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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important nondeposit taking Non-Banking Financial Company (NBFC) and the holding
company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans,
Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 68,400 employees, the businesses of ABCL have a nationwide reach with over 1,740 branches and more than 200,000 agents/channel partners along with several bank partners.
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1,740
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68,400
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2,00,000+
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INR 5.91 Lakh Cr
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What is Apply for a Debt Consolidation Loan
Struggling with multiple loans? Managing different repayment schedules, interest rates, and due dates can be overwhelming. A debt consolidation loan simplifies your finances by combining all your existing debts into a single loan with one fixed monthly payment. This can help reduce financial stress, lower interest costs, and make repayment more manageable.
Here’s everything you need to know about applying for a debt consolidation loan with Aditya Birla Capital.
Calculate Your Personal Loan EMI Premium
Wondering how to calculate your personal loan emi premium? We have a handy tool for it.
Our Personal Finance Products
Find a wide range of solutions for all your financing needs.
Enjoy low personal loan interest rates for affordable repayments. Choose Aditya Birla Capital Personal Loans and instantly find your loan's expected EMI.
Check your Aditya Birla Capital Personal Loan eligibility and get a collateral-free financial solution.
Features of a Debt Consolidation Loan
Simplified Repayments
A debt consolidation loan merges multiple debts into one, making it easier to track and pay.
Lower Interest Rates
Instead of juggling high-interest credit card bills or multiple loan payments, you can benefit from a lower interest rate.
Fixed Monthly Instalments
Know exactly how much you need to pay each month, helping you budget effectively.
No Collateral Required
Most debt consolidation loans are unsecured, meaning you don’t need to pledge assets like your home or car.
Improved Credit Score
By paying off existing debts on time through a debt consolidation loan, you can improve your credit score over time.
Debt Consolidation Loans Eligibility
Are you eligible for a Debt Consolidation Loan? Check whether you meet the criteria.
Eligibility Criteria for a Debt Consolidation Loan
- Age Applicants must be between 21 and 60 years old.
- Employment Status You should be a salaried employee or self-employed with a stable income.
- Minimum Income Lenders typically require a steady monthly income to approve a debt consolidation loan.
- Credit Score A score of 700 or higher increases your chances of approval.
- Debt-to-Income Ratio Your total monthly debt obligations should be within a manageable limit compared to your income.
Documents Required for a Debt Consolidation Loan
- Proof of Identity Aadhaar Card, PAN Card, Passport, or Voter ID.
- Proof of Address Utility bills, rental agreements, or Passport.
- Proof of Income Recent salary slips or Income Tax Returns for self-employed individuals.
- Bank Statements Last 6 months’ statements showing your income and debt obligations.
- Loan Details Statements of existing loans or credit card dues you wish to consolidate.
How to Apply for a Debt Consolidation Loan Online
Visit the Lender’s Website or App
Start by accessing the official website or app of Aditya Birla Capital.
Check Your Eligibility
Use an online eligibility calculator to see if you qualify for a debt consolidation loan.
Fill Out the Online Application
Enter your personal details, income, and existing debt information.
Upload the Required Documents
Submit scanned copies of the necessary documents for verification.
Verification and Approval
Once your application is reviewed and approved, you’ll receive a loan offer with terms and conditions.
Loan Disbursal
After signing the agreement, the lender will disburse the funds directly to your bank account or pay off your existing debts.
Revision of Reference Rates for determining Interest Rates on loans given
A high credit score signals reliability to lenders and can help you get lower personal loan interest rates.
High existing debt can lead to higher interest, as lenders see more risk in lending to heavily indebted borrowers.
Stable income and employment history make you eligible for personal loans with low interest rates, as lenders perceive lower risk.
Different banks and NBFCs have varying interest rate structures, so comparing offers helps identify the personal loan minimum interest rate available to you.
Larger loans or longer repayment tenures may attract slightly higher personal loan rates due to increased risk.
