Debt Consolidation Loans — Combine Multiple EMIs Into One

Struggling EMIs across several credit cards and personal loans? Atlanta Group helps you compare debt consolidation options across 200+ banks and NBFCs — combining your existing debts into a single loan with one EMI, one due date, and often a lower overall interest rate than what you're currently paying.

How Debt Consolidation Actually Works

A debt consolidation loan pays off your existing debts — credit cards, personal loans, or other short-term borrowings — and replaces them with a single new loan. It's important to understand what this does and doesn't do: it doesn't reduce the total amount you owe or offer any waiver. What it does is restructure how you repay it — often at a lower interest rate, always with just one EMI to track instead of several.

Where the real savings come from: credit card interest in India typically runs 36–42% per year. A personal loan or LAP-based consolidation loan, even at a moderate rate, can meaningfully cut your total interest cost if you're currently carrying high-interest credit card debt.

Why Choose Atlanta Group

1. One EMI Instead of Several — Simplify repayment tracking and reduce the risk of missed payments.

2. Compare Across Our Network — 200+ banks and NBFCs, so you're not stuck with a single lender's rate.

3. Personal Loan or LAP-Based Options — If you own property, a Loan Against Property route often means lower rates and quicker approval than an unsecured personal loan for consolidation.

4. Support for a Range of Credit Profiles — Even if your FOIR (fixed obligation to income ratio) is on the higher side, we help match you with lenders who can still work with your situation.

Who This Is For

• Anyone managing multiple credit card or personal loan EMIs and finding it hard to track

• Borrowers currently paying high-interest credit card debt who could benefit from a lower consolidated rate

• Applicants with FOIR generally under ~50% (existing EMIs shouldn't already consume the majority of your income — your Atlanta Group advisor will assess this honestly with you)

Documents You'll Typically Need

• ID and address proof

• Income proof (salary slips/Form 16 for salaried, ITR for self-employed)

• Statements of your existing loans/credit cards to be consolidated

• Bank statements (usually last 3–6 months)

Frequently Asked Questions

1. Does debt consolidation reduce how much I owe?
No — it doesn't reduce your total debt or offer a waiver. It restructures multiple debts into one loan, often at a lower interest rate, making repayment simpler and potentially cheaper overall.

2. How much can I save by consolidating?
It depends on your current debt mix. If you're carrying high-interest credit card debt (often 36–42% p.a.) and consolidate into a lower-rate loan, the interest savings can be significant. Your Atlanta Group advisor can walk through the real numbers for your situation.

3. What's the difference between consolidating via a personal loan versus a Loan Against Property?
An unsecured personal loan is faster to arrange but usually carries a higher rate. A LAP-based consolidation (if you own property) typically offers a lower rate and higher loan amount, but takes longer due to property verification.

4. Will my FOIR (existing EMI burden) affect my eligibility?
Yes — lenders generally want your total EMI obligations, including the new consolidated loan, to stay under roughly 50% of your income. If your current EMIs are already very high, approval becomes harder, though not always impossible depending on the lender.

5. What documents do I need for the debts being consolidated?
Statements or account details for each existing loan or credit card you want to pay off, alongside your standard ID, address, and income proof.

6. Is debt consolidation the same as debt settlement?
No — settlement usually involves negotiating to pay less than you owe, which can significantly hurt your credit score. Consolidation involves repaying the full amount, just restructured into one loan, and is generally viewed more favorably by credit bureaus.

7. Can I consolidate credit card debt specifically?
Yes — this is one of the most common uses, since credit card interest rates are typically much higher than personal loan or LAP rates.

8. How long does the process take?
An unsecured personal loan route is typically faster (days), while a LAP-based consolidation takes longer due to property valuation and legal verification (often a few weeks).

9. Will consolidating hurt or help my credit score?
Managed responsibly — with all existing debts fully closed and the new loan paid on time — debt consolidation can improve your credit profile over time by simplifying your repayment history.

10. What's the maximum amount I can consolidate?
This depends on your income, existing obligations, and which lender you're matched with — ranges vary widely across Atlanta Group's network, from smaller personal loan consolidations to larger LAP-based ones.