Login to Internet banking
A brand-new experience - smarter, faster, and secured
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
Zero Forex Markup Current Account
Maximise your savings and boost profitability with our Zero Forex Markup current accounts
Know More
BRAVO (Auto Sweep)
Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
Know More
You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
Know More
-
Quantum+ Credit Card
Assured Cashback Lifetime Free -
Business Max Credit Card
UPI-ready Lifetime Free Low APR
-
Business Multiplier Credit Card
Zero Forex Metal Card 10X Rewards
-
Hello Cashback
Cashback UPI-ready Assured
-
Gaj: Credit Card
Invite Only Zero Forex ₹12,500
-
Diamond Reserve
Zero Forex Travel ₹3,000
Enjoy Zero Forex on all IDFC FIRST Bank Credit Cards
Save more on all international spends
Know More
A Card that Powers your Savings & Lifestyle
IDFC FIRST Bank HPCL Credit Card
-
Business Max Credit Card
UPI-ready Lifetime Free Low APR
-
Business Multiplier Credit Card
Zero Forex Metal Card 10X Rewards
-
FIRST Corporate
Lifetime free Travel
-
FIRST Purchase
Lifetime free Working capital needs Rewards
-
FIRST Business
UPI Rewards Zero Forex
-
Micro Enterprise Credit card
UPI-ready Udyam registered MSMEs
Most Searched
Earn up to 7% interest on your Savings Account
Open Account Now
Download our app
Get instant help for all your queries in one place
Explore Personal
- Accounts
Tools & Calculators
Privilege Program
- Privilege Program
Explore Credit Cards
- Newly Launched New
-
Quantum+ Credit Card
Assured Cashback Lifetime Free
-
Business Max Credit Card
UPI-ready Lifetime Free Low APR
-
Business Multiplier Credit Card
Zero Forex Metal Card 10X Rewards
-
Hello Cashback
Cashback UPI-ready Assured
-
Gaj: Credit Card
Invite Only Zero Forex ₹12,500
-
Diamond Reserve
Zero Forex Travel ₹3,000
-
- Premium Metal Credit Cards
- Lifetime Free Credit Cards
- FD-Backed Credit Cards
- Zero Forex & Travel Credit Cards
- UPI-enabled Credit Cards
- View All
-
Quantum+ Credit Card
Assured Cashback Lifetime Free
-
FIRST Digital
Virtual UPI ₹199
-
Hello Cashback
Cashback UPI-ready FD-Backed
-
FIRST EARN
Virtual FD-Backed 1% Cashback
-
FIRST Power & Power+
Rewards UPI ₹199
-
FIRST WOW! Black
FD-Backed Virtual Travel
-
IndiGo IDFC FIRST Dual Card
Travel Lifestyle ₹4,999
- Affordability & Cashback Credit Cards
- Fuel & Insurance Credit Cards
- Commercial Cards
-
Business Max Credit Card
UPI-ready Lifetime Free Low APR
-
Business Multiplier Credit Card
Zero Forex Metal Card 10X Rewards
-
FIRST Corporate
Lifetime free Travel
-
FIRST Purchase
Lifetime free Working capital needs Rewards
-
FIRST Business
UPI Rewards Zero Forex
-
Micro Enterprise Credit card
UPI-ready Udyam registered MSMEs
-
- Others
Tools & Calculators
Debt Consolidation Loan: One EMI to Replace All Your Loans
Get a hassle-free bill consolidation loan with zero paperwork
-
-
-
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
What is a debt consolidation loan and how does it work?
A debt consolidation loan is a type of personal loan that you can use to combine multiple existing debts into one loan. The borrowed amount helps you clear outstanding dues with a single EMI and due date to manage instead of several. Debt consolidation also reduces your interest burden if the new loan carries a lower interest rate than your existing debts. Make repayment simpler and potentially more cost-effective with this FIRSTmoney personal loan by IDFC FIRST Bank.
Is a debt consolidation loan right for you?
Before consolidating your debts, consider how merging all loans in one EMI can improve your current repayment situation.
Quick self-check:
A debt consolidation makes sense for you if:
• You have enough outstanding debt to make consolidation worthwhile
• You qualify for a new debt consolidation personal loan on terms that improve your repayment comfort
• You can afford the proposed EMI from your monthly income
• You intend to clear the consolidated debts instead of continuing to accumulate new balances
When can a debt consolidation loan help?
• Managing 3+ EMIs: Merge multiple EMIs into one to reduce the number of due dates you need to track.
• High credit card debt: If you're paying over 30% p.a. on outstanding credit card balances, replacing them with a comparatively lower-interest loan could help reduce your borrowing cost. You can benefit from interest rates starting at 9.99% on a FIRSTmoney debt consolidation loan.
