Debt Consolidation Loan
Share your existing obligations and let Soni Fincorp review a suitable consolidation route for your profile. Available options depend on your profile and applicable lender criteria.
Before vs After — See the Difference Clearly
See how multiple unsecured repayments can be combined into one monthly repayment plan. The figures below are a simple example to explain the concept.
Current Repayments
Sample unsecured obligations.
| Debt Type | Outstanding | ROI | Months | EMI |
|---|---|---|---|---|
| Personal Loan | ₹2,40,000 | 14.50% | 30 | ₹9,600 |
| Credit Card Dues | ₹1,20,000 | 28.00% | 18 | ₹8,000 |
| Consumer Loan | ₹75,000 | 16.00% | 20 | ₹3,900 |
| Other Unsecured Loan | ₹75,000 | 18.50% | 18 | ₹3,350 |
| Total | ₹5,10,000 | — | — | ₹24,850 |
Consolidated Plan
Example based on 11% p.a.
Debt Consolidation Loan Eligibility
Basic eligibility benchmarks for this debt consolidation journey. Final eligibility, amount, rate and approval remain subject to lender terms and verification.
Minimum 21 years at application and maximum 62 years at loan maturity.
Minimum monthly salary of ₹20,000.
A credit score of 700+ is preferred.
Minimum 6 months of experience in the current organization.
Why Borrowers Explore Debt Consolidation
Debt consolidation can make monthly repayments easier to manage by combining eligible obligations into one repayment plan.
Reduce the number of separate repayments you need to manage each month.
A suitable rate and tenure may reduce monthly outflow, depending on the final loan terms.
A simpler repayment schedule may help reduce missed or delayed payments.
One repayment date can make budgeting and monthly tracking easier.
Who May Consider Debt Consolidation?
Signs Consolidation May Be Worth Exploring
A Simple Consolidation Journey
Share your current obligations, compare available repayment options and proceed with the lender you choose.
Provide your current EMI, outstanding and loan details.
Available options are shown based on the details you provide and lender criteria.
Compare rate, tenure and monthly EMI before you proceed.
Complete lender verification, documentation and sanction steps.
Documents Commonly Required
Exact document requirements may vary by lender and applicant profile.
PAN, Aadhaar and other identity documents as applicable.
Aadhaar, passport, utility bill or other accepted address proof.
Recent salary slips or other income proof based on employment profile.
Recent bank statements, commonly up to six months, subject to lender requirements.
Debt Consolidation vs Debt Settlement
Debt consolidation and debt settlement are very different approaches. Compare the repayment and credit implications before choosing a path.
| Factor | Debt Consolidation | Debt Settlement |
|---|---|---|
| Credit Profile Impact | Depends on application and repayment behaviour. | Can have a severe negative impact if the account is reported as settled. |
| Total Debt Reduction | Usually no direct reduction simply by consolidating. | Possible only if the creditor agrees to accept less than the contractual amount. |
| Repayment | New consolidated loan is repaid in full as agreed. | May involve partial repayment subject to creditor agreement. |
| Risk Level | Generally lower when repayments are made as agreed. | Higher because settlement can affect future borrowing and credit history. |
| Best Used For | Borrowers who want simpler repayment management. | Usually considered only in serious repayment difficulty. |
Loans That May Be Considered
Whether a particular debt can be consolidated depends on the selected lender's terms and verification.
Existing eligible unsecured personal loan balances.
Eligible outstanding credit-card dues.
Eligible consumer or durable-finance obligations.
Other unsecured obligations accepted by the lender.
Debt Consolidation Questions
Does debt consolidation guarantee a lower EMI?
No. EMI depends on the sanctioned amount, rate, tenure and applicable charges. A longer tenure can reduce EMI while increasing total interest.
Can credit-card dues be included?
Some lenders may allow eligible credit-card dues to be included. Final acceptance depends on the lender's terms and the applicant profile.
Will debt consolidation automatically improve my credit score?
No. There is no automatic score improvement. Consistent on-time repayment may support healthier credit behaviour over time.
Can I combine multiple personal loans?
Eligible unsecured loans may be considered depending on the lender, outstanding amount, repayment history and applicant profile.
Should I compare foreclosure and processing charges?
Yes. Existing-loan foreclosure charges, new-loan fees, rate and tenure should be reviewed before deciding whether consolidation is suitable.
Ready to Simplify Your Repayments?
Share your current obligations and check available debt consolidation options.