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Debt Consolidation Loan
Attractive interest rates- Easy & flexible repayment options
- Easy application process with quick sanctions
Reasons To Get a Debt Consolidation Loan from Aditya Birla Capital
Collateral-free
There is no need to pledge any asset to secure the loan. The funds are sanctioned based on your eligibility parameters—that’s all!
Flexible Repayment Period
Choose a repayment tenure of 84 months to ensure affordable EMIs for easy repayments.
Predictable EMIs
With a fixed interest rate, you can figure out your EMIs and plan your budget for hassle-free repayments
Quick Sanctions
Get the funds transferred to your account within 24 hours of application.
Facility to add a co-applicant
Adding a co-applicant to the Personal Loan for Debt Consolidation can increase your eligibility. You can get a higher loan amount to pay off various small loans and debts.
Interest Rates Available for
Debt Consolidation Loans
Find out the interest payable on the Debt Consolidation Loan to plan your repayments effectively.
Loans up to 12 months| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
Who Can Apply For Debt Consolidation Loan?
Find out if you are eligible to apply for a Debt Consolidation Loan
Salaried
Self-employed Professional
Self-employed Non - Professional
Get A Debt Consolidation Loan In 5 Easy Steps
Eligibility Criteria for Debt Consolidation Loans
Are you eligible for a Debt Consolidation Loan? Check whether you meet the criteria.
Documents Needed
- Proof of identity and address Passport / Aadhaar Card/ Voter's ID / Driving License/ Job Card issued by NREGA / Registration certificate / PAN card (PAN Card only as identity proof)
- Proof of incomeSalary slip for the last 3 months showing all deductions and Form 16
- Bank statement where income is credited Last 6 months
- Proof of other income Last 3 months' salary slips or Salary certificate. Last 6 months' bank statement where salary is credited directly. Latest Form 16
Eligibility criteria
* A higher age limit is applicable at the time of loan maturity.
Fees and Charges for
Debt Consolidation Loans
| Charge Type | Amount |
|---|---|
| Processing fees | Up to 4% of the loan sanctioned amount |
| Cheque Return charges | ₹1000 + GST per instance |
| Penal charges (charges levied for non-payment of overdue amount) | 3% p.m. (36% p.a.) on the overdue amount for the delayed period |
| Penal charges for non-compliance with material terms and conditions (covenants / stipulated conditions) mentioned in the Sanction Letter / Loan Agreement, wherever applicable | 2% p.a. on the outstanding loan amount till the date of compliance |
| Charges for cancellation of Loan |
4% of loan amount disbursed + applicable taxes |
| CIBIL report retrieval fees | Rs. 50 per instance for Consumer and Rs. 500 per instance for commercial CIBIL/Credit Report |
| Charge for Exchanging PDCs / ECS | ₹750 + GST per instance |
| Loan re – schedule charges | ₹5000 + GST per instance |
| Stamp Duty | As per Actual if applicable |
| Insurance Premium | As per Actual if applicable |
| Pre – closure Quote | ₹1000 + GST per instance |
| Any other charges | As per Actual if applicable |
| Duplicate No Due Certificate issuance charges | Rs. 500 per instance |
| Foreclosure Charges |
For Term Loan:
Upto 4% of the principal outstanding amount For Flexi Loan: Upto 4% of the total withdrawable amount Conditions: Foreclosure is allowed only after 12 months from the date of disbursal of loan. |
| Part Pre-payment charges |
For Term Loan:
a) NIL charges – if part pre-payment is equal to 20% of principal outstanding amount b) Upto 4% on remaining loan amount – if part pre-payment is greater than 20% of principal outstanding amount Conditions: a) No pre-payment is allowed in first 12 months from the date of disbursement b) Part pre-payment amount should be equal to OR greater than total of 3 EMIs For Flexi Loan: a) No charges for payments through mobile app/portal. b) Part pre-payment of loan facility toward limit reduction is not available |
Transfer your existing loan to us for lower interest rates
-
Reduced Interest Rates. -
Lower Monthly Payments.
Secure additional funds at exceptional interest rates
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans, one app - ABCD
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs
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Range of loan options for different needs
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Quick sanctions and disbursals
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Customer Satisfaction Stories
Hear from our happy customers what they have to say about their experience with us.
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
FAQs on
Debt Consolidation Loans
Debt Consolidation Loans
Debt consolidation means paying off multiple existing debts by taking out one loan. With debt consolidation, you can get a new loan and close existing debts with it.
A Personal Loan is an unsecured funding solution that grants funds for any type of personal or commercial need.
A Personal Loan is a multipurpose loan that can be used for anything. If you have multiple debts and want to consolidate them into one to avoid multiple interest payments, you can opt for a Personal Loan and use the funds to pay off the existing debts.
Debt consolidation is beneficial for the following reasons -
• You just have to service one loan. You don't have to remember the installment dates of different loans and repay only one loan
• You can save on the interest outgo of different loans
• It also becomes easier to apply for another loan if you need funds
If you can save on the interest outgo and manage your debts effectively, debt consolidation can be a good reason to get a loan.
The loan amount would depend on your income and other eligibility parameters. You can use the online eligibility calculator to find out how much money you can borrow with the debt consolidation loan based on your eligibility.