Quick approval
Online instant loan apps provide fast loan approval within 24 hours of duration. It is quick, as no security and no physical documents are required.
DEBT CONSOLIDATION LOAN
A high debt burden can impact your finances and hamper your credit score. If you have several loans or credit card bills due for payment, you can save money on their interest costs and get rid of their repayment management by borrowing a Debt Consolidation Loan. Use this loan to repay your outstanding balances and manage them more efficiently with a single EMI to pay each month.
The competitive interest rates of Hero FinCorp Personal Loans for Debt Consolidation, starting at 1.58% per month, reduce your total interest costs. A Debt Consolidation Loan online provides great financial support to streamline the repayment of multiple debts with a single Personal Loan.
Collaterals Free Loan
Minimum Salary Required ₹15K
Quick Disbursal
Personal Loan EMI Calculator
Why personal loan for debt consolidation?
The benefits and features of personal loan are varied. It relieves you from the financial burden hampering the monthly budget in any way:
Collateral free-
When borrowing a personal loan, you do not have to worry about any collateral or security submission against personal loan unlike other financing options.
Quick approval
After the submission and verification of personal loan application, the loan is approved immediately without any further delay.
Instant loan disbursal
Loan amount is instantly disbursed within 48 hours or even within a few minutes depending upon documents verification, credit score or relationship with your lender.
Flexible repayment tenure
Personal loan repayment tenure for debt consolidation is flexible for the borrowers. Use the loan EMI calculator to customize your repayment tenure.
Minimal documentation
Instant personal loan is simple and quick to acquire with limited documentation. If the process is carried out online via instant loan apps and websites, it involves paperless documentation
Documentation and Eligibility Criteria for Debt Consolidation
Majority of the people evade loan for the fear of limitless documentation and long procedure. But online instant personal loan process has made it simple enough for an individual to get attracted towards personal loan. The nominal loan documentation process may urge you to borrow personal loan for debt consolidation at the earliest:Debt consolidation loan is a perfect idea if you are loaded with innumerable loans and debts that are difficult to manage and incurring penalty charges. Download Hero FinCorp personal loan app to avail debt consolidation loan with easy to pay EMIs and minimal formalities.
Note: If You are in the age group of 21 – 58 years and have a minimum monthly income of ₹ 15,000 then you are eligible for a Personal Loan from Hero FinCorp Instant Personal Loan. No physical documentation and meetings required, apply for a Personal loan today.
Hero FinCorp Instant Personal Loan documentation and eligibility criteria is much simpler, to know details click here
How to Apply for Debt Consolidation Loan via Hero FinCorp
Here's the step-by-step process to apply for a Personal Loan for debt consolidation online:
- 1
Go to the Hero FinCorp official website
- 2
Enter basic details – mobile number
- 3
Set the desired EMI using the personal loan EMI calculator
- 4
Paperless verification of KYC details using a security code
- 5
Bank account verification through net banking; the credentials are never stored
- 6
Instant loan approved in minutes and transferred to the bank account
Documents Required for a Debt Consolidation Loan
At Hero FinCorp, we have minimal documentation requirements to apply for a Debt Consolidation Loan. Thе еssеntial documеnts includе proof of identity, addrеss and incomе. Skip thе hasslе of visiting a branch in pеrson – you can еasily submit your documеnts through our wеbsitе or app by uploading thеm onlinе. However, since the documentation requirements vary for salaried and self-employed individuals, gather the correct documents to complete the formalities. Go through the documentation requirements carefully.
Required Documents for Salaried
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Six Month Salary Slip & Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driver Licence, Passport, Aadhaar Card, Utility Bill
Required Documents for Self-Employed
Proof of photo identity
Driver's Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Proof of Business Existence
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Ensure you meet the eligibility criteria and have the necessary documentation ready to smoothly proceed with your urgent Debt Consolidation Loan application.
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Frequently Asked Questions (FAQs)
Debt consolidation is combining all the pending debts and paying off through one single loan. Months of credit card bill pending can be combined into a debt consolidation loan for easy repayment.
The basic requisites for a debt consolidation loan approval requires proof of income, credit history and financial stability.
Debt consolidation is an unsecured personal loan that does not demand a collateral or a security for approval. This speeds up the time taken for loan sanction.
Non-Banking Financial Companies (NBFCs) can be trusted for debt consolidation loans as these are authorized lending organizations approved by the government.
The pre-payment charges differ depending upon the chosen lending organization. The foreclosure charges vary based on individual terms.