Online Debt Consolidation Loans – Apply for an Unsecured Personal Loan to Consolidate Debts

Personal Loans are popular credit products owing to their flexibility of use. You may use them to cover expenses for any purpose, including a wedding, vacation, education, medical emergency, or home renovation. However, one of its most beneficial strengths is its capability to consolidate debts.

 

Do you see yourself drowning in an ocean of debts? Consolidating all your EMI payments, credit card due bill amounts, and other loans into one monthly EMI can help u breathe easy. With a Debt Consolidation Loan, you can secure a low interest Personal Loan to pay off your dues faster without any hassles.

When you have several loans to handle, you can choose to consolidate them with online Debt Consolidation Loans. They reduce pressure on your wallet and make your dues more manageable. With these loans, you can reduce your monthly EMI burden and bring your multiple dues under one monthly instalment. When you consolidate your debts, you obtain a fresh Personal Loan to pay off your existing liabilities and loans. Generally, you combine multiple small loans into one with favourable repayment terms and conditions, such as affordable EMIs and lower interest rates. It allows you to pay your overall debts efficiently by simplifying the repayment process.

Apply Now

At Clix Capital, we offer online Debt Consolidation Loans that you can use to mitigate all your liabilities in a collateral-free manner. Since our Personal Loan for Debt Consolidation is unsecured, you can avail it without any collateral, security, or guarantor. Want to clear your debts and turn them into one monthly EMI? Reduce financial stress and gain relief by Clix Capital’s Debt Consolidation Loan.

 

 

With a Debt Consolidation Loan, you can

    • Pay off your outstanding balance on multiple loans and credit cards
    • Consolidate them to get one EMI to pay every month
    • Reduce your total interest outgo with lower interest rates

 

 

Details of Online Debt Consolidation Loans

Loan Amount Up to ₹ 10 lakhs
Loan Tenure 12 to 48 months
Interest Rate Variable
Processing Fee Based on the loan amount

 

 

How Does Debt Consolidation Work?

In Debt Consolidation, you take a new loan of a bigger amount to repay all your existing smaller debts. Subsequently, you have to pay one single EMI for the new loan you availed. Usually, Debt Consolidation Loans in India have a lower interest outgo when compared to all the interest expenses and late payment charges you are paying for your existing debts. Debt Consolidation is a straightforward and effective method of reducing the burden of several loans. Above all, it allows debt repayment in a streamlined manner since you need to take care of one EMI each month after the consolidation.

 

 

Why Consolidating Your Debts Makes Sense?

With debt consolidation, you can reduce your interest rate and EMIs and, at the same time, pay off your debt quickly. You get financial freedom to manage your budget without any financial imbalance. You address your obligations with timely payments of one single EMI. Your monthly EMIs become easier and smaller to handle, thereby reducing your financial burden. Many borrowers take Debt Consolidation Loans in India to make their payments on time and also get a chance to improve their credit score.

 

 

Reasons to Consolidate Your Debts

If done effectively, consolidation of your existing loans can save a significant amount on your interest outgo. These are a few reasons that may motivate you to consider applying for online Debt Consolidation Loans:

 

 

Reduced Interest Outgo: There is a high chance that your Debt Consolidation Loan will come with a considerably lower interest rate than what you are paying already. That is why consolidating your debts with a Personal Loan is a lucrative option. You also save the late payment charges you frequently pay due to debt mismanagement.

 

 

Restructured Repayment Tenure: Our Personal Loans are available for 12 to 48 months of repayment tenure. When you pay off your existing loans and get a new Personal Loan, you get to choose a loan tenure from scratch according to your repayment capacity. With flexible repayment terms, you can use a Personal Loan EMI calculator to find the loan term with EMIs you can easily afford and repay your loan easily with a restructured plan.

 

 

Single EMI to Pay: Remembering several due dates for your multiple loans can be tedious. Missing even a single EMI may lead to hefty late-payment penalties, apart from reducing your credit score and hampering your relationship with the lender. When you consolidate your loans with a Debt Consolidation Loan, repayment of a single EMI becomes much more hassle-free and comfortable.

 

 

Easy Availability: Personal Loans are easy to avail, thanks to their online application procedure, fast approval speeds, and simple eligibility conditions.

 

 

Flexible Repayment Tenure: You get 12 to 48 months to repay your loan, which you can choose according to your monthly budget and repayment capacity.

 

 

Fast Approval: Since the application procedure is completely online and automated, you may get your approval in as little as 15 minutes*.

 

 

Competitive Interest Rates: We offer competitive interest rates on our Personal Loans, though it largely depends on your credit score, income, eligibility, documents, and repayment capacity.

 

 

Signs You Must Consider Debt Consolidation

These are a few signs you should consolidate debt:

    • Your expenses are more than your income
    • Your credit card balance is growing every month
    • You are able to pay only the minimum balance on your debt
    • Your loan application got rejected due to the high debt-to-income ratio
    • You are handling several debts at a time
    • You have reached your credit card limits
    • Your existing loans have more interest rate than our Personal Loan interest rate

 

 

Benefits of Debt Consolidation

    • You get an ample amount of up to ₹ 10 lakhs to consolidate your existing debts.
    • Personal Loans for Debt Consolidation have attractive interest rates that help you save money on the total interest outgo.
    • The documentation process is paperless and smooth.
    • You may apply for a Debt Consolidation Loan online from your smartphone or PC.
    • Repayments are flexible.
    • With online Debt Consolidation loans, you may get your approval within 15 minutes* of application.

