Debt, if not cleared on time, can snowball out of proportion. You can avail a personal loan to consolidate your debts into a single amount which can then be paid every month. Read on to know about few instances when you can opt for debt consolidation by taking a personal loan.

One EMI Payment

Keeping a track of numerous EMI payments is indeed a cumbersome job. And, you cannot afford to miss repaying even one of your EMIs else you will have to cough up a large amount as a penalty and your CIBIL score, as well as the relationship with the lender, would be adversely affected. To rid yourself of such hassles you can opt for debt consolidation with a personal loan. Doing so would enable you to make one EMI payment every month thereby making repayments easy and hassle-free.    

Lower Rate of Interest

In such instances when the interest rate of personal loan is lesser than the interest rate one has to pay it is advisable to opt for debt consolidation. However, it is important to check the interest rates levied by other lenders before approaching any specific lender for a personal loan.

Fixed Repayment Tenure

In most cases, loan repayment tenure for personal loan oscillates between 1 and 5 years. You would, therefore, have to repay your loan within this time frame. Prior knowledge of the amount you need to pay every month would help you in planning your finances and pay off the loan without any hassles.   

A click here can help you avail loans from the top lenders of the country at the most competitive rates. With IKL by your side, you can expect nothing but the best.