- Take a Loan to Consolidate Your Debt: Consolidation loans are a special kind of loans that are customised to help you clear all your debts. The interest rates levied on such loans are nominal so that the EMI payment is affordable.
- Transfer Your Credit Card Balance: In case your credit card charges a higher interest rate than normal, or it has a lower credit limit, you have the option to change the service provider.
- Transfer Your Home Loan Balance: In case your home loan does not offer good customer service or charges a higher rate of interest than others, you are always free to transfer your home loan to a new lender.
- Take a Personal Loan: Applying for a personal loan to consolidate your debts is one the most flexible alternatives as it permits you to borrow a maximum of Rs 25 lakhs. Besides the clubbing, this move can also offer flexibility in tenure options along with a favourable repayment cycle.
Hence, you don’t have to get stressed out on losing out more on your income due to a high EMI. Moreover, this relaxes the loan repayment because you keep track of only a single loan rather than worrying about multiple repayments with different interest rates.
Such switching of account would mean transferring your existing card balance to a new credit card provider where the balance does not change, but you have an additional benefit of affordable rates of interest along with a higher credit limit.
This would indicate that your remaining loan amount will get transferred to a new lender and the payment will also be made in the new loan account.
Moreover, if you happen to have more than one home loan under your account, you can combine all of them and make payments accordingly.
In such cases, you are also provided with some top-up loans, incentives and other forms of discount so that your loan gets paid off without any hassle.
Click here to know more about Personal Loan Eligibility.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Disadvantages of Early Retirement - What Happens When You're Not Working?
Early retirement seems to be good, many people enjoy life without working especially with extra earnings. But they are not aware about the cons. Lets explore the disadvantages of retiring early to save your retirement life.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.