How consolidate my loans into a sigle loan with longer duration and lower interest rate?

[iamskyadav]

I have five loan accounts amounting ₹7 lakh rupees. Is it possible to convert it into one loan account and with longer duration?
Since loans are for shorter duration, my current EMI is ₹50,000 and interest rates are between 24% to 36%.
Banks are not ready to given any further loan due to high EMI.

 

[abhimarda]

I have five loan accounts amounting ₹7 lakh rupees. Is it possible to convert it into one loan account and with longer duration?
Since loans are for shorter duration, my current EMI is ₹50,000 and interest rates are between 24% to 36%.
Banks are not ready to given any further loan due to high EMI.

If you have a property in your name and take a loan against property (LAP) and close all the personal loans. You will get longer tenor as well as lower interest rate. Discuss with banks that you will be closing all personal loans with that so that they don't take the existing EMIs into consideration. You may have to bear foreclosure charges in these 5 loans.

 

[iamskyadav]

If you have a property in your name and take a loan against property (LAP) and close all the personal loans. You will get longer tenor as well as lower interest rate. Discuss with banks that you will be closing all personal loans with that so that they don't take the existing EMIs into consideration. You may have to bear foreclosure charges in these 5 loans.

I don't have propriety with my name. My propriety is with my great grandfather's name. So, this option is not available for me.

 

[abhimarda]

I don't have propriety with my name. My propriety is with my great grandfather's name. So, this option is not available for me.

Try for gold loan in that case.

 

[GURUWALKE]

I have five loan accounts amounting ₹7 lakh rupees. Is it possible to convert it into one loan account and with longer duration?
Since loans are for shorter duration, my current EMI is ₹50,000 and interest rates are between 24% to 36%.
Banks are not ready to given any further loan due to high EMI.

What is ur salary .... Do PL Balance transfer. Easily u Will get personal loan

 

[zacobite]

I have five loan accounts amounting ₹7 lakh rupees. Is it possible to convert it into one loan account and with longer duration?
Since loans are for shorter duration, my current EMI is ₹50,000 and interest rates are between 24% to 36%.
Banks are not ready to given any further loan due to high EMI.

Approach bank directly.. Explain situation that you want to consolidate the loans. Ask them to issue cheques / make payments directly to your other bank loans.. they will do if no other negative is seen in your profile..

 

[pirya agarwal]

I have five loan accounts amounting ₹7 lakh rupees. Is it possible to convert it into one loan account and with longer duration?
Since loans are for shorter duration, my current EMI is ₹50,000 and interest rates are between 24% to 36%.
Banks are not ready to given any further loan due to high EMI.

please share ur payslip so that i can cheque where convert your loan and how can reduce your emi burden