{"id":2592,"date":"2026-11-02T02:00:51","date_gmt":"2026-11-01T20:30:51","guid":{"rendered":"https:\/\/www.taptaploans.in\/blog\/?p=2592"},"modified":"2026-11-02T15:12:17","modified_gmt":"2026-11-02T09:42:17","slug":"which-banks-offer-debt-consolidation-loans","status":"publish","type":"post","link":"https:\/\/www.taptaploans.in\/blog\/which-banks-offer-debt-consolidation-loans\/","title":{"rendered":"Which Banks Offer Debt Consolidation Loans in India? A Lender-Choice Guide"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Search for which banks offer <a href=\"https:\/\/www.taptaploans.in\/blog\/debt-consolidation-loan-in-india\/\">debt consolidation loans<\/a>, and you will find lists of lender names with rates attached. The trouble is that the rate on a list is a starting point for the strongest applicants, and most people consolidating debt are not in that group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The more useful question, once you know which banks offer debt consolidation loans, is which kind of lender is likely to approve you, at what all-in cost, and on what exit terms. Banks, NBFCs and digital lenders answer that differently.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This guide explains what a consolidation loan actually is, compares lender types, summarises three lenders\u2019 published criteria with dates, works through a two-offer APR comparison, and is honest about options when your CIBIL score is low.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What a debt consolidation loan really is<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A debt consolidation loan is usually an ordinary unsecured personal loan whose proceeds you use to close other debts: credit cards, smaller personal loans, and consumer EMIs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The process is simple: take a personal loan, clear the existing balances, then make one monthly payment. Some lenders brand a page for it; Bajaj Finance, for instance, publishes a \u201cPersonal Loan for Debt Consolidation\u201d page with rates \u201cstarting from 10% p.a.\u201d and amounts up to \u20b975 lakh (Bajaj Finance, page dated 23 Aug 2026, accessed 27 Oct 2026). [legal review]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The practical consequence: banks that offer debt consolidation loans are, in effect, every bank and NBFC that offers personal loans. The underwriting is the same. What differs is how each treats a borrower who already carries several debts.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Three points matter before you compare lenders:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The lender will count your existing EMIs in its FOIR test, even the ones you plan to close, unless it pays them off directly or accepts closure proof.<\/li>\n\n\n\n<li>You may owe foreclosure or part-prepayment charges on the loans you close. Read each existing loan\u2019s terms.<\/li>\n\n\n\n<li class=\"has-text-dark-color has-text-color has-link-color wp-elements-1\">The new loan\u2019s cost is its APR, not its headline rate. The <a href=\"https:\/\/www.taptaploans.in\/blog\/key-fact-statement-kfs\/\">Key Fact Statement <\/a>must show APR including all charges (RBI, KFS for Loans and Advances, 15 Apr 2024, effective 1 Oct 2024). [Compliance review: confirm current Master Direction reference after RBI\u2019s 28 Nov 2025 consolidation]<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Which banks offer debt consolidation loans: lender types compared<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Banks, NBFCs and digital lenders all lend for consolidation. They differ in how strict they are and what they charge. Our explainer on choosing a <a href=\"https:\/\/www.taptaploans.in\/blog\/bank-vs-nbfc-personal-loan-india\/\">bank or NBFC  covers the regulatory differences<\/a>; here is how they compare for consolidation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Table: which banks offer debt consolidation loans, and how NBFCs and digital lenders compare<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Factor<\/th><th>Banks<\/th><th>NBFCs<\/th><th>Digital lenders and apps<\/th><\/tr><\/thead><tbody><tr><td>Starting rates (published examples)<\/td><td>From 9.99% p.a. (IDFC FIRST Bank)<\/td><td>From 10% p.a. (Bajaj Finance); 11.99%\u201329.99% (Tata Capital)<\/td><td>Depends on the regulated lender behind the app<\/td><\/tr><tr><td>Eligibility strictness<\/td><td>Usually strictest on employer category and FOIR<\/td><td>More flexible on profile; priced for risk<\/td><td>Varies by the lender behind the app<\/td><\/tr><tr><td>CIBIL tolerance<\/td><td>Lower; IDFC FIRST states 710+ preferred<\/td><td>Wider range, at higher rates<\/td><td>Varies; very low-score approvals are a warning sign<\/td><\/tr><tr><td>Fees<\/td><td>Range from zero to a few per cent<\/td><td>Up to 4% plus GST at Tata Capital<\/td><td>Must be shown in the KFS<\/td><\/tr><tr><td>Foreclosure<\/td><td>Varies by product<\/td><td>Lock-ins and charges common<\/td><td>Varies<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Sources: lender pages accessed 27 Oct 2026, detailed below. Treat \u201ctypical\u201d columns as tendencies, not rules; individual lenders differ.