Hey everyone, I’ve ended up accumulating a lot of credit card debt due to poor financial planning over the past year. The total outstanding across multiple cards is around ₹14 lakhs, including a ₹3 lakh personal loan from HDFC. Right now, my combined EMIs and minimum dues are higher than my monthly salary of ₹90K, and it’s becoming unmanageable. I was wondering if there’s any way to consolidate all this debt into a single personal loan with a lower interest rate and longer tenure. I did some math and if I can do debt consolidate person loans of ₹14L. Has anyone been in a similar situation or successfully done this? Do banks allow consolidation of credit card dues this way?
I have Been there,My CIBIL probably nodded in agreement. But it does get better..And you are the best place to get answered for this.
First of all sit and enlist at the CC debt at one place and analyse what Loan to consolidate into one or Balance transfer
I also Attaching this comprehensive table for deciding which will be the Best
| Provider | Interest Rate (p.a.) | Loan Amount | Tenure | Notes |
|---|---|---|---|---|
| SBI Xpress Credit (SBI) | 11.45 % – 14.60 % | Up to ₹20 L | Up to 6 years | No processing fee option |
| PNB (Public Sector) | 12.50 % – 14.50 % | Up to ₹10 L | Up to 5 years | Low processing fee |
| Bank of Baroda (Public) | 11.40 % – 18.75 % | Up to ₹10 L | Up to 5 years | Digital offers |
| HDFC Bank | 10.50 % – 21.00 % | Up to ₹40 L | 1–5 years | MCLR-linked cuts |
| ICICI Bank | 10.75 % – 22.00 % | Up to ₹25 L | 1–5 years | Pre-approved offers |
| Axis Bank | 10.49 % – 24.00 % | Up to ₹15 L | 1–5 years | Balance-transfer available |
| Bajaj Finserv (NBFC) | From 13.00 % (debt cons) | Up to ₹25 L | 1–5 years | Quick disbursal |
| IDFC FIRST Bank | From 9.99 % | Up to ₹? | Typically 1–5 years | Cheapest rate |
| Citibank | 9.99 % – 16.00 % | Up to ₹15 L | Up to 5 years | Top-up facility |
| Lendbox (NBFC) | From 11.49 % | Up to ₹5 L | Up to 3 years | No prepayment charge |
| RupeeCircle (NBFC) | Not specified – unsecured | Up to ₹? | Up to 3 years | No prepayment fee |
This shall to pass