 

 

Effects of Debt Consolidation on Your Credit Score

Managing multiple loans, remembering all your EMIs, and paying them on time is a tedious task to do. It is common for borrowers with multiple loans to forget and miss a few due dates. Late and missed payments attract hefty late-payment charges and also show in your credit report, which adversely affects your credit score. However, you may avoid this situation by consolidating your debts with a Debt Consolidation Loan.

With Debt Consolidation, you can consolidate all your debts into one, thereby making your payments much easier and more manageable than before. Now, you have only one loan instalment to pay each month, which significantly reduces any chances of missing the payments. Subsequently, paying your EMIs on time will positively improve your credit score over time.

 

 

Determining Debt Consolidation with a Personal Loan

Considering taking a Debt Consolidation Loan? These are the steps to follow:

    • Enlist all the debts you wish to consolidate.
    • List the total due amount, EMI amount, and interest outgo.
    • Add the total amount you owe to all these debts to know the loan amount you need to borrow for Debt Consolidation.
    • Use a Personal Loan EMI calculator to calculate your EMI amount and compare it with what you are paying currently.
    • If you see a significant difference, approach us to apply for a Debt Consolidation Loan.

 

 

Features of Online Debt Consolidation Loans at Clix Capital

 

 

Ample Loan Amount: At Clix Capital, you get a Debt Consolidation Loan of up to ₹ 10 lakhs to pay off and consolidate your existing loans.

 

 

Competitive Interest Rates: Our online Debt Consolidation Loans have competitive interest rates that make debt management easier for the borrowers.

 

 

No Collateral Required: We offer collateral-free Debt Consolidation Loans in India that you can avail of without any collateral, security, or guarantor.

 

 

Flexible Repayment Tenure: You can choose a repayment tenure of 12 to 48 months that you can choose according to your repayment capacity.

 

 

Easy Online Application: You can apply our Personal Loan for Debt Consolidation completely online without visiting our office even once.

 

 

Quick Approval: We may approve your loan in 15 minutes*.

Eligibility Criteria

We look at a few crucial factors to approve your loan application, including the following:

Age: You should be minimum 21 years of age at the time of loan application and maximum 58 years by the loan term-end.

Nationality: You must be a citizen of India.

Minimum Monthly Income: You must be earning at least ₹20,000 per month to apply for a Debt Consolidation Loan.

Employment Type: You must be a salaried individual with a stable job and regular income.

Employment Status: You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months

Credit Score: Apart from these, you also need to have a decent credit score. We look at your credit score to determine your creditworthiness and decide your loan amount and interest rates. So, before applying for a Personal Loan for Debt Consolidation, check your credit score and ensure that it meets our minimum requirement.

 

 

Documents Required to Apply for a Debt Consolidation Loan

Although we have minimal documentation requirements, these are a few documents we would like to see to verify your identity, address, and income:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

 

 

If your KYC is updated with Aadhaar and PAN, you don’t need to upload or submit these documents anywhere. You can get them verified online within minutes to complete your loan application.

 

 

Steps to Apply for a Debt Consolidation Loan

Here is the stepwise procedure to apply for Online Debt Consolidation Loans at Clix Capital:

    • Check your credit scoreand ensure that it is more than 630 as per Experian
    • Fill up the online loan application form
    • Get your loan documents verified online
    • Once you receive your loan approval, accept the loan offer
    • Activate the e-mandate for regular EMI payments on time

 

 

Once you complete your online loan application procedure and everything goes smoothly, you may get your loan approval in as little as 15 minutes*.

 

 

FAQs

Is a Debt Consolidation Loan a Personal Loan?

Yes. Debt Consolidation Loan is a kind of Personal Loan that is collateral-free and comes with a flexible repayment term. It has an online application procedure, and you may get it at Clix Capital within 15 minutes*.

 

 

What kinds of debts can I consolidate?

You can consolidate different kinds of debts with Debt Consolidation Loans in India, including the high-interest ones like credit card debt, collection accounts, past due utilities, medical debt, and payday loans.

 

 

Is Debt Consolidation a smart move?

Yes. You can consider consolidating your debts with a Personal Loan if you find it difficult to manage several loans simultaneously. You may use your loan amount to pay off your existing loans, after which you have a single EMI of your Personal Loan to pay each month. With better debt management and reduced interest outgo, you can save big with Debt Consolidation. Therefore, it is a smart move for most, as far as you can repay the new loan consistently.

 

 

How does Debt Consolidation help save money?

A Personal Loan for Debt Consolidation helps you save money due to reduced interest rates, lower EMI amount, reduced financial burden, and no late-payment charges with regular payments.

 

 

Do you need a guarantor to approve my loan application?