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A note on digital lenders: under the RBI (Digital Lending) Directions, 2025, a lending service provider that works with several lenders must show you all matching offers, including the names of lenders that did not match, from 1 Nov 2025 (para 6). Disbursal must go into your own bank account (para 9). [legal review]<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Published criteria: banks offering debt consolidation loans, and two NBFCs<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This section summarises each lender\u2019s publicly published information as of 27 Oct 2026. It is not an offer from any of them; check the lender\u2019s current rate card and your <a href=\"https:\/\/www.taptaploans.in\/blog\/key-fact-statement-kfs\/\">Key Fact Statement<\/a> before applying. [legal review]<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>IDFC FIRST Bank (bank)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Its personal loan pages state rates \u201cstarting at 9.99% p.a.\u201d, loan amounts of \u20b950,000 to \u20b915 lakh, tenures of 9 to 60 months, ages 21 to 60, and a preferred <a href=\"https:\/\/www.taptaploans.in\/blog\/why-did-my-cibil-score-drop\/\">CIBIL score<\/a> of 710 or above. The fees page lists zero processing fee and nil foreclosure on the standard FIRSTmoney loan, but up to 3.5% plus GST and different prepayment terms on pre-qualified loans. The pages show no maximum rate and some internal inconsistencies, so confirm terms in the KFS.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Tata Capital (NBFC)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Its personal-loanfeess page states interest of 11.99% to 29.99% p.a., APR up to 35.99%, a processing fee of up to 4% plus GST, and no part-payment in the first 12 months. The page shows \u201cLast updated on: 18 Mar, 2025\u201d, so these figures may be out of date. We could not open a separate debt-consolidation product page on 27 Oct 2026.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bajaj Finance (NBFC)<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Its debt-consolidation page states rates starting from 10% p.a. and loans up to \u20b975 lakh. It does not list processing fees, tenure, or eligibility on that page.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Comparing two offers on APR: a worked example<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Even among banks that offer <a href=\"https:\/\/www.taptaploans.in\/blog\/debt-consolidation-loan-india-which-lender-should-you-actually-choose\/\">debt consolidation loans<\/a> at similar rates, fees can reverse the ranking. Neha, 34, a salaried manager in Pune, wants \u20b95,00,000 over 48 months to close three debts. She has two offers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Offer A: 13.5% with a 3% processing fee plus GST (\u20b917,700).<\/li>\n\n\n\n<li>Offer B: 14.25% with a flat \u20b91,999 fee plus GST (\u20b92,359).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th><\/th><th>Offer A<\/th><th>Offer B<\/th><\/tr><\/thead><tbody><tr><td>EMI<\/td><td>\u20b913,538<\/td><td>\u20b913,726<\/td><\/tr><tr><td>Total interest<\/td><td>\u20b91,49,832<\/td><td>\u20b91,58,849<\/td><\/tr><tr><td>Fee incl.&nbsp;GST<\/td><td>\u20b917,700<\/td><td>\u20b92,359<\/td><\/tr><tr><td>Total cost<\/td><td>\u20b91,67,532<\/td><td>\u20b91,61,208<\/td><\/tr><tr><td>APR<\/td><td>15.47%<\/td><td>14.51%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Offer A has the lower headline rate, but Offer B costs \u20b96,324 less because its fee is far smaller. Rates and fees are illustrative assumptions for the calculation, not lender quotes; APR treats the fee as deducted at disbursal. Our guide to [internal link: compare offers line by line <a href=\"https:\/\/www.taptaploans.in\/blog\/how-to-compare-personal-loan-offers-india\/\">how to compare personal loan offers india<\/a> shows the same method for any two KFS documents.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Check exit terms too. After 24 EMIs, Offer B\u2019s outstanding principal is \u20b92,85,180. A 4% foreclosure charge plus GST on that would be \u20b913,461, enough to erase the savings from switching lenders later.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The tenure trap: lower EMI, higher cost<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Neha\u2019s three debts are a \u20b92,50,000 personal loan at 16% with 30 EMIs left (\u20b910,166), a \u20b91,20,000 personal loan at 20% with 24 EMIs left (\u20b96,107), and \u20b91,30,000 on a card at 3.5% a month on which she pays \u20b910,000. Her current outflow is \u20b926,273 a month, and the remaining interest across all three comes to \u20b91,28,023 if she keeps going.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consolidate with Offer B over 30 months: EMI \u20b919,909, total interest and fees \u20b999,630. She saves \u20b928,393 and pays \u20b96,364 less each month.<\/li>\n\n\n\n<li>Consolidate over 48 months: EMI \u20b913,726, total interest and fees \u20b91,61,208. Her EMI falls by \u20b912,547, but she pays \u20b933,185 more than if she did nothing.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Whichever of the banks offering <a href=\"https:\/\/www.taptaploans.in\/blog\/debt-consolidation-loan-india-eligibility\/\">debt consolidation loans<\/a> you choose, a lower EMI is not the same as a saving. Choose the shortest tenure whose EMI you can carry comfortably. