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Frequently Asked Questions


How can a debt consolidation loan help me manage my debts?

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.

This makes repayment easy, helps you be on-time with payments, and also manages to lower your interest burden.

What types of debts can I consolidate with a debt consolidation loan?

Various types of unsecured debts can be consolidated under a personal loan for debt consolidation.

These unsecured loans include your credit card debt, any other personal loans and medical bills, among others.

What are the potential benefits of a debt consolidation loan?

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.

This has a huge impact when you want to apply for another loan in the future.

Will a debt consolidation loan affect my credit score?

Yes, it can affect your credit score a little negatively in the short term, but positively in the long run.

Taking a debt consolidation loan may initially lower your credit score slightly, as it has been taken to manage existing debt. But if you pay the installments regularly and on time, your credit score will start showing improvement, slowly but surely.

What happens if I miss a payment on my debt consolidation loan?

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.

To avoid all this needless trouble, pay your debt consolidation loan EMIs on time, every time.

Are there any fees or charges associated with a debt consolidation loan?

Most lenders apply processing fees and other charges while considering applications for debt loans.

This makes it important for you to know about all such charges before applying for a loan. Since you already have debt on your shoulders, why get into a new loan without being fully aware of the liability?

How long does it take for a debt consolidation loan to get approved?

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.

So, it’s advisable to go online and save on time and efforts.