Online debt consolidation
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| online debt consolidation |
Online debt consolidation is a process in which an individual combines multiple debts into a single, manageable loan with a lower interest rate. This can be done through various online lenders or financial institutions. debt consolidation will typically need to provide information about their outstanding debts, including the type of debt, balance owed, and interest rate.
Debt Consolidation Loans For Credit Cards Settlement & Informal Debts
Debt consolidation loans can be used to settle credit card debts and informal debts. By consolidating all your debts into one loan, you can simplify your monthly payments and potentially lower your interest rates and fees.
How Does It Work?
1. Register on our platform
2. Provide basic KYC details as per RBI guidelines
3. Submit your income documents and bank statement for the last 4 months
4. Credit Assessment
5. Quick Disbursement
6. Pay EMI through our automated mechanism
What is debt consolidation and credit card settlement?
Debt consolidation and credit card settlement are two different methods for managing and reducing debt.Debt consolidation is the process of combining multiple debts into one single debt with a new loan or line of credit. This can be beneficial because it simplifies debt repayment by consolidating multiple payments into one monthly payment, potentially reduces the interest rate, and can improve credit utilization ratio.such as balance transfer credit cards, personal loans, or home equity loans.
Credit card settlement, also known as debt settlement, is a debt relief option that involves negotiating with creditors to settle debts for less than the full amount owed.it can also have a negative impact on credit scores and may result in additional fees and taxes.
Features of Lendbox debt consolidation loan:
Easy registration
Registering and applying for a personal loan on Lendbox is a very quick and hassle-free process. You can upload all the KYC documents online hence no physical paper work is needed. Apply instantly through your desktop, laptop or even mobile.
Reasonable interest rates
Interest rates depend on our credit assessment that includes understanding your financial stability. A borrower with a healthy credit rating can get a loan at an interest rate of as low as 11.49% per annum.
No pre-closure fees
Unlike banks and NBFC', here you can prepay the loan earlier than its age without any penalty or pre-closure fees.
How to apply for a debt consolidation loan?
it is very easy to apply for a loan on Lendbox but before applying, make sure you are eligible and have all the necessary KYC documents ready. You can find eligibility criteria and required documents further below in the post. Also make sure you have a stable internet connection and mobile phone available for OTP verification.
Eligibility & Required Documents
In order to apply for a debt consolidation loan with Lendbox, you must meet the following eligibility criteria.
- You must be Indian resident.
- Minimum eligible age is 22 years
- You must have an Indian bank account
- You must a valid Indian ID proof
- Your monthly net income should be at least Rs. 25,000
Repayment of loan
You can choose the repayment tenure from 3 to 60 months on the platform. You will have to start paying EMI's from the next month of disbursement and have to pay a processing fees of 2-6% of the loan amount.
Debt Consolidation Loans For Credit Cards Settlement & Informal Debts
Instant Personal Loan up to ₹5,00,000
Loan tenure up to 36 Months
Instant Approval
No Collateral Required
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