Debt consolidation

Debt consolidation Overview

Debt consolidation is combining of several unsecured debts into a single, new loan that is more favorable. Debt consolidation involves taking out a new loan to pay off a number of other debts like Credit Card dues, unsecured personal loan, private finance from individuals, unsecured business loan, car refinance and other high interest loan. The new loan may result in a lower interest rate, lower monthly payment and higher repayment tenure or all. You may be able to take out a debt consolidation by opting for home equity loan or other loans as suggested by CFPL Advisor

Debt consolidation Process

There are several steps in the Debt consolidation process. Here are the steps in brief:

•  Application form & Document submission
•  Cibil report check
•  Residence verification
•  Office
•  Eligibility calculation
•  Technical & Valuation
•  Personal Discussion
•  Credit decision
•  Offer Letter
•  Submission of Property documents & legal check
•  Registration of property documents
•  Signing of agreements and submitting post-dated cheques
•  Disbursement

Debt consolidation Features and Benefits

•  Much favourable loan.
•  Credit counsellors can cut your monthly payments in half
•  Offer lower interest rates than other
•  Debt settlement is the cheapest way to go
•  You need a formal program to get out of debt
•  Debt consolidation always saves you money
•  Debt consolidation helps your credit rating
•  It will avoid Bankruptcy

Debt Consolidation Eligibility

SELF EMPLOYED INDIVIDUAL

•  An Indian Resident
•  You should be in business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.
•  You should have residence or office owned

SELF EMPLOYED PROFESSIONAL

•  An Indian Resident
•  You should be in business for a minimum of 3 years.
•  You should be self employed Minimum 24 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.
•  You should have residence or office owned

Salaried

•  You should be in business for a minimum of 3 years.
•  You should be employed Minimum 21 to maximum 65 years of age.
•  Your current place of residence should be occupied for a minimum of 3 years in the city.
•  You should have residence or office owned