Published on May 26, 2021Updated on Jul 17, 2023
‘Debt trap’ denotes negativity but what is a debt trap? A debt trap means that one owes a huge amount of money to various institutions or people, which feels neverending. Sometimes loans are taken to gain financial advantage, which is a wise decision. On the other hand, a debt trap is a situation we never want to be in. If you are in a debt trap, it would be a dream to be financially free. There are some ways which can bail you out of this totally.
You can differentiate a good debt from a bad one. Broadly, debts can be classified into revenue generating and non-revenue generating. Debts that are taken for purchasing an asset can help generate revenue or a better lifestyle for you for a long time. Hence these are known as good debts. If a loan is taken against an asset that does not generate any revenue then it is known as a bad debt. There are ways to dissect your situation and help it.
Debt consolidation is one of the best ways to move towards a healthy financial status. It is harmful to carry unnecessary loans, prolonged outstanding credit cards, etc. This creates a recipe for financial trouble. This is exactly where personal loans can come in and help. All your outstanding balances can get consolidated into a single monthly payment in form of personal loan. Personal loan for debt consolidation is a tactful step to be debt free. This not only helps in working towards a timeframe for clearing your debt but also in planning monthly expenses.
SMFG India Credit offers collateral free and an instant personal loan at an attractive rate starting from 11.99%. Speedy approvals, easy eligibility, and lucid documentation are what make SMFG India Credit personal loan the preferred option.
SMFG India Credit personal loan’s easy documentation includes submitting identity proof, address proof, PAN, salary slips for the last three months for salaried individuals or income proof / financial statements for self-employed individuals and bank statements for the last six months
You can apply for SMFG India Credit personal loan by applying online. The step by step process starts by entering the requisite details, uploading the requested documents, and then submitting the transaction. Then upon quick verification, the loan amount would be disbursed to your account within minutes.
Personal loan eligibility differs from person to person. Salaried and self-employed individuals can apply for SMFG India Credit personal loan. The main factors are disposable income, healthy credit score, age, repayment capacity, credit score & history, etc.
Personal loan EMI calculator can give you a picture of your monthly outflow. You need to enter your loan amount, repayment tenure, and rate of interest. In a few seconds, you will get an estimated amount of your monthly outflow.
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.