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Debt Consolidation Loan in India (Up to ₹15 Lakhs)
Get a hassle-free bill consolidation loan with zero paperwork
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Debt Consolidation Loan EMI Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts
Simplify your finances with an online debt consolidation loan
Managing multiple high-interest debts can strain your finances and hinder your savings goals. A personal loan for debt consolidation helps you combine all your existing loans into one manageable payment.
This smart approach reduces your overall interest burden, simplifies repayment, and lets you focus on a single EMI instead of juggling multiple due dates, giving you better control over your finances and peace of mind.
What is a Debt Consolidation Loan and How Does It Work?
A debt consolidation loan is a type of personal loan that allows you to consolidate multiple existing debts such as outstanding credit card balances, or other personal loans into a single loan with one fixed monthly repayment.
By consolidating your debt into a single repayment plan, this loan simplifies your finances rather than requiring you to manage multiple due dates and interest rates. With it, all of your debts can be paid off with one loan, leaving you with only one debt to repay.
With a debt consolidation loan from IDFC FIRST Bank, you can reduce financial stress, streamline your debt, and manage your budget more effectively. It provides you the convenience of a single EMI, zero foreclosure charges, lower interest rates, and higher loan amounts up to ₹10 lakhs for a healthier credit history.
Key Features and Benefits of Debt Consolidation Loan from IDFC FIRST Bank
Here are the key features that make a debt consolidation loan from IDFC FIRST Bank a smart and convenient way to simplify your finances and regain control over your monthly expenses
Consolidation of multiple debts
IDFC FIRST Bank allows you to take out a personal loan to pay off existing debts, such as credit card balances, personal loans, or other high-interest obligations. Instead of managing multiple payments with different interest rates and due dates, you consolidate them into one loan with a single monthly payment.
Lower Interest Rates
FIRSTmoney loans offers competitive interest rates, starting at just 9.99% per annum, which can be lower than the rates on credit cards or other loans. This can reduce the total interest you pay over time, saving money compared to high-interest debts.
Flexible Repayment Terms
You can choose repayment tenures from 9 to 60 months, allowing you to tailor the loan to fit your budget. Longer terms can lower monthly payments, making them more manageable, though they may increase the total interest paid.
Zero Foreclosure Charges
Digital Personal Loans offered by IDFC FIRST Bank has no penalties for early repayment, so you can pay off the loan ahead of schedule without incurring any fee, helping you become debt-free sooner.
Simplified Financial Management
By consolidating debts, you only track one payment, reducing the risk of missed payments and late fees, which can also help improve your credit score over time if payments are made responsibly.
Quick Approval and Disbursal
IDFC FIRST Bank processes applications quickly, often approving loans within 30 minutes and disbursing funds instantly if you have a clean credit history and complete documentation. This allows you to pay off existing debts promptly. Check your personal loan eligibility now!
Access to multiple on-demand loans
You can apply for multiple on-demand loans as and when needed without starting the application process from scratch. This gives you greater room to meet your financial needs.
Looking for loans? Use our personal loan EMI calculator and calculate your monthly EMIs without hassles and error-free!
Debt Consolidation Loan Eligibility Criteria and Required Documents
Debt consolidation loan eligibility
The debt consolidation loan eligibility criteria at IDFC FIRST Bank can vary based on individual profiles. Generally, you should fulfil the following requirements:
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Personal loan documents required
No complex paperwork required. It is a 100% digital process all you need is a valid Aadhar card number and your physical PAN card during the video KYC process
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How to Apply for a Debt Consolidation Loan Online
Step 1
Click on the ‘Apply Now’ button
Step 2
Provide your basic details for registration
Step 3
Select your loan amount and EMI plan
Step 4
Link the account where funds should be credited
Step 5
Complete the video KYC by presenting your PAN card
Debt Consolidation Loan Interest Rates and Charges
Check out the table below to know the debt consolidation loan interest.
Types of fees | Applicable charges |
Debt loan interest rate | Starting 9.99% |
Processing fees | Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts. |
Late payment fees | 2% of the unpaid EMI or ₹ 300 whichever is higher. The late payment fees might be applicable from the date of default to the date of payment. |
Stamping Charges | As per actuals |
Foreclosure Fees | Nil |
Personal loan EMI calculator
Use the IDFC FIRST Bank personal loan EMI calculator to instantly check your monthly EMI. Simply enter your loan amount, preferred tenure, and applicable interest rate the calculator will provide your estimated EMI, helping you plan your repayments with ease.
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Fees and charges
Fees and charges
Low interest rate
Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.
