If you have taken out credit from multiple sources, it can be difficult to keep track of all the payments that you need to make, and if you end up defaulting on any of these payments, it can cost you dearly because it will have a negative impact on your CIBIL score. You can use a loan against property to consolidate all of your loans into one, allowing you to take out a single low-interest loan.
A debt consolidation loan combines all of your existing loan EMIs into one, allowing you to pay only one EMI. Here are some of the advantages of taking out a loan against your property to consolidate your debts:
- A loan against property allows you to repay the loan comfortably over a period of 18 years, with low interest rates and low EMIs.
- By combining all of your loans into one, you can avoid the hassle of keeping track of multiple loans and their EMIs. A loan against property for consolidation allows you to combine all of your existing EMIs into one and maintain better control over your finances while saving a significant amount of money in interest payments incurred by multiple loans.
- You can also use debt consolidation loan to improve your credit rating because if you pay off your loans without missing any payments, your credit rating will be positively impacted and other lenders will believe you are creditworthy in the future.
Loan Against Property for Debt Consolidation Eligibility Criteria
Salaried Applicants
The applicant must be between the ages of 28 and 58.
The applicant must be employed by an MNC, a public or private sector company, and have a minimum of three years of work experience.
Self-Employed Applicants
The applicant must be between the ages of 25 and 70.
A regular source of income is required for the applicant.
The applicant must have at least 5 years of experience in their current business.
For more info read here: What is Property Loan for Debt Consolidation?
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