Break Free from EMI Trap: Loan Consolidation Explained
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News18•12-01-2026, 17:15
Break Free from EMI Trap: Loan Consolidation Explained
- •Loan Consolidation combines multiple small loans into one larger loan, simplifying debt management.
- •It helps pay off expensive, scattered debts with a single EMI, one due date, and potentially lower interest rates.
- •Consider consolidation when managing multiple unsecured loans, high-interest debts like credit cards, or needing to reduce monthly EMI burden.
- •Options in India include Personal Loans, Loan Against Property, and Top-up Home Loans, each with varying interest rates and risks.
- •Advantages include easier management, potential for lower interest, improved CIBIL score, and peace of mind, but watch out for higher long-term interest and processing fees.
Why It Matters: Loan Consolidation simplifies debt by combining multiple loans into one, offering easier management and potential savings.
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