Getting a Debt Consolidation loan in India is a very tough job. If you have multiple loans running and you are having a hard time paying those loans. Then welcome to the world of hell, my friend.
This is my story where I am fighting every month just to fulfill all the Loans. Debt consolidation in India is just a sentence, it has no mean. Here, the bank only works for corporate, where they get a loan and run out of the country easily.
In this blog, I just want to share my multiple experiences with the banks and NBFC’s or P2P who are just trying to loot you in the name of a loan. Just read this blog otherwise you will be fixed like me and ended with no money in the pocket.
First, We will talk about banks:-
If you think banks are the right place to get a loan then I am sorry you are wrong. The loan is a product to them and they will only sell this product to the person who is eligible, which is eventually right.
But my point is something different. If you have ever seen there TV Commercial or ads, they are more relying on relationship. Which they never meant. I will be giving you example after this paragraph on the same. Banks are solely rely on companies where you working and your salary. If your company is not listed with them, then whatever salary is yours. You wont get any loan from the bank, even though you are capable enough.
Now the example, I took 4 loans from one of the leading banks of India HDFC.
- Three 2-wheeler loans (2 were closed way back and one is closing soon this year)
- Two Personal loans (One has been closed and another is closing soon)
Here I am not defaming any bank or specially HDFC bank. I am just telling that they dont mean what they show. They solely rely on your earning and which company you are working. No banks has debt consolidation facility in India.
NBFC’s know as Non-Banking Financial Company
They are one step ahead of the bank. NBFC’s also don’t know anything about debt consolidation. What they know is how to put a deep cut on the customer so that he/she bleeds quickly. They provide loans but they took a very high-interest rate, which is again true in a business sense. More risk more rewards.
P2P(Peer to Peer) or Private Loan Providers.
If you are running short of money, I must suggest not to consider this option. Recently , I have burnt my hard earned 500 bucks on faircent.
Here is a list of P2P Sites that require money to tell your eligibility.
These all are not considered in the case of debt consolidation. In this list, there is some private player are also there, where they assure you to provide loan and soon asking for money for process completion. You will end up losing anywhere around Rs.500 to Rs.30000 depending on how needy you are.
Global Business Services Jaipur. They are fraud and with this article I want people to stay aware of these fraud companies. All the reviews are fake and pointless. I am also sharing their website, please do not share any details with them. They will loot your hard-earned money.
But as you all know in India its a business. First they give you loan and after they will make your life hell and in case you missed the payment. In today’s scenario, they provide you loan through apps and as soon as you download the app, they access all your phone contacts and then call here and there just to recover their loan.
So in a nutshell, if you are looking for a debt consolidation loan in India. You won’t get it anyway. I have spoken with bank representatives and understand the process. What they basically provide you is a personal loan but not a debt consolidation loan.
Let say, you are earning 30k-50k a month and you are paying 3-4 EMI’s and credit card dues and you have total credit of Rs. 5 lac or so. Then what the bank does is, they will check your CIBIL, and then they will check your eligibility for a personal loan. Eventually, you have already taken your maximum limit which means your personal loan request would be rejected.
A person wants a loan of Rs.5 lac to consolidate the credit of his Rs. 5 lac. But banks see as another personal loan but not as a consolidation. I have already applied with banks and NBFC but no one ready to consolidate even if I am able to pay the due on time. But now, due to corona, I am already short of paying my dues but still, I am trying hard every month. I am also looking for part-time works to meet the obligations. But if anyone reads this and thinking, a bank or any NBFC’s or any P2P Site will help. Then I am sorry you are wasting your time and in P2P (Peer to peer) money too. I have also burned my 500 bucks in Faircent in hope of getting a positive response. But as expected, they are liars like any other P2P sites.
Debt Consolidation loan in India is Big NO. So Request you to stay responsible for your dues and credit card. Try to buy things with savings and not on EMI’s and somehow if you still don’t get hold of that. Then you are your own. Look at your family first in any case and never took any wrong step with yourself.
Just stay strong with the situation and let them pass and make sure to pay all your loans priority-wise. I personally know, how difficult to survive such things. But stay strong and safe and learn new ways to earn more and reduce your burden. Feel free to comment below or contact me and let me know if you experiencing such issues.