Debt Consolidation Loan

One EMI,zero stress on repayments.

Are you struggling to manage multiple loans and credit card dues every month? A debt consolidation loan lets you combine all your existing debt into a single, manageable loan, with one EMI, one lender, and often a lower interest rate. At Bikesh Finserv, we find the best debt consolidation loan in Mumbai, tailored to your financial profile.

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Debt Consolidation Loan

Apply Now Check eligibility

Why choose us

Why Choose an Online Debt Consolidation Loan in 2026?

What is a debt consolidation loan?

A debt consolidation loan is a type of personal loan used to pay off multiple outstanding debts, such as credit card bills, personal loans, or other EMIs, and replace them with a single loan at a unified interest rate. Instead of tracking multiple due dates and paying high interest on several accounts, you repay just one loan to one lender. Many borrowers use a personal loan for debt consolidation because it offers a fixed interest rate, a defined repayment tenure, and no collateral requirement. This makes it one of the most accessible and practical tools to become debt-free faster.

Benefits of a debt-consolidation loan

These are some of the most important benefits of a debt consolidation loan.

Single EMIs instead of monthly multiple payments.
Potentially lower interest rate compared to credit cards and unsecured loans
Improved credit card scores over time with consistent repayment.
Reduced financial stress over time and monthly budget control
Flexible tenure options ranging from 12 to 60 months
Available for salaried and self-employed individuals.

Debt consolidation loan interest rates

Rates depend on your CIBIL score, income, and existing debt profile. Here is a typical comparison:

Lender type	Interest rate (p.a)	Processing fees
Top Private banks	10.49% – 13.00%	0.5% – 1%
Public sector banks	10.75% – 14.50%	1% – 2%
NBFCs	10.25% – 18.00%	1% – 3%

NOTE: Interest rates are indicative and subject to change. Contact Bikesh Finserv for current rates.

Unlike most intermediaries, Bikesh Finserv offers Up to 100% cashback on processing fees which saves you thousands upfront.

Debt Consolidation Loans Eligibility

To qualify for a debt consolidation loan in India, most lenders require the following:

Parameters	Salaried employees	Self employed
Age	21 to 60 years	21 to 60 years
Employment Type	Salaried or self-employed	Salaried or self-employed
Minimum Monthly Income	Rs. 20,000 or above	Rs. 20,000 or above
Credit Score	650 and above (higher score = better terms)	650 and above (higher score = better terms)
Work Experience	Minimum 1 year (salaried)	Minimum 2 years (self-employed)
Existing Debt	At least 2 active loans or credit obligations	At least 2 active loans or credit obligations
Loan amount	Up to Rs. 40 lakh	Up to Rs. 40 lakh

NOTE: Eligibility criteria may vary by lender; contact Bikesh Finserv for the latest rate.

Factors That Improve Your Loan Eligibility

Debt-to-income ratio: Lower existing EMI burden improves approval chances
Clean repayment track: No recent defaults or settled accounts strengthens your profile
Stable employment: Salaried applicants with MNC or government employers get better rates
Co-applicant option: Adding a co-applicant with strong credit can improve loan terms

Debt Consolidation for Self-Employed

Business owners and freelancers can consolidate business and personal debts with proper income documentation.

How to Strengthen Your Application

Submit ITR records: Show consistent income for the last 2–3 years
Maintain bank statements: Avoid bounced cheques and unexplained large withdrawals
List all debts clearly: Provide statements for every loan or card being consolidated
Apply via NBFC: NBFCs may offer more flexible assessment for self-employed borrowers

Debt Consolidation Loans for Bad Credit in India

A low credit score does not automatically disqualify you from getting a debt consolidation loan. Several NBFC lenders and alternative financiers in India offer debt consolidation loans and bad credit options, especially when your income is stable and your debt-to-income ratio is manageable. At Bikesh Finserv, our advisors work with a wide network of lenders, including those who offer flexible terms for borrowers with imperfect credit histories.

Options for Lower CIBIL Scores

Secured consolidation: Offer collateral to improve approval odds
Add a guarantor: A co-applicant with higher CIBIL can help
Reduce loan amount: Consolidate priority debts first, then add others later
NBFC lenders: Specialized lenders evaluate overall profile beyond score alone

Improve CIBIL Before Consolidating

1.Pay all EMIs and minimum card dues on time for 3–6 months before applying.
2.Avoid multiple loan enquiries in a short period.
3.Dispute errors on your credit report at CIBIL.com.
4.Keep credit utilisation below 30% on all cards.
5.Do not close old credit lines abruptly — length of history matters.

Documents Required to Apply

Keep the following documents ready before you apply for a debt consolidation loan online.

For Salaried Individuals

Identity proof: Aadhaar Card, PAN Card, Passport, or Voter ID
Address proof: Utility bill, rental agreement, or Aadhaar
Income proof: Latest 3 months' salary slips or ITR for self-employed
Bank statements: Last 6 months
Loan statements: Details of existing loans to be consolidated

How to get a debt-consolidation loan step by step

In various financial institutions, you can get a debt-consolidation loan; you have to follow some simple steps.

Why Apply Through Bikesh Finserv?

Free advisory service with no hidden charges for loan matching
Access to 20+ lenders, including banks and NBFCs
Expert guidance for borrowers with low credit scores
Transparent comparison of interest rates and processing fees
End-to-end support from application to disbursal

Simple process

How does a debt consolidation loan work?

Here is how debt consolidation works.

Step 01

You share details of your existing loans and outstanding balances.

Step 02

Our advisors access your repayment capacity and credit profits

Step 03

We connect you with the right debt consolidation

Type of debt consolidation loan

Consolidate Every Debt

Whether you have multiple credit cards, personal loans, or other high-interest dues — a consolidation loan can combine them into one manageable EMI.

Purpose	Typical amount	Why consolidation works
Credit card dues	Rs. 50,000 – 10 lakh	Replace 36%+ card interest with lower personal loan rates
Multiple personal loans	Rs. 1 Lakh – 25 lakh	One EMI instead of several due dates
Overdraft & line of credit	Rs. 25,000 – 5 lakh	Close revolving debt with fixed tenure
Consumer durable loans	Rs. 20,000 – 3 lakh	Simplify small-ticket EMIs into one payment
Business + personal mix	Rs. 2 Lakh – 40 lakh	Structured repayment for self-employed borrowers

Debts you can typically consolidate:

Outstanding credit card balances across multiple banks
Existing personal loans with higher interest rates
Payday or short-term loans with expensive terms
Overdraft and cash credit facilities

Additional consolidation scenarios:

Balance transfer of card dues to a single personal loan
Closing small loans to improve monthly cash flow
Restructuring debt after a major life expense

Got questions?

Frequently Asked Questions

Interest rates typically range from 10.5% to 24% per annum, depending on the lender, your credit score, and income.

Yes, certain NBFCs and some alternative lenders offer debt consolidation loans for bad credit in India. And Bikesh Finserv works with such lenders that can help you to explore your options even with a CIBIL score below 700.

A personal loan for debt consolidation is essentially a personal loan that is specifically used to pay off multiple existing debts. The loan product is the same, but the end use is debt repayment rather than a new expense or purchase

Still have questions?

Our support team is here to help you at every step.