Processing fee
Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]
Flexible loan tenures
Choose between 9 and 60 months
Do’s and Don’ts of a Debt Consolidation Loan
Do's
- Assess your financial needs clearly
- Compare lenders carefully
- Choose transparent loan terms
- Opt for a suitable repayment tenure
- Track your EMIs and outstanding balance regularly
Don’ts
- Do not borrow more than required
- Don’t ignore additional charges, if any
- Do not rush into deciding on loan options
- Avoid missing or delaying EMIs
- Do not overlook your credit health
Things to Know About a Debt Consolidation Loan
Eligibility Criteria
Eligibility typically depends on your income level, employment stability, and credit profile. For example, with FIRSTmoney, applicants may need a minimum monthly income of ₹10,000 and a CIBIL score of 710 or above to apply.
Processing fees & charges
A debt consolidation loan includes interest costs and applicable charges, such as processing fees, prepayment/foreclosure charges, and penalties for delayed payments. FIRSTmoney may offer zero processing fees on select loan amounts.
Interest rates
A lower interest rate can significantly reduce your overall repayment cost. With FIRSTmoney, interest rates start from 9.99% p.a.
Easy loan comparison
Before applying, compare loans based on interest rate, tenure, EMI, and total cost of borrowing. FIRSTmoney simplifies this by offering clear and transparent loan details to help you make informed decisions.
Better financial planning
Choosing the right tenure is key. A longer tenure reduces your EMI but increases total interest paid, while a shorter tenure increases EMI but lowers overall cost. FIRSTmoney offers flexible repayment options of up to 60 months.
Tips to Use Your Debt Consolidation Loan Smartly
Tip 1
Use the loan strictly to repay existing debts immediately
Ensure the loan amount is used to close your current loans or credit card dues right away to reduce your financial burden.
Tip 2
Avoid taking on new debt after consolidation
Continuing to use credit cards or taking fresh loans can lead to higher overall debt instead of financial relief.
Tip 3
Focus on total cost, not just EMI
While lower EMIs may seem attractive, always evaluate the total interest payable over the loan tenure to make a cost-effective decision.
Things to Consider Before Getting a Debt Consolidation Loan
Before opting for a debt consolidation loan, it’s important to carefully evaluate your financial situation.
Interest Rates
Assess the total outstanding debt, interest rates on existing loans, and your repayment capacity.
Flexible Loan Amounts
Ensure the new loan offers a lower interest rate and better terms than your current debts.
Processing Fees
Check for processing fees and prepayment charges to avoid hidden costs.
Plan your budget
Consider whether this loan aligns with your long-term financial goals and prevents further borrowing.
Loan Repayment Terms
Plan a realistic budget post-consolidation to ensure timely repayments and avoid falling back into debt.
Compare Loan Interest Rates
Always compare options across lenders for the best deal.
Debt Consolidation Loan Interest Rates and Charges
What is a debt consolidation loan?
A debt consolidation loan is a personal loan used to pay off existing debts. It simplifies your payments by consolidating multiple loans into a single monthly payment.
How to apply for a debt consolidation loan?
You can apply for a personal loan for debt consolidation through the IDFC FIRST Bank website or mobile banking app simply by scanning the QR code.
What is the eligibility criteria for a debt consolidation loan?
Eligibility criteria at IDFC FIRST Bank may differ based on individual profiles. Generally, you need to meet age and income requirements, as mentioned above.
How is a debt consolidation loan disbursed – does it go directly to my bank account?
Yes, the loan amount is deposited into your savings account with IDFC FIRST Bank, which you can then use to pay off your other loans.
What types of debts can I consolidate with a debt consolidation loan?
You can consolidate multiple high-interest debts, such as existing personal loans and credit card balances, into a single loan with IDFC FIRST Bank’s debt consolidation loan.
Choose your personal loan amount with FIRSTmoney
Different Types of Personal Loan for you
Travel Loan
Ready for your next getaway? With a FIRSTmoney smart personal loan, you can plan premium vacations, last-minute getaways, or long-awaited adventures without financial stress. Whether it’s an international trip or an unexplored destination in India, our smart personal loan offers competitive rates and quick disbursal, so you never have to compromise on your experiences.
Educational loans
Invest in your future with a FIRSTmoney smart personal loan. Whether it’s tuition fees, online certifications, coaching classes, or study material, this education loan gives you the financial freedom to upskill without disruption. With easy eligibility, fast processing, and flexible tenures, you can focus on learning while we take care of the funds.
Wedding Loan
Turn your wedding dreams into a reality with a FIRSTmoney smart personal loan. Tailored for your big day, this wedding loan helps you cover venue costs, outfits, decor, and more, without exhausting your savings or relying on high-interest credit cards. With quick approvals and flexible repayment options, you can focus on making memories while we take care of the finances.
Home Improvement Loan
Transform your house into your dream home with a FIRSTmoney smart personal loan. Whether you are upgrading your kitchen, revamping interiors, or adding new furniture, this home renovation loan helps you manage costs without dipping into savings. With minimal paperwork, fast approvals, and convenient EMIs, you can renovate stress-free.
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Prefer managing your loan on the go? Download the IDFC FIRST Bank mobile app and track your loan journey easily.