No. Our online Debt Consolidation loans are unsecured, for which we do not ask for any collateral, security, or guarantor.

 

 

Can I apply for a loan from my smartphone?

Yes. We have a 100% online loan application procedure that you can complete from your smartphone no matter where you are. You don’t even need to visit us to submit your documents. If your KYC is updated with PAN and Aadhaar, you can use your KYC details to get your documents verified online. Our website has a responsive design that can adjust to any screen size.

 

 

When should I consider consolidating my debt?

If you have an outstanding balance from multiple loans and credit cards, you may consider consolidating them to make their payment easier.

 

 

When is the right time to apply for a Debt Consolidation Loan?

People often consolidate their debt to simplify their debt management and reduce their multiple debt payments into one EMI. The best time to consolidate your debt is when your total debt is under 50% of your income, you have a consistent cash flow, a decent credit score, and a robust repayment plan for your Debt Consolidation Loan.

 

 

Can I get online Debt Consolidation Loans with low credit score?

No. You must have a decent credit score to avail of a Personal Loan for Debt Consolidation. Since it is an unsecured loan, we largely depend on your credit score to determine your creditworthiness. If you have missed your payments in the past, most lenders will perceive you as a high-risk borrower and reject your loan application.

 

 

Can I improve my credit score with a Debt Consolidation Loan?

With Debt Consolidation, you reduce your loan burden into one single EMI that you can easily manage every month. With regular payments, you can improve your credit score over time and boost your credibility.

 

 

I have a decent credit score. Why do you want to see my income proof?

Even if you have a decent credit score, we want to ensure that you earn enough money to repay your EMIs on time. Your income proof assures us of your stable job with a regular income. That’s why we ask you to share your income proof with us, which includes your last month’s payslip or current year’s Form 16.

 

 

How much loan amount can I get for Debt Consolidation?

At Clix Capital, we offer online Debt Consolidation loans of up to ₹ 10 lakhs. You can calculate your expenses and apply for an adequate loan amount to consolidate your debts.

 

 

What other charges do I need to pay?

Along with the borrowed loan amount and the interest outgo, you need to pay a few other charges too, including the processing fee, documentation charges, legal charges, and others.

 

 

Do I need to visit your office to submit the required documents?

No. Our loan process is entirely online, and you do not need to visit our office even once. As far as documents are concerned, you can get your documents verified online using your KYC details. You don’t even need to upload your documents anywhere with our online loan procedure.

 

 

Are interest rates the same for all applicants?

No. Although we have competitive interest rates on our Debt Consolidation Loans, what we decide for you depends on several factors, including your age, income, debt-to-income ratio, repayment capacity, and credit score.

 

 

What is the interest rate for online Debt Consolidation Loans?

We offer competitive interest rates on our Debt Consolidation Loans. It may vary depending on your credit score, repayment history, loan amount, income, repayment capacity, debt-to-income ratio, and other factors.

 

 

How can I choose a suitable repayment tenure for my loan?

The repayment tenure you choose depends on the EMI amount you can conveniently afford to pay every month. Ranging from 12 to 48 months, you can use a Personal Loan EMI calculator to find the loan term with EMI amount you are convenient with. You may adjust the loan term according to your repayment capacity.

 

 

How much time will it take to get my loan approval?

If you fulfil our eligibility and documentation requirements, and if everything goes smoothly, you can get your loan approval in as little as 15 minutes*.

 

 

Where can I get more information about Debt Consolidation Loans in India?

For any queries, you may find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp. You can also reach out to us at hello@clix.capital or call us at 124-4740870.

* T&C Apply

Benefits of personal loan

What Documents Do I Need to Provide?

Completed Application Form

  • We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.

Passport-Size Photograph

  • This photograph should be fairly recent and indicative of your current physical appearance.

Identity (ID) Proof

  • This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).

Address Proof

  • Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.

Income Proof

  • This comes in the form of your latest one-month pay slip or Form 16 for the current year.

How Do I Apply For Personal Loan online from Clix Capital?

application form
1. Fill out the application form. It only takes 3 minutes to do so!
online chat
2. Check out & approve applicable interest rate, tenure and EMIs
loan approved
3. Congratulations! The personal loan for debt consolidation is disbursed to your bank account.

FAQs

How do I avail a personal loan from Clix?

There’s a space at the top and bottom of this page to put in your phone number. Just provide the same and our customer representative will speak with you shortly to get a personal loan online!

What will be the tenure, down payment, EMI, and interest rate for my personal loan?

At Clix Capital, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your personal loan depends on various factors, such as the specifics of your application (including metrics like date and income). We’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.

Do I need any collateral to avail a personal loan?

Not at all! There is no additional collateral or guarantors required to have your personal loan application approved.

How can I reach out to Clix for any other information on my loan?

Just call us on 0124-4545965 or 0124-3817400 between 9:30am-6:30pm from Monday to Saturday (except public holidays). Alternatively, you can also write to us at hello@clix.capital to resolve your queries around personal loan.

Sounds too good to be true?

Get in touch now and we’ll show you that simple, fast, and accessible personal loans are really possible!

Apply Now