Which Banks Offer Debt Consolidation Loans?

I see you want to know which banks offer debt consolidation loans? Well, Axis Bank, HDFC Bank, Kotak Mahindra Bank and many other banks offer this facility to loan borrowers. I consolidated my loan through HDFC bank a couple of months ago. So, I can tell you all the details related to your query.

Which are the Banks that Offer Consolidation Loans?

There are several recognised Indian banks which provide the option to apply for a personal loan for debt consolidation. I have listed them below.

1. Axis Bank Personal Loan

2. HDFC Bank Personal Loan

3. Citibank Personal Loan

4. Kotak Mahindra Bank Personal Loan

5. IDFC First Bank Personal Loan

6. ICICI Bank Personal Loan

These are some of the popular lenders you can find to consolidate your debt through a personal loan. 

A few of you might not be aware of the debt consolidation loans being talked about. So, let me help you understand what this is all about. 

Suppose you have more than one loan, and you have to pay EMIs for each of these loans every month. Now, these debts would be difficult to manage as you’ll have to pay different EMIs on different dates every month. 

You’ll have to bear the pain of remembering, planning out, and paying the EMIs on time. Moreover, you can forget to pay them at times. This will lead to penalties. So, to save yourself from such a problem, a simple solution is to consolidate all your loans into one by paying a single EMI for them. This helps in easy management and timely payment.

As far as which bank offers the best debt consolidation loans is concerned, I would recommend you check the interest rates and the services provided by the banks. I can’t give you a general answer as this is more of a personal choice for each borrower. In my view it was HDFC bank but it could differ for you. You should do your own research to know which banks offer debt consolidation loans.