IDFC First Bank offers debt consolidation via FirstMoney. See how | Mint

IDFC First Bank offers a debt consolidation loan via FirstMoney to facilitate the refund by collecting numerous loan debt in a single debt so that borrowers can repay with manageable payments. Not only does this approach help to manage lenders well, but it can also reduce total interest costs. The functions offered by first money include no negative costs and flexible repayment options that help individuals regain financial control and work on a debt -free future. Debt consolidation is a fresh loan taken to pay off the current debt. Instead of dealing with multiple EMIs, you make a single payment every month, often at a more favorable interest rate. It is ideal to repay the credit card balances and personal loans effectively. You apply for a loan consolidation loan equivalent to your total outstanding debt. Once approved, the loan amount is paid out, which allows you to pay off all existing debt. After this, you have a single loan to repay with easy monthly payments. Consolidate debt with FirstMoney -smart personal loans, you can effectively consolidate your debt without any financial burdens. It offers a competitive interest rate of 10.99 percent per year, ensuring that your total loan costs remain within your budget. You can enjoy extensive term of 9 to 60 months to repay your loan without liabilities. What makes a firstmoney-smart personal loan unique is the levy for zero-pre-closure that allows you to close loan at any time without incurring any negative costs. These features are uniquely manufactured to ensure that you have a streamlined financial management when you handle your debt. Get -enhancement criteria The minimum age must be 21 years and the creditworthiness must be 730 and older. You can also use the personal loan calculator on the IDFC First Bank website for a quick assessment. IMPORTANT BENEFITS A. ZERO NEGATIVE COSTS: You can repay your loan early without any extra costs, which gives you full financial freedom. B. Competitive Interest Rates: You can get attractive interest rates from 10.99 percent per year, ensuring affordability. C. Flexible tenure: You can choose a refund period between 9 to 60 months, making EMIs manageable. The whole 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: Stick to your repayment plan first. Second, pay your EMI on time to avoid fines and improve your creditworthiness. Third, avoid building new loans. Four, control your spending habits to prevent financial tension. Disclaimer: Mint has a fusion with fintechs to provide credit, you must share your information if you apply. These bonds do not affect our editorial content. This article only intends to educate and distribute awareness about credit needs such as loans, credit cards and creditworthiness. Mint does not promote or encourage credit as it has a set of risks such as high interest rates, hidden costs, etc. First published: 17 Apr 2025, 03:22 PM IST