I had recently availed a personal loan for debt consolidation from IDFC Bank. This is one kind of personal loan used to pay off previous debt. It enables you to focus on making a single payment every month, improving your ability to manage your money.
What are the advantages of easy personal loans for debt consolidation?I realised that a debt consolidation loan's primary advantage is that it lowers the interest rate and monthly installment payment. Compared to several loans with different interest rates, a single loan will cost less interest.
Which is the Best Low Interest Personal Loans for Debt Consolidation?
Before applying for a debt consolidation personal loan, I researched a lot on various lenders and their interest rates.
| Bank | Personal loan interest rate |
IDFC FIRST Bank |
10.49% |
Bank of Baroda |
12.40% - 15.90% |
Kotak Mahindra Bank |
10.99% p.a. |
After researching these 3 primary lenders, I preferred IDFC FIRST and considered it as a lender offering one of the best low-interest personal loans for debt consolidation.
Eligibility: For self-employed individuals:Age minimum: 25
65 is the maximum age (at loan maturity).
The business must be in operation for at least three years.
Age minimum: 23
Maximum age: retirement or 60 (at loan maturity), whichever comes first.
The minimum monthly salary should be Rs. 25,000.
I hope this information helps you!
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Authors Of The Question
Can I Get a Personal Loan for Debt Consolidation?
Samhita
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1 Answers
1 Year
2023-11-21T17:35:22+00:00 2023-11-21T17:35:22+00:00Comment
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