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Debt Consolidation Loan EMI Calculator

Before you apply for a debt consolidation loan, it is beneficial to get an accurate estimate of the final EMI amount for informed decision-making. Our Personal Loan EMI Calculator helps with EMI calculations based on three factors listed below:

  • Loan Amount 

  • Interest Rate 

  • Repayment Tenure

Use this calculator to tweak each of these variables and find out the monthly payments and total interest costs. Check your EMI now!

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With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹ 50000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
16 %
36 %

Tenure

Months
12 Months
36 Months

Why Choose Poonawalla Fincorp

Loan Icon High Loan
Amount
Collateral Icon Collateral-free Loan
Interest Rate icon Attractive
Interest Rate
No use icon No End-use Restrictions
quick icon Quick
Approval
Document Icon Minimal Documentation

How to Apply for an Instant Loan Online in Just 3 Steps

Step 1 of loan application: Click 'Apply Now' Fill out the online form to start your loan application.

Click on "Apply Now”

Tap the Apply Now button to initiate your application.

Step 2 of loan application: Upload Documents Provide your KYC documents to complete the verification.

Enter Details

Enter your DOB, PAN card number, monthly income, KYC details and residential details.

Step 3 of loan application: Get Funds Get the loan amount disbursed to your bank account.

Instant Disbursement

The loan amount will be credited to your bank account instantly.

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Keeping the following documents ready can help speed up the verification and disbursal process.

KYC Documents PAN card and Aadhaar card for identity and address verification.

A debt consolidation loan helps simplify your debt management and gain more control over your finances. Some important benefits of this loan are as follows:

  • Consolidating Multiple EMIs: When you combine multiple debts into a single loan, you only need to make one monthly payment.

  • Improved Financial Control: You can better track your monthly payments together.

  • Paying Off Existing Debt: You can use the loan to pay off credit card bills, personal loans or other debts you owe.

  • Flexible Repayment Terms: You can choose a repayment period that suits your financial situation.

  • Improved Budgeting: With one EMI to deal with, it becomes much easier for you to budget for your monthly expenses.

  • Higher Loan Amounts: The loan amount ranges from ₹50,000 to ₹5,00,000, giving you greater flexibility to combine all your debt obligations.

An instant Personal Loan for consolidating debt allows many different borrowers to simplify their overall repayment process and gain greater control over their finances.

  • Salaried individuals with a stable monthly income and full-time employment.

  • Salaried professionals such as doctors, chartered accountants, and company secretaries are subject to the lender’s eligibility criteria.

  • Applicants who meet the age, income, credit score, and documentation requirements.

A Personal Loan for debt consolidation is ideal for anyone seeking to simplify their borrowing journey.

Before you apply for a debt consolidation loan, consider the following tips:

  • Prepare the necessary documents before beginning the application process.

  • A CIBIL score of 750 or more can increase your chances of approval, so check your credit score.

  • Before applying, check your eligibility against the lender's requirements.

  • To prevent delays, fill out the application form completely and accurately.

  • Avoid applying for several loans at once, as this could lower your credit score.

A borrower may have multiple debts with separate repayment schedules or interest rates, therefore making their debt repayment difficult.

Existing Debt

Outstanding Amount

Remaining Tenure

Monthly EMI

Credit Card Dues

₹1,20,000

24 months

₹6,000

Personal Loan

₹2,00,000

36 months

₹7,000

Consumer Durable Loan

₹80,000

18 months

₹4,000

Two-Wheeler Loan

₹1,00,000

30 months

₹3,500

Total

₹5,00,000

-

₹20,500

 

When a borrower chooses a debt consolidation loan of ₹5 Lakh to pay off all existing obligations and replace multiple repayments with a single EMI:

Debt Consolidation Loan

Loan Amount

Tenure

Monthly EMI*

Single Consolidated Loan

₹5,00,000

36 months

₹17,579

 

Below is a comparison of the loan terms before and after the debt consolidation loan.

Repayment Comparison

Before Consolidation

After Consolidation

Number of EMIs

4

1

Total Monthly EMI

₹20,500

₹17,579*

Repayment Schedules

Multiple

One

Due Dates to Track

Multiple

One

 

*Illustrative example only. 

Caution: The reduced EMI in this example is achieved through a longer repayment tenure.

The actual EMI, loan tenure, interest rate, and total repayment amount depend on the lender’s assessment and the applicant’s eligibility. While a debt consolidation loan can simplify repayments by combining multiple debts into a single loan, it may not necessarily reduce the total cost of borrowing. Borrowers should carefully evaluate the overall interest payable, fees, and loan tenure before making a decision.

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Frequently Asked Questions

A debt consolidation loan is a Personal Loan that combines multiple debts into one EMI at a lower interest rate.

With debt consolidation, you take a new loan and use the funds to repay your existing debts. Once the previous debts are cleared, you make a single monthly payment towards the new loan according to its terms and tenure.

Poonawalla Fincorp maintains transparent loan terms with no hidden charges. However, applicable fees such as processing charges and taxes may apply as per the loan agreement.

Yes, a Short-term Personal Loan can help manage multiple debts by combining obligations into a single loan with one monthly repayment.

You should consider a debt consolidation loan if you have multiple EMIs or credit card debt.

It might lower your monthly payment, depending on your loan amount, the time taken for repayment and the interest being charged.

Yes, after you have consolidated your eligible existing debts into one loan, you need to pay for only one EMI.

Yes, subject to the lender’s policies, you may be able to combine eligible credit card debt and personal loans into a single loan.

The time required varies based on the lending institution you choose, your creditworthiness and whether or not all supporting documentation has been provided.

If you make your payments on time, it helps improve your credit score. If you fail to make payments on time, your credit score may be negatively affected.

Yes. Eligible borrowers can select from available tenure options offered by the lender.

No, because instant personal loans for debt consolidation can be obtained without providing any assets for security.