creidthungry
TF Buzz
Hi everyone,
I’m looking for advice from financial experts regarding a debt consolidation loan. Here’s my situation:
I would greatly appreciate advice on:
I’m looking for advice from financial experts regarding a debt consolidation loan. Here’s my situation:
- My friend and I started a business that unfortunately went into a total loss. Due to personal reasons, my friend won’t be able to contribute to settling the loan immediately.
- To manage the financial burden, I’ve taken small loans and also withdrew cash from my credit card, which I converted into EMIs. The interest rates on credit card EMIs are very high, and the total EMIs now exceed my monthly salary.
- I’m considering consolidating my debts into a single personal loan with a longer tenure (6-7 years) to reduce the monthly burden and save on interest charges. Currently, most of my loans have a tenure of 2-3 years.
- I earn a monthly salary of $4000, which I receive in dollars from a US-based company as I’m on a contract with them. I live and work in India.
- Since it’s a contract-based role, I don’t have an official email ID from the US company, but I do receive payment receipts and have bank statements (ICICI Bank has previously approved a loan based on these details).
- My CIBIL score is 777, which I believe is decent.
I would greatly appreciate advice on:
- Banks or lenders that might consider my situation for a debt consolidation loan.
- Whether online portals like LoansJagat are reliable or if sticking to banks is a better option.
- Any alternative strategies to consolidate my debt effectively.