Question 1

What is debt consolidation, really?

Accepted Answer

It's the boring-but-useful idea of taking several expensive debts, say two personal loans and a couple of credit card balances, and replacing them with one cheaper loan with a single EMI. Less juggling, usually lower interest.

Question 2

Will it hurt my CIBIL score?

Accepted Answer

There's a small, short dip when the new loan is applied for. After that, paying one EMI on time and bringing down your card usage usually pushes the score higher over a few months.

Question 3

Can I combine credit card dues and personal loans together?

Accepted Answer

Yes, that's the most common case. We look at everything you owe and figure out which lender can take it all on at the best rate.

Question 4

Is there a limit to how many loans I can include?

Accepted Answer

Not really. If a bank is willing to refinance the total, we can roll it together. In practice it's limited by your income and overall EMI burden.

Question 5

Who actually qualifies for this?

Accepted Answer

Mostly it comes down to steady income, how much of that already goes to EMIs, and your repayment track record. We do a quick check first so you're not applying blind.

Question 6

How small or large can the loan be?

Accepted Answer

Our partner banks usually go from about ₹50,000 to ₹40 lakh. Where you land depends on your income and the EMIs you already pay.

Question 7

What tenure should I pick?

Accepted Answer

Anywhere from 1 to 5 years. Longer tenure means a smaller EMI but more interest over time. The in-app calculator shows the total cost both ways so you can pick what actually fits.

Question 8

What are the fees like?

Accepted Answer

Processing fees are usually 1–3% plus GST. Some banks waive them during festive periods or for existing customers, we'll flag any zero-fee offer when we see one.

Question 9

Can I close the loan early?

Accepted Answer

Yes. On floating-rate personal loans, RBI rules say no prepayment penalty. On fixed-rate ones, expect 2–5%, though several lenders drop that after a year of EMIs.

Question 10

How is this different from a regular personal loan?

Accepted Answer

Technically not very different, same kind of loan, just used to close other debts. Lenders sometimes offer slightly better rates because they can see exactly where the money is going.

Question 11

How long does approval take?

Accepted Answer

If you're salaried with documents ready, often within 24 hours. Self-employed cases usually take 3–7 working days because there's more to verify.

Question 12

Which banks do you work with for this?

Accepted Answer

HDFC, ICICI, Axis, Kotak, IDFC First, IndusInd, Yes Bank, Bajaj Finserv, Tata Capital, Poonawalla Fincorp and a few other RBI-licensed NBFCs.

Question 13

What documents will I need?

Accepted Answer

If you're salaried: PAN, Aadhaar, last 3 months' salary slips, and 6 months of bank statements. Self-employed: PAN, Aadhaar, 2 years of ITR, GST returns and a year of business bank statements. Old loan statements help speed things up too.

Question 14

I'm self-employed, does this work for me?

Accepted Answer

Yes. Some of our lenders are very comfortable with ITR or bank-statement based profiles. Approval takes a touch longer, but rates are similar if the numbers look healthy.

Question 15

What if I get rejected?

Accepted Answer

We'll tell you the actual reason, low score, too many EMIs already, a recent bounce, income mismatch, and what to fix. There are also NBFC partners who specialise in cases mainstream banks pass on.

Question 16

Doesn't applying to many banks hurt my score?

Accepted Answer

It can, if you apply to each one separately. We run one soft-inquiry pre-check across 15+ lenders, and a hard inquiry only happens with the one bank you finally pick.

Combine multiple debts into one low-interest EMI

Combine all debts into one

Drop interest by up to 40%

Soft-inquiry pre-check

Debt consolidation FAQs