• Salary stretched thin: Multiple repayments may compromise your ability to manage regular expenses with your monthly income. Restructuring them into one manageable repayment improves your monthly cash flow as the pressure on income may reduce.
• BNPL overload: Several Buy Now, Pay Later repayments can become difficult to manage. A FIRSTmoney loan consolidation app brings them under a structured repayment plan.
• Need for one fixed repayment date: Replacing several due dates with one debt consolidation loan can reduce the chances of missing payments. You can merge multiple EMIs and manage them with a FIRSTmoney loan up to ₹15 lakhs, subject to your eligibility.
How much can you save by consolidating your debts?
The amount you save with a debt consolidation loan depends on the interest rates you're currently paying on your dues. Here's an example to show the savings you can make by merging high-interest borrowing into one loan at a lower rate:
| Existing debt | Outstanding amount | Interest rate | Approx interest amount |
| Credit card balance | ₹1 lakh | 36% p.a. | ₹36,000 |
| Personal loan | ₹1 lakh | 20% p.a. | ₹20,000 |
| BNPL dues | ₹50,000 | 24% p.a. | ₹12,000 |
| Total | ₹2,50,000 |
| ₹68,000 |
By merging these dues into one, you can save with a debt consolidation interest rate of 12% to 24% p.a. Here's how the savings work out for a repayment tenure of 24 months:
| If your debt consolidation loan is approved at | Approx annual interest | Approx annual savings |
| 12% p.a. | ₹30,000 | ₹38,000 |
| 18% p.a. | ₹45,000 | ₹23,000 |
| 24% p.a. | ₹60,000 | ₹8,000 |
Actual savings will depend on the interest rate offered, repayment tenure, outstanding balances, and applicable charges.
Consolidate your loans today – Apply in minutes
Features & benefits of a FIRSTmoney debt consolidation loan
When you're juggling multiple repayments, the right debt consolidation loan does more than just combine your debts. A quick and easy-to-manage option like FIRSTmoney by IDFC FIRST Bank simplifies loan management with beneficial features such as:
Single EMI
You can easily merge multiple loans into one with a FIRSTmoney consolidation loan and replace several due dates. Track the repayments of the single loan through the IDFC FIRST Bank loan consolidation app.
Potential rate reduction
If your current debts result in high-interest costs, you can consolidate them with a FIRSTmoney debt consolidation loan and get an interest rate starting at 9.99% p.a., based on your eligibility.
Flexible tenure
FIRSTmoney loan for debt consolidation includes a tenure ranging from 9 to 60 months. You can choose an EMI that better suits your monthly budget and repayment capacity.
No collateral
FIRSTmoney is an unsecured personal loan, so you don't have to pledge your property, gold, or other assets to consolidate your eligible debts.
100% digital
FIRSTmoney by IDFC FIRST Bank is a 100% digital personal loan. You can apply from anywhere, anytime and complete video KYC with just your Aadhaar and PAN details.
Zero foreclosure charges
If your financial situation improves or you receive extra funds, you can foreclose your FIRSTmoney debt consolidation loan at zero foreclosure charges with no lock-in period.
Debt Consolidation Loan EMI Calculator: Amount-wise & Tenure-wise Breakdown
Check Your Approximate EMI for a Debt Consolidation Loan
Wondering what your EMI would look like on a debt consolidation loan? Use the amount and tenure you have in mind, the final number depends on your actual loan terms.
| Loan Amount | Tenure | Interest Rate | Processing Fees | Approx EMI |
| 1 Lakh | 24 Months | 9.99% p.a. | 0% to 3.5% | ₹ 4,614 |
| 2 Lakh | ₹ 9,228 | |||
| 3 Lakh | ₹ 13,842 | |||
| 4 Lakh | ₹ 18,456 | |||
| 5 Lakh | ₹ 23,070 | |||
| 1 Lakh | 36 Months | ₹ 3,226 | ||
| 2 Lakh | ₹ 6,452 | |||
| 3 Lakh | ₹ 9,679 | |||
| 4 Lakh | ₹ 12,905 | |||
| 5 Lakh | ₹ 16,131 | |||
| 1 Lakh | 48 Months | ₹ 2,536 | ||
| 2 Lakh | ₹ 5,072 | |||
| 3 Lakh | ₹ 7,607 | |||
| 4 Lakh | ₹ 10,143 | |||
| 5 Lakh | ₹ 12,679 | |||
| 1 Lakh | 60 Months | ₹ 2,124 | ||
| 2 Lakh | ₹ 4,248 | |||
| 3 Lakh | ₹ 6,373 | |||
| 4 Lakh | ₹ 8,497 | |||
| 5 Lakh | ₹ 10,621 |
Eligibility & documents required for a debt consolidation loan
Personal loan eligibility
FIRSTmoney debt consolidation personal loan eligibility criteria include:
-
-
-
-
-
Debt consolidation loan documents required
FIRSTmoney debt consolidation loan doesn’t require any document uploads. You just need your:
-
-
Debt consolidation loan interest rates & charges
| Types of Fees | Applicable charges | Typical credit card charges |
| Interest rate | Starting from 9.99% p.a. (equivalent to 0.83% p.m.) | 36% to 42% p.a. |
| Processing fees | 0% to 3.5% as applicable on the loan amount, including GST. Zero processing fee on select loan amounts. | 1% to 3% for EMI conversions and other charges pertain to cash advances and processing of foreign transactions |
| Foreclosure charges | Zero foreclosure charges | 1-3% foreclosure fee on cancellation of EMI-based transactions |
| Stamp duty | As per State's Stamp Act | Not applicable |
What will your debt consolidation EMI be?
