Credit instruments have made covering expenses extremely easy, be it to buy a house, expand your existing business, or pay for wedding, home renovation, medical emergency, travel, or education. However, taking on too many loans and credit can weigh you down, cause stress, and prevent efficient future planning. If you are finding it difficult to manage all your debt, then taking a personal loan for debt consolidation can be the best possible solution. With this loan, you can pay off your pending loans and credit card bills and get rid of any extra debt.

Once you consolidate your debts, you are left with only one personal loan to take care of every month. This way, you have to pay only one EMI every month with a reduced interest rate. You are also saved from paying interest for all the loans separately, thus saving a significant amount of money in the long run.

These are the 5 ways how consolidating your debts with a personal loan can make your life easier.

1.    Become Debt-Free Faster

Being indebted can be one of the most stressful situations in life. You have to make several adjustments and sacrifices to accommodate loan EMIs within your monthly budget. You may have to forego certain necessities and luxuries to prioritise your credit card bills and EMI payments. However, when you take a personal loan for debt consolidation, you pay them off quickly and become debt-free. Now you only have one personal loan EMI to pay.

Since a personal loan from Clix Capital has flexible repayment terms of 12 to 48 months, you can choose a loan term with EMIs that you can easily afford. So, your life becomes easier when you only have one EMI that you have chosen yourself as per your monthly budget and repayment capacity.

2.    Makes Debt Management Easier

Managing too many loans at a time disturbs your personal and professional life to a great extent. You may keep thinking of your EMIs all the time. Once you pay one EMI, you have to remember and make arrangements for another EMI next week. If you are a busy person with other things to take care of, it’s easy to forget about some of them at one time or the other. Consolidating all these debts into one makes debt management easier, as now you have to concentrate on one single EMI every month. As a result, your mind is now free to focus on other things in life.

3.    Allows You to Save More

If you choose a personal loan with a lower interest rate than your existing loans, you will save a significant amount of money in the long run. A difference of even a few percentage points can save a lot of money that you can invest in other lucrative options.

4.    Improves Credit Score

When you pay off your existing debts successfully and manage your personal loan EMI efficiently, you will eventually see an improvement in your credit score. It is a 3-digit number that you get based on your repayment habits and credit history. Most lenders, including Clix Capital, ask for a credit score of 725 or above to approve their home loans, personal loans, or SME loans. When your credit score improves, your chances of getting more loans in the future with easier terms and conditions will also improve. This allows you to meet your expenses with ease without any financial crunch.

5.    Relieves Stress

Consolidating your debt into a single, manageable payment will greatly reduce your stress and help clear up the clutter that multiple payments can very much feel like. Money matters like debt are known to lead to stress, but they don’t have to. By taking control of your finances and allowing yourself to stay on top of the single monthly debt payment, you’ll clear up your mind and find yourself in a better financial position.

How to Apply for a Personal Loan for Debt Consolidation

All in all, taking a personal loan to consolidate your debts will give you a better sense of control over your finances.

Looking forward to applying for one? These are the steps to follow for a personal loan from Clix Capital:

• • Visit the Clix Capital website
  • Fill up the personal loan application form
  • Get your documents verified online or share them with us if your KYC is not linked to pan
  • Select the loan amount and EMI plan
  • Activate the e-mandate for regular EMI payments on time

We, at Clix Capital, offer personal loan of up to ₹25 lakhs that you can use to consolidate your debts and manage your finances better.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at [email protected] or call us at 1800 200 9898

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