Debt Consolidation

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Best Debt Consolidation Offers

Consolidating multiple loans into one allows you to manage your financial obligations smoothly and ease the burden of monthly payments (EMI). Unify multiple loans into one loan is called debt consolidation.
An overdraft is a temporary credit extended by a bank to cover expenses that exceed an account balance. Overdrafts are only charged for the amount used during the number of days. Overdrafts are often more expensive than debt consolidation loans.
So, debt consolidation loans should be applied when there is a need to better manage multiple personal loans and credit cards by combining them into one loan. Overdraft loans are for regular working capital needs.

Benefits of Debt Consolidation Loan:

1. Convenience

One single loans is more convenient to keep in mind and make payments. Managing more than one payment deadlines can easily lead to disaster.

2. Lower interest rates and cost

Having many small loans is also risky because the interest rates on small loans are often higher. Credit cards have significantly higher interest rates than personal loans. Multiple loans can also affect you by managing many kind of charges like early closure, overdue payment and NOC.

3. Services

Debt consolidation loan means having the services of a single financial institution. A respectable financial relationship from a financial institution means receiving better service and response.

4. Incentives

Opting for a debt consolidation loan can benefit from the latest offers. Some of such offers could be airport lounge access and better banking conditions.

Process

Easy Credits makes the process of getting debt consolidation loans easy with quick online application and comprehensive advice from dedicated loan officers. Applicants must understand the basic requirements and choose from debt consolidation offers from leading financial institutions. Easy Credits provides transparent monitoring and real-time consulting services.

Documents required for Debt Consolidation Loan:

  • Salary Slip
  • KYC (Either your central KYC or any other government-issued identity card)
  • Most recent loan statement
  • Last six months bank statement

In the case of businesses, the required documents are as follows:

  • Balance sheets of the previous three years.
  • Statements of Profit and Loss
  • TAN (Tax Account Number)
  • Applicant’s saving account statements
  • Current account statements of past six months

Process for debt consolidation loan:

  • Once your previous lender receives the payment, it will discontinue your loan account and clear your dues.
  • Obtain a foreclosure letter and No objection certificate (NOC) from your existing lender.
  • Start the transfer process with Easy Credits by presenting all the necessary documents.
  • Sign the loan agreement after receiving the sanctioned letter from the financial institution.
  • Easy Credits would enable disbursement of the outstanding amount in favour of the old lenders.