IDFC First Bank offers debt consolidation via FIRSTmoney. Check how

IDFC FIRST Bank offers a debt consolidation loan via FIRSTmoney to simplify repayment by collating numerous loan debts into a single debt so that borrowers can repay with manageable instalments.

This approach not only helps borrowers manage their finances well but may also reduce overall interest costs. The features offered by First money include zero foreclosure charges and flexible repayment options which help individuals regain financial control and work towards a debt-free future.

Debt consolidation is a fresh loan taken to pay off the current debts. Instead of handling multiple EMIs, you make a single payment each month, often at a more favourable interest rate. This is ideal for efficiently repaying high-interest credit card balances and personal loans.

You apply for a debt consolidation loan equivalent to your total outstanding debt. Once approved, the loan amount is disbursed, enabling you to pay off all existing debts.

After this, you are left with a single loan to repay with easy monthly instalments.

Consolidate debts

With FIRSTmoney smart personal loans, you can consolidate your debts effectively without any financial burdens. It offers a competitive interest rate of 10.99 per cent per annum, ensuring that your overall loan cost remains within your budget. You can enjoy extended tenures ranging from 9 to 60 months to repay your loan without burdens.

What makes a FIRSTmoney smart personal loan unique is the zero-foreclosure charge that lets you close your loan anytime without incurring any foreclosure charge. These features are uniquely crafted to ensure that you have a streamlined financial management when dealing with your debts. 

Eligibility criteria

The minimum age should be 21 years and credit score should be 730 and above. You can also use the personal loan eligibility calculator on the IDFC FIRST Bank website for a quick assessment.

Key advantages

A. Zero foreclosure charges: You can repay your loan early without any extra cost, giving you complete financial freedom.

B. Competitive interest rates: You can get attractive interest rates starting at 10.99 per cent per annum, ensuring affordability.

C. Flexible tenures: You can choose a repayment tenure between 9 to 60 months, which make EMIs manageable. The entire process is 100 percent digital.

Smart tips for managing your debt consolidation loan. To make the most of your debt consolidation loan, consider these practices: First stick to your repayment plan. Second, pay your EMI on time to avoid penalties and improve your credit score. Third, avoid accumulating new loans. Four, control your spending habits to prevent financial strain.

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