Fees and Charges for
Debt Consolidation Loans
| Charge Type | Amount |
|---|---|
| Cheque Return charges | ₹500 + GST per instance |
| Default Penal charges | 3% of the pending amount per month |
| Charges for cancellation of Loan | 4% of loan amount disbursed + applicable taxes |
| CIBIL report retrieval fees | ₹100 + GST per instance |
| Charge for Exchanging PDCs / ECS | ₹750 + GST per instance |
| Loan reschedule charges | ₹5000 + GST per instance |
| Stamp Duty | As per Actual if applicable |
| Insurance Premium | As per Actual, if applicable |
| Pre-closure Quote | ₹1000 + GST per instance |
| Any other charges | As per Actual, if applicable |
| Part - Pre-Payment Charges | Charges:
A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure. |
| Foreclosure Charges |
4% of the Principal outstanding amount + GST
Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal. |
Customer Satisfaction Stories
Hear from our happy customers what they have to say about their experience with us.
Mr. Hiralkumar Ashokbhai Patel
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Mr. Pramod Kumar Saini
Aditya Birla Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN
FAQs on
Debt Consolidation Loans
Debt Consolidation Loans
Debt consolidation means paying off multiple existing debts by taking out one loan. With debt consolidation, you can get a new loan and close existing debts with it.
A Personal Loan is an unsecured funding solution that grants funds for any type of personal or commercial need.
A Personal Loan is a multipurpose loan that can be used for anything. If you have multiple debts and want to consolidate them into one to avoid multiple interest payments, you can opt for a Personal Loan and use the funds to pay off the existing debts.
Debt consolidation is beneficial for the following reasons -
• You just have to service one loan. You don't have to remember the installment dates of different loans and repay only one loan
• You can save on the interest outgo of different loans
• It also becomes easier to apply for another loan if you need funds
If you can save on the interest outgo and manage your debts effectively, debt consolidation can be a good reason to get a loan.
The loan amount would depend on your income and other eligibility parameters. You can use the online eligibility calculator to find out how much money you can borrow with the debt consolidation loan based on your eligibility.
Aditya Birla Capital processes and approves the debt consolidation loan quickly if your application and paperwork are in order.
Yes, you can consolidate all types of debts into one with a debt consolidation loan. Examples include personal loans, auto loans, credit card bills, etc.
Consolidating your debts includes taking out a fresh loan to repay the existing ones. When you get a new loan, your credit utilisation ratio is impacted, negatively impacting your credit score. However, this impact will be for the short term, and when you repay the loan timely, your credit score will improve.
Yes, self-employed individuals can also opt for a debt consolidation loan to consolidate their multiple debts.
Yes. Once approved, the loan amount is credited to your bank account within 24–48 hours. In some cases, the lender can also pay your existing creditors directly to ensure smooth and hassle-free debt consolidation.
Yes, the debt consolidation loan prepayment is allowed after the first 6 months. However, such prepayment would attract charges which you should check before prepaying the loan.
The impact is generally positive if you make timely repayments. Managing a single EMI is easier and improves payment discipline. While a hard credit inquiry may cause a small initial dip, closing multiple old accounts can strengthen your score over time.
No. This is an unsecured loan, so no collateral or asset is required. Approval depends on factors such as your credit score, income stability, and repayment capacity.
Typical charges include processing fees (usually built into the interest rate), prepayment charges of around 3–4% after the lock-in period, bounce charges of approximately ₹500, and foreclosure charges of about 4% after 12 months. All applicable fees are disclosed upfront, and there are no hidden charges.
You can borrow up to ₹25 lakhs or the total outstanding debt, whichever is lower, subject to your income and debt-to-income ratio. Salaried applicants with strong credit profiles may qualify for higher limits.
You can consolidate credit card dues, personal loans, overdrafts, and other unsecured debts. Home loans or mortgages are not eligible. This option works best for high-interest, revolving debt.
PORTFOLIO CONSOLIDATOR
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ABC Of Personal Loans
Call 1800 270 7000 OR write to us at care.finance@adityabirlacapital.com.
For more details, to know your personal loan eligibility, access the product brochure or to set a meeting with our relationship manager.
The information presented on this page is intended solely for general informational purposes and does not constitute financial, investment, or professional advice. This content has not been authored by, nor does it represent an official communication from, Aditya Birla Capital Digital Limited. It is compiled from publicly available secondary sources, which may be subject to change without prior notice. Readers are strongly advised to conduct their own independent research and seek guidance from licensed financial advisors before making any investment decisions. All investments carry inherent risks, including the potential loss of principal. Past performance is not indicative of future results.