Consolidation Loan Application Form: Fill & Download for Free

Debt consolidation is a popular process of taking one loan to pay off two or more unsecured loans or debts. Instead of managing multiple debt sources such as pending credit card bills, student loan, personal loan, outstanding monthly EMI etc., it is easier to take one debt consolidation loan and manage the same. This leads to help you, where you can manage your financial stuff in an appropriate manner. You just have to pay single monthly installment, rather than paying many. This eliminates the chance to miss any installment or forget the repayment date etc. The person or the borrower can focus on controlling the high rate of interests.Types of Debt Consolidation LoansDebt Consolidation through Secured Loans:You can avail this option and you can consolidate all your unsecured outstanding debt to one kind of secured loan by availing loan against property, loan against car, Gold, life insurance policy, mortgage loan, equity, cash value etc. Secured loans for consolidating other outstanding debts allow a borrower to repay at lowest interest rates. It is also provided at the most affordable rate in the industry. If such loans are availed against real estate, then it helps you get the tax deductions, too. Such loans are less risky in nature.Debt Consolidation through Unsecured Loans:If you do not want to put a pledge on your collateral, than this is a good option to choose. This is a common option to use. The banks offer higher rate of interest in comparison with secured loans. However, there are many banks and lenders available in the market that provides interest at affordable rates than usual. The borrower must check with bank or lender if at all, they provide any schemes or offers in terms of low interest rates or no interest rates for first month or special offers for the company you work with etc. The main advantage of unsecured loans is that there are no collateral which are put at risk.Eligibility Criteria for Debt Consolidation LoansHere are certain basic eligibility criteria that need to be met to avail the debt consolidation loans.The age of the debt consolidation loan applicant should between 21 years to 60 years.If the applicant is salaried, then his or her minimum income should be of ₹ 30,000 rupees monthly. The salary bracket, however, will be depending upon the city, in which you live. For example, if a person is living in a metro city, then the salary bracket will be on a higher side in comparison with non-metro city. Also, if you are working in a well-known and top Multinational Company, than the salary bracket will be lesser than the person, working in start-up firm.The applicant should be staying in the city since at least 1 yearThe person should owe the work experience of minimum 2 years.The applicant has to submit certain documents such as address proof, identity proof, bank statements, salary slip (If salaried), etc.Process to apply for Debt Consolidation LoansThere are certain easy steps that need to be followed to avail the debt consolidation loan that can be explained as follows. The lenders are providing all the needed information on the website. The borrower can go through the needed information and access the same. The borrower can conduct the cost versus benefit analysis to choose the best deal that is available in the market.Once, the person chooses the deal, the person can follow certain simple steps that is available on the website. The borrower has to initially fill the form that is given on the lender’s website. The form consisting of basic information such as age of the applicant, address, income details, location, etc. The applicant has to further provide the needed documents such as address proof, identity proof, offer letter of the current company or salary slip etc. when the form is completely filled, the same goes to the eligibility algorithm, where the application can be processed. Here, the application can be analyzed and the decision is being taken that whether the loan will be approved or not.The approval of the loan is dependent upon several criteria, such as credit rating or CIBIL score of the applicant, financial history, income of the applicant etc. The person can check such eligibility criteria online before he or she applies for the loan. If the applicant falls under the eligibility criteria, then the chances of the sanctioning of the loan gets higher. However, if the applicant does not fall under the eligibility criteria, then the chance of the loan rejection increases.While applying for debt consolidation loan or for that matter any loan, it is essential that a person pays attention on the CIBIL score as well because it is one of the most important aspects that decided the sanctioning of the loan. If the CIBIL score is less than 620, than the same falls under average or poor credit category. If a person holds a bad credit score, than it is not advisable to apply or go ahead for the debt consolidation loan because the same may result in even worsening your rating score in CIBIL. The applicant can check his or her CIBIL score online by simply visiting the website.Once the loan application gets approved, the respective department of the bank shall contact the borrower and confirm the details of the approval and for the signing of the loan agreement to finish the process. The person gets the credit of the loan amount directly in his or her bank account. The borrower can further get in touch with customer care executive for the assistance during entire process of the loan.The debt consolidation loans are very attractive but at the same time, it is essential for the borrower to analyse all the needed parameters before opting for the debt consolidation loan. The borrower must focus on strengthening the financial savings to get rid of any kind of debt.

