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Debt Consolidation Loan

Debt can adversely affect your financial health and act as a roadblock to growing your savings. However, there are several quick, convenient and simple ways to reduce it – and a debt consolidation loan is one such prudent solution. Taking the debt consolidation route narrows your focus towards one loan. By taking out a single loan to pay off your old debts, you are left with just one monthly payment. It is easier to manage, compared to multiple loans.

The main benefit of a debt consolidation loan is that it reduces your interest rate and EMI amount. A single loan will attract less interest than multiple loans of varying interest rates. But before applying for a debt consolidation, you must analyse the applicable rate of interest, finance costs, and early payment fees.

Features and Benefits of a Debt Consolidation Loan

A debt consolidation loan can be instrumental in helping you manage your finances better. Here are some of its key features and benefits:

Quick approval

Quick approval

Debt consolidation loan applications are processed and approved within a few hours. After receiving an application, the lender verifies the applicants’ credit history and credit score. If the result is satisfactory, the applicant will receive the loan amount in a few hours.

Digital approach

Digital approach

Metra Trust, among other lenders, leverage technology to offer a hassle-free application process. You can apply for a debt consolidation loan directly via the lenders’ website and mobile banking app.

No collateral needed

No collateral needed

Unlike other loans, a debt consolidation loan does not require collateral or security. You can get a personal loan for debt consolidation using your credit history.

Flexible repayment terms

Flexible repayment terms

One of the major advantages of taking out a debt consolidation loan is that you can choose your repayment term. Metra Trust allows you to select a tenure between 12-84 months. You can also choose the loan amount you need to clear your debts.

Easy prepayments

Easy prepayments

Lenders allow prepayment of debt consolidation loans. While you may have to pay a small prepayment fee, the amount is comparatively less than in other loans.

How to apply for a Personal loan for Debt Consolidation?

Most lenders, including Metra Trust, allow you to apply for a debt consolidation loan online. Here is a step-by-step guide to applying for a debt consolidation loan through Metra Trust:

Stage 1: Leave Details

Apply for Balance Transfer by leaving your details. Leave Details.

Stage 2: Approval

Your loan request will be approved if you pass the eligibility check.

Stage 3: Upload documents

Complete the verification process by uploading the required documents.

Stage 4: Disbursal

When your documents are verified, the loan amount will be transferred to your account.

Eligibility

Who can apply?

You must meet the following general requirements to be eligible for a debt consolidation loan via Metra Trust:

For salaried individuals

  • Minimum age: 23
  • Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first
  • Minimum monthly salary: ₹20,000 per month

debt consolidation loan

You can also use this personal loan eligibility calculator to quickly check your eligibility for a debt consolidation loan.

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FREQUENTLY ASKED QUESTIONS

What is a debt consolidation loan?

A debt consolidation loan is a type of personal loan used to repay existing debt. It allows you to concentrate on making only one payment each month, which helps you better monitor your finances.

How to instantly apply for a debt consolidation loan?

You can apply for an instant debt consolidation loan through the different instant loans app.

What is the eligibility criteria for a debt consolidation loan?

The eligibility criteria to apply for a debt consolidation loan differs from one lender to another. You must check with the lender of your check to know their eligibility criteria before applying for a loan. Generally, though, you must fulfil the following requirements:

  • • For salaried individuals
  1. Minimum age: 23
  2. Maximum age: 60 (at the time of loan maturity) or retirement, whichever comes first.
  3. Minimum monthly salary: ₹20,000 per month

Do debt consolidation loans go into your bank account?

Yes, your debt consolidation loan amounts go into your savings account. You can then use the funds in your account to repay your other loans.

How much time does it take to get approval for a debt consolidation loan?

Approvals for debt consolidation loans take the same time as personal loans. The process can be completed quickly if you have a clean credit history, and your documents are in place. The loan amount usually reaches your account in 48 hours.

What is the tenure for a debt consolidation loan?

Borrowers have the freedom to choose their debt consolidation loan tenure. They can pick any tenure from 12-84 months.

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