As per various financial studies, trillions of rupees are recorded as the amounts in debt taken up by various Indian households. Borrowers loan amounts from various sources pan out endlessly, and they keep paying them without a proper record. The repayment of multiple debts becomes chaotic and intensifies the pressure on the borrower.
Your cycle of debt can now be taken care of with Fullerton India personal loan online. You get to repay all your debts quickly with the assistance of collateral-free funds by Fullerton. It gets easier for you as you will be required to repay a single loan every month despite repaying multiple debts.
5 Reasons to Consolidate Your Debts with a Fullerton India Personal Loan
You can clear all the heavy debts, including loans like home or bike.
Below are the five reasons to consolidate your debts with a personal loan today:
Reasons to Consolidate Your Debts with a Fullerton India Personal Loan
To Instantly Receive Collateral Free Funds
One can get up to 25 lakhs to repay their debts, and there is no collateral involved in borrowing these loans. The process is also swift as it involves approving minimum documents and then sanctioning the loan.
The significant points a lender looks for are age, income source, proof of identity and residence and credit score. No collateral is demanded, and therefore, the loan is less chaotic and stress-free for all.
Maintain a Single EMI Each Month
The significant advantage of consolidating debts with a personal loan is keeping in mind a single repayment. When you borrow a personal loan, you shake off all the other minor debts marked as EMIs in your calendar. All you are concerned about is the timely replacement of the personal loan EMIs.
You can also use a personal loan calculator to calculate your monthly EMI by entering the amount, tenure and interest rates. Plan out things and repay the loan with ease when you find a suitable EMI that is manageable in your income.
Affordable Repayment and Debt Management
You can save a lot of money if you choose to consolidate your existing debts including credit card debts with the help of a personal loan. You keep yourself from getting deeper into enormous interest rates and save a lot of money. The repayment of the personal loans is affordable, and you get to manage things better.
When you don’t pay a credit bill or do so in part instead of in full, a high-interest rate is charged, which will be saved when you repay a personal loan that charges a minimum interest rate of 11.99% per annum. However, do note that personal loan EMIs should also be paid on time and in full to avoid the accumulation of debt resolution programs.
Boost the Credit Score
A personal loan is regarded as a debt consolidation loan and proves to be much more. It demands no collateral, makes things easier, is affordable, and helps you boost your credit score. Multiple debts keep your credit score from growing but when you go for a personal loan table turns quickly. You get a single loan to repay, and the EMI becomes manageable.
Where you were previously unable to keep a record and manage things, you can easily maintain a lot with a personal loan by putting in the least effort. Timely repayment of the loans like car loans, bike loans, and house loans positively impacts your credit history, and your score increases automatically.
Comfortable Loan Payback
You can quickly repay the personal loan within a comfortable tenure as long as five years. The loan borrowed can be repaid in the form of EMIs pre-decided with the help of EMI calculators online. The only point you must remember is that your EMI should not be more than 50% of your monthly income for a hassle-free repayment. You can also choose to prepay your loan if you get a one-time increment or bonus by paying minor charges.
You must have gathered a lot of information on the benefits a personal loan holds in consolidating your debt. If you wish to free yourself from multiple debt commitments, you should immediately apply for a personal loan. You can successfully build your credit score and make your finances healthy by online assistance from Fullerton India personal loans.
If you need the personal loan instantly, check your eligibility online to keep yourself from getting rejected. You can also check the EMI that you can quickly repay by entering the personal loan’s tenure, amount, and interest rate. This is time to bring a financial balance to your life by opting for a personal loan.
At Fullerton India, personal loans are online and easy to access. It is a fast a genuine way to get loan benefits for your personal use with low-interest rates. Make sure to have your documents verified, and have them at hand to upload on the app’s portal. Every process is fast and you can make the most of your time in just a few clicks. Fullerton India offers complete transparency in the contract and steps taken to issue your loan.