Yes, you can apply for a personal loan in the UAE without a salary transfer. Let me explain!Personal loan comes handy in the hour of need when an emergency situation takes a troll on your day-to-day finances. Be it for buying a house, sponsor a study strip or to mitigate those consolidated debts, personal loan always remains one of the preferred options among the people. And countries like the UAE, where the cost of living is comparatively higher, personal loan plays an important role in case of a financial emergency.As you know the solution to your worries, let’s move to the next step-Am I Eligible?This is the most common question that comes to your mind while looking for personal loan in UAE. Well, different banks may come with different eligibility, however, the common eligibility criteria are as follows:Minimum Age: 21 years. Some banks may even offer loans to the applicants who are 18 yearsMaximum Age: 65 years. It also depends on the terms and conditions of the banksMaximum Loan Amount: As much as AED 5 million (again depends on the bank)Employment Status: The applicant must either be salaried or self-employedLet’s come to the salary transfer clause now!What is Salary Transfer in Personal Loan?As per the salary transfer clause of the banks in UAE, the applicant must have a salary account with the respective banks from where a loan is applied. Usually, every bank has tie-ups with various employers, who transfer a considerable chunk of amount as a salary of their employees every month. With this, it becomes easier for an employee of a particular company to apply for a personal loan from that bank.Is Salary Transfer Mandatory in UAE?Salary transfer is not mandatory, except for certain banks. While a considerable number of banks in UAE offer personal loans only with salary transfer, banks like Emirates NBD and others offer a personal loan without a salary transfer. Having said that, below are some of the banks offering personal loan without salary transfer in UAE.Top Banks Offering Personal Loan without Salary TransferAfter comparing these banks, the next step is how to go with the application process. As you can sense the importance of an informed application process, only a through step-by-step submission can lead to a successful loan application. In this regard here are the steps of applying for a personal loan in Dubai or other emirates.How to Apply for Personal Loan in UAE?Well, there is nothing better way than online to apply for personal loan in UAE. With all the banks introducing their products online, it becomes easier for the customers to access them in just a few clicks. And applying for a personal loan is no exception. So if you are looking for applying personal loan in the UAE without a salary transfer, you can follow the below steps:Personal Loan Application OnlineVisit the official website of the bank or other financial institutesGo to the Personal Loan optionCalculate loan EMI using personal loan EMI calculator on the websiteFill the personal loan application form in UAESubmit along with the documentsThe customer care executive will get back to with further processPersonal Loan Application by Approaching on PhoneYou can also contact the customer care executive for loan application related queries. Get the contact number online and call them directly.Personal Loan Application at Branch OfficeThis is the most traditional way of applying for a personal loan in UAE. You can visit any of the bank branches. Approach the personal loan executive, fill the application form and submit. Your loan will be disbursed within a stipulated time frame, based on the bank’s norms.Documents RequiredWithout proper documentation, your personal loan application is incomplete. Here are the basic documents required for applying for a personal loan in the UAE without a salary transfer:Salaried/Self-employedUAE Nationals ID or valid PassportResidential Visa proof for expatsSalary slip of 3 to 6 monthsBuyout LoanLiability letter6 months bank statementNote: Buyout Loan means in case you have a loan with another bank, you may be eligible to take a new loan to settle the existing loan and qualify to access additional funds.

Personal loans are one of the easily accessible financial products which can meet diverse monetary expenses effectively. Wedding, higher education, medical expenses, debt consolidation, big-ticket purchases, etc. are some of the purposes to utilise this loan. There are various financial institutions including NBFCs who offer personal loan up to Rs. 25 Lakh in Mumbai.You can avail the best rates of interest by fulfilling the eligibility criteria as required by your chosen lender. For example, you must be a salaried individual earning a minimum monthly salary of Rs. 40,000 if you are residing in Mumbai. Note that the minimum salary requirements vary with the place of residing.Once you fulfil the eligibility requirements, follow the below steps to apply for a personal loan in Mumbai at comparatively lower interest rates.Steps to avail low interest personal loansFill the loan application form with correct detailsApplication forms are usually available on a lender’s website. Fill it up with accurate details and submit it to proceed.2. Choose loan amountYou can avail a personal loan up to Rs. 25 Lakh with top lenders like Bajaj Finserv. However, borrow the appropriate amount as per your need and eligibility. This makes the loan repayment convenient and stress-free.3. Document submissionSubmit all the documents needed for the processing of your loan application.4. Wait for disbursalIf you complete the entire process accurately, lenders may disburse your loan within 24 hours.How to lower personal loan interest rates?Generally, the rate of interest on such a loan ranges between 11.99% and 15.50%. However, you can take advantage of Flexi Personal Loan from NBFCs such as Bajaj Finserv to reduce your EMIs by as much as 45%. This largely reduces your liabilities if you are paying Rs. 15 to Rs. 20 Lakh loan EMI.