Before speaking with a lender
Have the useful details ready.
These details help you explain what you need and ask specific questions. They do not determine eligibility.
- Each EMI you pay today: the monthly amount, the balance left and the months remaining
- The total outstanding balance you would want a single loan to replace
- Any foreclosure or prepayment charges on the loans being closed early
Choices to compare
See what can change the cost.
One payment or the current mix
A single EMI simplifies the month, but compare the new total interest against what the remaining EMIs would cost if left alone.
Shorter tenure or lower monthly amount
Consolidating over a long tenure can lower the monthly amount while increasing the total interest paid across the loans.
Try this. Add up your current EMIs, then compare that monthly total with a single estimated EMI on the combined balance over two different tenures.
Questions for the lender
Ask before you agree to a loan.
- 01
Which of my existing loans and dues can be included?
- 02
What foreclosure charges apply when closing the old loans?
- 03
What rate and tenure would apply to the consolidated loan after assessment?