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Debt consolidation with a low CIBIL score: the honest picture<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Searches for a \u201cdebt consolidation loan for CIBIL defaulters\u201d are common, so it is worth being direct. Even banks that offer debt consolidation loans to near-prime borrowers are unlikely to approve an unsecured consolidation loan for someone with recent defaults or several current overdues.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where approval is possible at a moderate score, the cost is high: \u20b95,00,000 over 48 months at an illustrative 22% with a 4% fee plus GST has an APR of about 24.84% and costs \u20b92,79,746 in interest and fees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">More realistic options:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-text-dark-color has-text-color has-link-color wp-elements-2\">Talk to your existing lenders about restructuring or a revised repayment plan; see <a href=\"https:\/\/www.taptaploans.in\/blog\/loan-restructuring-after-missed-emis\/\">restructuring after missed EMIs <\/a><\/li>\n\n\n\n<li>Use a secured route, such as a loan against a fixed deposit, gold, or mutual funds, priced on the collateral.<\/li>\n\n\n\n<li>Add a co-applicant with a stronger profile.<\/li>\n\n\n\n<li>Seek accredited credit counselling to build a repayment plan.<\/li>\n\n\n\n<li>If a lender mishandles a complaint, escalate to the RBI Ombudsman via cms.rbi.org.in under the Reserve Bank \u2013 Integrated Ombudsman Scheme, 2026, in force from 1 Jul 2026 (Angel One, 9 Jul 2026).<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How to choose among banks that offer debt consolidation loans<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>List every debt: outstanding, rate, EMIs left, and foreclosure terms.<\/li>\n\n\n\n<li>Work out your current monthly outflow and remaining interest.<\/li>\n\n\n\n<li>Check your FOIR after consolidation, as lenders will.<\/li>\n\n\n\n<li>Shortlist lender types that fit your score and employer category.<\/li>\n\n\n\n<li>Collect two or three offers and compare APR, total cost,t and foreclosure terms from each KFS.<\/li>\n\n\n\n<li>Pick the shortest tenure you can afford, and close the old accounts on disbursal.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Rate context matters too, whichever of the banks that offer debt consolidation loans you approach. The RBI raised the repo rate by 25 basis points to 5.50% on 7 Oct 2026 and changed its stance to \u201ccalibrated tightening\u201d (RBI press release 2026-2027\/1361, 21 Oct 2026).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An <a href=\"https:\/\/www.befisc.com\/fintechsherlock\/account-aggregators\/\">RBI Bulletin study<\/a> found that banks passed on 93 bps of the 125 bps repo cuts between Feb 2025 and Mar 2026 to fresh-loan rates (The Tribune\/ANI, 23 Oct 2026). Fixed-rate personal loans you already hold do not change, but new  offers may be priced off a higher base.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Use cases: three borrower scenarios<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Salaried, Pune, three debts<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Neha (above) consolidates \u20b95 lakh with Offer B over 30 months, saving \u20b928,393 and lowering her outflow by \u20b96,364 a month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Salaried, Chennai, prime employer<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Arvind, 40, works at a listed company with a 790 score and <a href=\"https:\/\/www.taptaploans.in\/blog\/what-happens-to-loan-after-borrower-dies\/\">two personal loans<\/a>. He shortlists two banks that offer debt consolidation loans to salaried borrowers; a bank is likely to give him the lower rate, and his salary account may help. He compares the bank\u2019s KFS with one NBFC offer before deciding.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Self-employed, Ahmedabad, score of 640<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Farhan, 37, has two overdue EMIs and a card in arrears. Unsecured offers come back at high APRs. He asks his existing lender about restructuring, pledges a \u20b93 lakh FD for the most expensive debt, and plans to revisit consolidation after six months of on-time payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How TapTap helps<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Offer: a free EMI-reduction review. Share your current EMIs and card balances, and get an estimate of a single lower EMI, or an honest view if consolidation would not help.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TapTap Loans, a loan advisory platform that matches borrowers with 20+ banks and NBFCs, compares lender types for your profile so you do not have to apply to each one.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What happens after you submit: &#8211; We run a soft credit check to assess your profile. It does not affect your credit score; a hard enquiry happens only after you choose to proceed with a specific lender. &#8211; We estimate a consolidated EMI and match you with lenders whose criteria fit. &#8211; We tell you which documents to share, digitally, with no branch visit. &#8211; We submit the application and follow up with the lender until disbursal. You get a callback after your enquiry and can reach us on WhatsApp.