors:
Monthly Income:
Your take-home salary determines your maximum loan amount. We typically approve up to 12 times your monthly income, subject to other criteria.
Credit Score:
A higher score qualifies you for the maximum eligible amount. Scores between 650-750 might lead to adjusted loan limits.
Employment Status:
Salaried employees who have worked for over 1 year at their current company qualify for higher amounts. Business owners need 2 years of stable income.
Current EMI Load:
Your existing loan payments affect how much more you can borrow. We ensure your total EMIs stay within 50% of your monthly income.
Debt Amount:
We look at your total outstanding debts to set a suitable consolidation amount. The loan should cover most or all of your existing debts.
Consolidating your loans involves a few effective methods. Here's a look at practical options:
Taking Out a Personal Loan
Applying for a personal loan for debt consolidation helps pay credit card bills or loans. Use the funds to settle debts once approved. You can enjoy a single EMI with lower interest & better financial planning.
Balance Transfer Credit Cards
A balance transfer card may reduce interest rates for some period when your debt is mainly on credit cards. Transferring balances to a credit card with lower interest means fewer interest charges.
Negotiating with Creditors
Talking directly to creditors lets you negotiate lower interest rates or settle debts at a reduced amount in some cases. It can save money. However, it depends on creditors' flexibility & your relationship with them.
Debt Management Program
Working with a debt management professional may help you with a repayment plan. That involves getting better terms with your lender. It also guides you through paying multiple debts. At the same time, it improves your credit record.
| Charges | Details about the Charges |
| Processing Fee | 1% - 5% of loan amount |
| Conversion Fee | 1 - 5% of the amount |
| Interest Rate | 12% - 36% per annum |
| Foreclosure | 5% of the amount [Nil when prepaid on or after your] |
| Mandate Return Fee | 500/- [inclusive of GST] |
Pick a repayment plan that matches your financial situation:
Flexible Tenure:
Choose loan tenures from 3 months to 24 months. Longer terms mean lower EMIs (while shorter terms reduce total interests).
EMI Structure:
Your EMI combines principal and interest in a way that gradually reduces your loan balance. Each payment brings you closer to debt freedom.
Prepayment Options:
Make extra payments anytime after 6 months without penalties. This helps reduce your interest cost and loan tenure.
Auto-Debit Facility:
Set up automatic EMI payments from your bank account. This prevents missed payments and protects your CIBIL score.
EMI Date Selection:
Pick your preferred EMI date between the 1st and 28th of each month. This helps you align payments with your salary credit.
Make smart choices about your debt consolidation plan:
Total Debt Analysis:
List every debt with its interest rate and balance. This helps determine if consolidation will actually save you money.
Monthly Budget Impact:
Check if the new EMI fits your budget. Leave room for savings and emergencies after paying your consolidated loan EMI.
Interest Cost Comparison:
Calculate the total interest cost of your current debts versus the consolidated loan. Ensure the switch makes financial sense.
Loan Term Selection:
Pick a term that balances affordable EMIs with reasonable total interest cost. Too long a term might cost more despite lower EMIs.
Impact of the CIBIL Score:
Regular payments can improve the score.
A personal loan for debt consolidation takes care of all your existing loans in one go by paying them off. While it might sound good, settlement leaves a mark on your credit report that makes getting loans tough in the future.
Unsecured debts (like credit cards or personal loans) work best. Secured loans (such as car loans or home loans) need separate handling as they involve assets. One should focus on consolidating unsecured debts with higher interest rates at first.
Regular payments on your consolidated loan build a positive payment history. Your score might drop slightly after taking the new loan but rise steadily with on-time EMI payments. Closing old debts and managing one loan helps your credit profile.
We charge a processing fee between 2% to 3% of your loan amount. No hidden charges apply. You pay your EMIs (which include principal and interest). We add late fees to your next bill if you cannot pay your EMI by the due date.
Wondering "how can i get a debt consolidation loan?" We look at your capabilities (not just your score). Many borrowers qualify despite the low score.
Getting started takes just minutes. Fill out your details and upload your papers right from your phone or computer through our secure portal. Our team reviews complete applications within 2 hours. The money reaches your account in 30 minutes after approval.
A debt consolidation loan simplifies your finances by merging all existing debts into one. You receive a lump sum. You then use it to settle all your different debts. You can benefit from lower interest rates & a clear repayment schedule. This way, it helps you become debt-free faster.
You can use an online debt consolidation loan calculator to determine amounts easily. You need to give details like loan amount, interest rate and tenure. The calculator then shows your monthly amount. This ensures your EMI suits your budget.
Loan tenure typically varies between 3 to 36 months & more. It depends on the lender and your eligibility. Longer tenures reduce monthly EMI but increase total interest paid. Shorter periods offer higher EMIs. But they are faster for debt clearance.
Consolidating your debts can improve your credit profile. This helps increase your future loan eligibility. But you should always ensure that you make timely payments on the new debt consolidation loan.
Applying for a debt consolidation loan may result in increasing your credit score because of the hard inquiry. But timely payments will improve the score. Such loans can help you rebuild a credit score & habituate with the right financial behaviour.
The speediest method involves applying for online debt consolidation loans with instant approval. Lenders disburse funds within a few minutes after approval. You can use online calculators to speed up the process.
Select the loan details you want to know
Select the loan details you want to know
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
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