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Should You Repay Your Debts with A Personal Loan?

By Finserv MARKETS - Jun 3,2019
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Personal Loan To Payoff Debts

Sometime, due to uncertain and unfortunate events, you can suddenly come into the pressure of repaying high debts. And even your credit card limits might have been exhausted. At such times you either opt to borrow money from your friends or family. But, in such cases, the best possible move is to opt for a personal loan. A personal loan will not only come at a low interest rate, it will also customise the repayment period according to your flexibility and income. Also, you do not have to pledge any collateral to carry out the application process without much hassle. That is why; we have made a list of points that convey how a personal loan should be taken to repay all your current debts:

Affordable EMIs and Convenience

Personal loan allows you to choose your preferred EMI and a repayment period too. Although, the choice is only available to people with a good credit score. A personal loan, like mentioned earlier does not ask for security to be pledged and is processed quickly.

Zero Obligation

While applying for a personal loan, you don’t need to provide any guarantor or a collateral as an obligation to the financial institution. Your only duty will be to repay the EMI on the stipulated time. However, borrowing money from acquaintances brings a lot of obligation with the loan, which you can easily do away with, if you choose smartly.

Also read how you can pay off your credit card debt with personal loan

Great for High-Interest Debts

Debts with higher interest can consume a major part of your income. Taking a loan and paying it off in one go will be easy on your pockets and save some money too. A personal loan comes with a reasonable interest rate, allowing you to pay off your debt and manage other expenses.

Great for Credit Card Debts

Too many back-to-back expenses may lead to big credit card debts. If not used judiciously the expenses and the interest amount keep adding, leading to a major bill. So, if you ever reach that point. Pay off your bill using your personal loan and get rid of the debt for good.

A personal loan is a life saviour for many reasons, to save you from a cash crunch, clearing consolidated debt or even make a down payment for a home loan or a vehicle loan. That is why it is the best medium to pay off your debts.

Want to clear your debts? We will help you consolidate your debts. Visit Finserv MARKETS to avail features like quick disbursement, low EMI, minimal documentations and a list of other benefits. What is more? Your online personal loan application will be approved under just 3 minutes and the loan amount will be credited to your bank account within 24 hours! Apply for Bajaj Finserv Personal Loan with us, today!

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!


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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522