Kotak Bank provides debt consolidation online facility to our customers. Personal loan for debt consolidation can help manage your existing loans. Debt consolidation allows you to streamline different interest rates, installment payment dates and EMI amounts into a single loan and EMI. Debt consolidation online is easy and convenient.
There are many benefits of debt consolidation loan online. Here are a few important ones:
Debt loans require no guarantee from the borrower
Consolidation loans from Kotak Bank come with simple repayment terms and convenient EMIs
for debt consolidation is processed swiftly when you apply to Kotak Mahindra Bank
You can apply for Kotak Mahindra Bank’s debt consolidation loan online
You can easily apply for a debt consolidation loan by following these simple steps;
Remember, your eligibility matters for approval of a debt consolidation loan.
Debt consolidation has many benefits. But consolidation loans can add to your financial problems if you miss these points:
Prepayment fees charged by your existing lending banks can increase the expense of your debt consolidation loan.
You must be diligent in keeping a check on your credit score, as it can be a decisive factor in loan disbursement.
You should be eligible to borrow a debt consolidation loan and submit the necessary documentation.
Eligibility: Graduation, one year’s work experience, Rs. 20,000 salary, one year residence in the city of application
Documentation: Proof of Identity, Residence, Income
Personal loan eligibility criteria:
Age: 21 to 60 years
Employment: MNC/Public Limited Company/Private Limited Company
Work Experience: 1 year
Corp Salary: Rs. 25,000
Non-corp Salary: Rs. 30,000
Kotak Employees: Rs. 20,000
Personal loan documents list is as below:
ID Proof: PAN/Aadhar/Passport/Voter’s ID/Driving License
Residence Proof: Passport/Utility Bills/Leave and License Agreement
Income Proof: Bank Statements/Salary Slips
A debt consolidation loan combines all your existing debts into a single loan, thereby creating a convenient and single monthly instalment. You could even avail of better loan terms and interest rates, provided you are a creditworthy borrower.
A debt consolidation loan works best when one has multiple loans to repay. The biggest benefit is that it converts multiple debts into a single loan.
Various types of unsecured debts can be consolidated under a personal loan for debt consolidation.
An instant debt consolidation loan comes with many useful benefits. Most importantly, it reduces your interest rate and helps you repay in a single monthly installment. Secondly, if you pay the EMIs regularly and on time, it goes a long way towards improving your credit score, too.
Yes, it can affect your credit score a little negatively in the short term, but positively in the long run.
It is not at all advisable to miss a payment on your debt consolidation loan. Doing this can result in you paying a late fee and to make matters worse, it will impact your credit score negatively.
Most lenders apply processing fees and other charges while considering applications for debt loans.
Time for approval of a debt consolidation loan is different across lenders. If you apply for a debt consolidation loan online, the response could be much faster than if you apply manually by visiting the bank branch.