Select a loan amount and tenure that keeps your repayments comfortable. Here's a tentative calculation of EMI for various loan amounts at the lowest interest rate offered:
| Loan amount | Interest rate | Tenure | Approx. EMI |
| ₹1 lakh | 9.99% p.a. | 60 months | ₹2,124 |
| ₹2 lakhs | 9.99% p.a. | 60 months | ₹4,248 |
| ₹3 lakhs | 9.99% p.a. | 60 months | ₹6,373 |
| ₹4 lakhs | 9.99% p.a. | 60 months | ₹8,497 |
| ₹5 lakhs | 9.99% p.a. | 60 months | ₹10,621 |
| ₹6 lakhs | 9.99% p.a. | 60 months | ₹12,745 |
| ₹7 lakhs | 9.99% p.a. | 60 months | ₹14,869 |
These EMI values are indicative. Your final EMI amount depends on your credit profile and approved loan offer.
How to make the most of your debt consolidation loan?
| Borrowing journey | Considerations |
| Before you apply | • Compare the interest rates on your existing dues with the proposed debt consolidation loan |
| While borrowing | • Keep your Aadhaar and PAN card ready for smooth video KYC verification |
| Repayment | • Pay your EMI before the due date to maintain a healthy credit score |
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
Do’s and Don’ts of a Debt Consolidation Loan
Do's
- Take a few minutes to review all loan terms carefully
- Choose a repayment plan that suits your monthly income
- Stay consistent with your EMI payments
- Check eligibility before you apply
- Use the digital approach for quicker approvals
Don’ts
- Do not focus only on EMI while ignoring the total cost
- Avoid ignoring your credit score
- Do not use a debt consolidation loan for non-essential purposes
- Avoid submitting incomplete application details
- Do not take a loan without planning repayment
Things to Know About Debt Consolidation Loan
Eligibility Criteria
To apply for a personal loan, you should have a steady income, have a minimum salary value of ₹10,000, and maintain a CIBIL score of 710 or above.
Processing fees & charges
Along with interest, it’s important to review all applicable charges. Understand all that you need to know, with clear details, terms, and conditions from FIRSTmoney.
Interest rates
Interest rates influence your EMI and total repayment. FIRSTmoney offers competitive rates starting from 9.99% p.a. for eligible applicants.
Easy loan comparison
Comparing features like interest rate, tenure, and charges can help while applying for a debt consolidation loan. FIRSTmoney simplifies this process with clear information.
Better financial planning
Before applying, it helps to compare loan options based on rates, tenure, and charges. FIRSTmoney provides clear details to simplify this process.
Tips to use your Quick Loan smartly
Tip 1
Assess your repayment ability before borrowing
Ensure your monthly income can comfortably support EMI payments.
Tip 2
Use the loan only for essential needs
Avoid spending on non-essential expenses to reduce financial strain.
Tip 3
Avoid frequent short-term borrowing
Repeated borrowing can increase financial pressure over time.
Our App Ratings from 2.64M+ happy users
Frequently Asked Questions
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.
Do debt consolidation loans go into your 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 Loans 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.
Personal Loan Tips & Insights: Your Guide to Smarter Borrowing
Credit Card Loan vs Personal Loan: The better choice to beat financial blues
07 Oct 2026 | 3 mins read
Need a personal loan top-up? Consider your options carefully
07 Oct 2026 | 3 mins read
How Does Repo Rate Affect the Interest Rate of a Personal Loan?
07 Oct 2026 | 3 mins read
Reverse Repo Rate: Meaning & Significance
07 Oct 2026 | 3 mins read
Role of a Personal Loan EMI Calculator
07 Oct 2026 | 3 mins read
How to finance your marriage? Common ways people pay for weddings in India
07 Oct 2026 | 3 mins read
How RBI MPC repo rate decisions affect personal loan interest rates in India
07 Oct 2026 | 3 mins read
5 reasons to get a Personal Loan from IDFC FIRST Bank
05 Oct 2026 | 3 mins read
References:
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/debt-consolidation-loan
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/fees-and-charges
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/personal-loan-in-mumbai
