LoanBaazar helps you explore loan and credit options from banks and NBFCs. Compare eligibility, fees and repayment terms before applying. Approval and pricing are determined by the lender.
Debt consolidation replaces multiple repayments with a new borrowing arrangement. A lower monthly payment does not necessarily mean a lower total cost.
Compare the full cost
List the remaining balances, interest and fees on existing debts. Compare these with the total repayments, processing fees and any early closure charges involved in a proposed consolidation.
Consider the repayment term
Extending the term can reduce monthly payments but increase total interest. Review affordability and the risks of converting unsecured debt into borrowing secured on an asset.
Review the written terms
Check the rate structure, prepayment rules and consequences of missing payments. Avoid taking additional debt simply because consolidation frees up a credit limit.
Use the EMI calculator to compare illustrations and contact the lender for the actual repayment schedule.
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