Debt Consolidation Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Features and Benefits:

Receive instant approval - get a line of credit of up to ₹ 5 Lakh easily

Use only what you need - withdraw as little as
₹ 3,000 or as high as your approved limit

No additional interest charges - pay interest only on the amount you use

MoneyTap Credit Card 2.0 - withdraw 100% cash or swipe at stores to receive instant rewards

Flexible repayment - repay bills using flexible EMIs while choosing a convenient repayment period - 2 to 36 months

All we need is your proof of address and proof of identity to get started

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Debt Consolidation Loan Related Pages

Reasons Why You’re Here:

  • Want to clear credit card settlements or informal debts
  • Reduce stress and gain financial relief
  • Lower the burden of high interest rates on debts or credit card dues
  • Want to consolidate more than one debt and pay off quickly
  • Want to repay debts by turning multiple monthly EMIs to a single EMI
  • Need more financial leeway to balance credit card, rent payments, medical or utility bills, etc.

While credit cards are a great way to make instant purchases when you’re short on cash, it is easy to get trapped in a credit card debt and end up with negative impacts on your financial freedom as well credit score. Avoid these issues by transferring all your dues with high interest rates to MoneyTap’s personal line of credit and simplify your finances with one affordable monthly payment!

Why Taking a Personal Debt Consolidation Loan Makes Sense?

  • Debt consolidation allows you to lower the interest rate as well as the monthly premium while paying off your debt quickly.
  • To save yourself from any financial imbalance and trouble in your monthly budget management with enhanced financial freedom.
  • To ensure that you’re addressing all your debts by eliminating missed or late payments.
  • To ensure timely payment of your bills exactly when they’re due and avoid being charged with higher interest rates due to non-payment.
  • Makes your life simple, steady and efficient by eliminating the need to worry about several payments.
  • Monthly payments become smaller and easier to handle thus reducing your burden.
  • To consolidate your debts, meet payments on time and improve your credit score for future use.
  • To save on service fees, initiation fees, processing fees, insurance charges, etc., charged by several banks by consolidating them and using that money to pay off your monthly EMIs instead.

Tips for Using a Debt Consolidation Loan in the Right Way:

  • Work out your monthly budget accurately to save yourself from additional debts piling up due to miscalculation.
  • Always pay your EMIs before the due date and be consistent till you pay off all your debt. The idea is to actively monitor your spending and saving habits by ensuring timely payments.
  • Don’t take additional advances just because debt consolidation is giving you a little bit of financial freedom.
  • Only go for debt consolidation if you are absolutely sure you will be able to meet your monthly payments.
  • Don’t indulge in impulsively spending due to financial relief and less stress.

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Different Ways to Use MoneyTap Personal Loan 2.0

Debt Consolidation Loan FAQs

A debt consolidation loan is a type of debt refinancing option which is used to combine all your unsecured debts into one single monthly payment.

Financing your debt in this manner makes debt management easy and helps avoid bad credit.

People generally take a debt consolidation loan to make things easier to manage by reducing the number of debts into one payment.

Getting a debt consolidation loan makes sense when your total debt is not more than 50% of your income, your cash flow is consistent, you have a good credit score, and you have planned your finances to make your debt repayments on time.

A debt consolidation loan is used as a personal loan for bad credit to pay off all the debt, at once. When all the debt is cleared, the only repayment that needs to be made is for the debt consolidation loan.

MoneyTap’s personal loan offers an affordable way to make debt management easy to avoid bad credit.

You can transfer all your EMI payments and credit card debts with high interest rates to one payment that you can make with MoneyTap’s credit line and simplify your finances with one affordable debt repayment.

Here are some of the options you can use to get rid of debt:

  1. A bad credit loan
  2. Family and friends
  3. Debt consolidation loan
  4. Home equity loan
  5. Personal line of credit
  6. Credit card balance transfer

MoneyTap’s personal loan offers a flexible and convenient way to repay debt while saving on high-interest rates and avoiding bad credit.

You can conveniently convert all your debt repayments into affordable EMIs at an interest rate that starts at 1.08% payable within 2 to 36 months with MoneyTap.

If your credit score is low (below 660) you may still qualify for a debt consolidation loan but then the interest rates can shoot up by 30%, and this may defeat the entire purpose of taking a debt consolidation loan.

People generally take a debt consolidation loan not to save money but to reduce the number of debts.

MoneyTap’s debt consolidation loan helps you save quite a lot on interest while getting you out of debt faster and for less money. The savings are usually from:

  • Reduced interest rates
  • Lower monthly payments
  • A reduced overall debt load
  • A no-usage; no-interest policy

With a debt consolidation loan, you are making just one monthly payment instead of multiple debt repayments. This can often make your utilization ratio go down, resulting in an improved credit score.

The interest rates on debt consolidation loans typically range from between 8.31% and 28.81% per annum (but are lower than the interest rate on credit cards), depending on the lender and your credit history.

With MoneyTap, you can finance your debt at an interest rate as low as 1.08%.