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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit 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 63,750 employees, the businesses of ABCL have a nationwide reach with over 1,712 branches and more than 200,000 agents/channel partners along with several bank partners.
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63,750+
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2,00,000+
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INR 5.50 Lakh Cr
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Experience ConseQuest- A game where your decisions drive your future.
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.
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 Instalme
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.
Reasons To Get a Debt Consolidation Loan from Aditya Birla Capital
Collateral-free
There is no need to pledge any asset to secure the loan. The funds are sanctioned based on your eligibility parameters—that’s all!
Flexible Repayment Period
Choose a repayment tenure of 84 months to ensure affordable EMIs for easy repayments.
Predictable EMIs
With a fixed interest rate, you can figure out your EMIs and plan your budget for hassle-free repayments
Quick Sanctions
Get the funds transferred to your account within 24 hours of application.
Facility to add a co-applicant
Adding a co-applicant to the Personal Loan for Debt Consolidation can increase your eligibility. You can get a higher loan amount to pay off various small loans and debts.
Interest Rates Available for
Debt Consolidation Loans
Find out the interest payable on the Debt Consolidation Loan to plan your repayments effectively.
Loans up to 12 months| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
Who Can Apply For Debt Consolidation Loan?
Find out if you are eligible to apply for a Debt Consolidation Loan
Salaried
Self-employed Professional
Self-employed Non - Professional
How to Apply for a Debt Consolidation Loan Online
Visit the Aditya Birla Capital Website or App
Start by visiting the official Aditya Birla Capital website or downloading the app. You can access all the loan services we offer.
Check Your Eligibility
Use our online eligibility calculator to check whether you meet the requirements for a ₹5000 personal loan.
Fill Out the Online Application Form
Complete the application form with your personal details, employment information, and income data.
Upload the Required Documents
Upload scanned copies of the required documents, such as your identity proof, address proof, income proof, and photographs.
Verification and Approval
Once your documents are verified, your personal loan application will be processed, and approval will be granted if all criteria are met.
Funds Disbursal
After approval, the loan amount will be disbursed to your bank account within 24 to 48 hours.
Eligibility Criteria for Debt Consolidation Loans
Are you eligible for a Debt Consolidation Loan? Check whether you meet the criteria.
Documents Needed
- Proof of identity and address Passport / Aadhaar Card/ Voter's ID / Driving License/ Job Card issued by NREGA / Registration certificate / PAN card (PAN Card only as identity proof)
- Proof of incomeSalary slip for the last 3 months showing all deductions and Form 16
- Bank statement where income is credited Last 6 months
- Proof of other income Last 3 months' salary slips or Salary certificate. Last 6 months' bank statement where salary is credited directly. Latest Form 16
Eligibility criteria
* A higher age limit is applicable at the time of loan maturity.
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. |
ABC Of Calculators
Your estimated EMI amount
₹ 0Total Interest
₹ 0Total Payout
₹ 0You are eligible for a loan of
₹ 0*EMI @ 9% Interest Rate
₹ 0*
BALANCE TRANSFER LOAN
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Reduced Interest Rates. -
Lower Monthly Payments.
TOP UP LOAN
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans, one app - ABCD
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs
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Quick sanctions and disbursals
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Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN
Customer Satisfaction Stories
Hear from our happy customers what they have to say about their experience with us.
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
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
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.
FAQs on
Debt Consolidation Loans
Debt Consolidation Loans