Sometimes availing credit becomes a bittersweet experience. You avail credit, and then struggle with the repayments. This is a normal circumstance for many salaried individuals. They apply for credit either to pay for a travel trip, buy a second-hand car, revamp their home, pay for emergency medical bills or to get married in a pompous ceremony.
It does not matter whether it is secured or unsecured credit, your repayment capacity and credit score are always considered for credit approval. Once you avail the credit, you are either prompt in your repayments or struggle with clearing them. Some of you borrow far too much than you can actually repay. Credit card bills soar, EMI due dates are missed and there are times when you would over spend and have no cash to even clear the outstanding dues. These instances of missed credit repayment obligations can lead to unwarranted stress. So, the best solution would be combining all your debts into one. This will reduce your burden and complications. You can consolidate your debt by availing a personal loan to clear-off other individual ones. Let’s understand more about debt consolidation personal loan.
Debt consolidation personal loan
Debt consolidation loan is a fresh loan availed to pay off your other individual loans. It is much easier for you to pay off one creditor each month and cycle a single loan instead of managing multiple ones. A debt consolidation loan is also used commonly for unsecured credit instead of secured. Credit card repayments, rent payments, utility bills, etc. can be covered under a debt consolidation loan. Once you realize you are in debt, and that you need to clear it off ASAP, you need to ask yourself if a debt consolidation loan is the right option for you or not? Debt consolidation is the best way to be debt free. Yes, you will still remain in debt, but you can bring a change in yourself to improve your finances and get your financials back on track. Everybody does not get a second chance in life. You may be a shopaholic spending thousands a week but all that can change. Bring in a sense of discipline to pay the only EMI you have to pay and clear the debt consolidation loan as per tenure. Be in control of your expenses and set up auto debits or give a standing instruction to your bank to ensure prompt repayments.
There are 2 ways by which you can consolidate debt. One is by preparing a debt management plan, i.e. hiring a credit counseling agency to negotiate your debt on your behalf. Let’s face it, would this in any way reduce your stress or burden? The debt will still be there right? All that the counselors will tell you would be how much to pay each creditor based on your ability to save.
Or, you can apply for a ‘debt consolidation personal loan’. Of course you can afford to pay for one loan instead of being drowned in debt. But remember to be prompt while paying the EMIs with Loan Singh. Building a good repayment history not only leaves you with a good standing with Loan Singh, but also improves your credit score.
Where to get a personal loan for debt consolidation?
A personal loan is availed to meet personal financial needs. It stands out as a reliable and quick solution – owing to the duration between application approval and funds disbursement. A personal loan is an example of unsecured loan that does not require a mortgage or collateral. It is availed solely based on your credit score (like CIBIL & Experian) and your income. No collateral ensures less paperwork. This makes it much faster to avail a personal loan. It is this speed of disbursement that has made personal loan such a favorite among our borrowers.
Loan Singh’s digital lending platform has managed to remove the hassles of traditional lending practices that involve lengthy paperwork, delays and offline repayment modes. At Loan Singh, you can apply for a debt consolidation personal loan from your place and at a time of your convenience. A few clicks and some information are enough for Loan Singh to ascertain if you are creditworthy, or not. With the help of your PAN card and 6 months bank statement, you get the loan disbursed to your account within 48 hours. Loan Singh has also partnered with Airtel to create the Airtel Online Store for helping individuals buy an iPhone 7 for a minimum down payment of Rs.7777 and EMI of Rs.2499.
Personal loans do not require any collateral. This makes them an apt source for quick funds. The best place to get a really quick and easy personal loan is a digital lending platform – such as Loan Singh. For salaried individuals to gather funds, within a short span of time (to clear off debts) is possible only through digital means; banks take up to weeks to first go through the heaps of documentation and paperwork, then approve the personal loan and finally disburse the funds. At Loan Singh your credit score determines if you are eligible for the personal loan. It’s best you go through our FAQ page to understand the criteria for applicants and the process timeline. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh allows you to avail a personal loan for a number of purposes, such as festival shopping, purchase of household appliances, second-hand car, electronic gadgets, purchase of gold, travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.
Documentation at Loan Singh
Unlike traditional lending institutions such as banks, Loan Singh only requires 2 documents to process your loan application
- PAN Card, and
- 6 months Bank statement (downloaded from your netbanking account and in .PDF format only)
It is also extremely important for you to fill all the other fields on the form – such as your address information, your work information, and your social media presence.
Application process at Loan Singh
Not only is a personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh is mentioned below:
Get started page – Select ‘PERSONAL LOAN’ from the drop-down for ‘Loan Type’ and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID, and corporate email ID
Social authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates
Profile page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.
Address page – Choose your type of residence; mention your street address, city, state and pin code.
Job profile page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.
Financials page – Upload your latest 6 months bank statement from your computer, your GMail account or from your net-banking account.
Auto debit page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.