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Have ready: statements for each loan and card, PAN, Aadhaar, three months of salary slips (or ITR if self-employed), and six months of bank statements.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cost: nothing for TapTap\u2019s advisory service. Lender fees such as the processing fee still apply and are shown in the KFS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.taptaploans.in\/about\" data-type=\"link\" data-id=\"https:\/\/www.taptaploans.in\/about\">TapTap Loans is a loan advisory platform<\/a>. Loans are offered and approved by RBI-regulated banks and NBFCs at their discretion; rates, fees, and tenures vary by lender and borrower profile.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key takeaways<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Banks that offer debt consolidation loans are, in practice, most banks and NBFCs offering personal loans; branded products use the same underwriting.<\/li>\n\n\n\n<li>Banks tend to be strictest and cheapest for strong profiles; NBFCs accept wider profiles at higher rates; digital lenders depend on the regulated lender behind them.<\/li>\n\n\n\n<li>Published examples (accessed 27 Oct 2026): IDFC FIRST Bank from 9.99%; Bajaj Finance from 10%; Tata Capital 11.99%\u201329.99%, APR up to 35.99%.<\/li>\n\n\n\n<li>Compare on APR and total cost. In the worked example, the offer with the higher rate was \u20b96,324 cheaper.<\/li>\n\n\n\n<li>A longer tenure can cut the EMI while raising total cost; in Neha\u2019scasee,e by \u20b933,185.<\/li>\n\n\n\n<li>With recent defaults, restructuring, secured loans, ns and credit counselling are more realistic than a new unsecured loan.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>F<\/strong>requently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1793611174616\"><strong class=\"schema-faq-question\"><strong>Which banks offer debt consolidation loans in India?<\/strong><br><br><\/strong> <p class=\"schema-faq-answer\">Most banks and NBFCs that offer personal loans will lend for debt consolidation, and a few, such as Bajaj Finance, publish a dedicated page. The underwriting is the same as a personal loan, so compare lenders on APR, eligibility, and foreclosure terms rather than on the product name.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793611182096\"><strong class=\"schema-faq-question\"><strong>Can I get a debt consolidation loan with a low CIBIL score?<\/strong><br><br><\/strong> <p class=\"schema-faq-answer\">Sometimes, at a higher cost, if the score is moderate and there are no recent defaults. With current overdues, approval for an unsecured loan is unlikely. Restructuring with your existing lender, a secured loan against FD or gold, a co-applicant, or credit counselling are more realistic routes.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793611202671\"><strong class=\"schema-faq-question\"><strong>Is a bank or an NBFC better for debt consolidation?<\/strong><br><br><\/strong> <p class=\"schema-faq-answer\">Neither is better in general. Banks that offer debt consolidation loans usually price lower for strong profiles with good employers; NBFCs accept a wider range of profiles at higher rates. Compare the APR, total cost,t and foreclosure terms in each KFS for your specific offer.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1793611229719\"><strong class=\"schema-faq-question\"><strong>Do I need to close my old loans before applying?<\/strong><br><br><\/strong> <p class=\"schema-faq-answer\">No, but the lender will count their EMIs in its FOIR test until they are closed. Many lenders disburse and ask for closure proof, or pay the old lenders directly. <\/p> <\/div> <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Which banks offer debt consolidation loans is the starting question, but it rarely decides the outcome. Nearly every lender will consider a consolidation request; the decision that matters is which lender type fits your profile, and which offers the lowest cost in APR terms with workable exit terms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Before you shortlist banks that offer debt consolidation loans, run your own numbers: current outflow, remaining interest, the new EMI at two or three tenures, and the total cost of each offer. If consolidation lowers both your monthly burden and your total cost, it is worth doing. If it lowers only the EMI, choose a shorter tenure or another route.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.taptaploans.in\/salaried\">Book your free EMI-reduction review.<\/a><\/p>\n\n\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/www.taptaploans.in\/blog\/\">Home<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\">Which Banks Offer Debt Consolidation Loans?<\/span><\/span><\/div>","protected":false},"excerpt":{"rendered":"<p>Search for which banks offer debt consolidation loans, and you will find lists of lender names with rates attached. The trouble is that the rate on a list is a starting point for the strongest applicants, and most people consolidating debt are not in that group. The more useful question, once you know which banks&hellip;<\/p>\n","protected":false},"author":7,"featured_media":2594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-consolidation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Which Banks Offer Debt Consolidation Loans? Banks vs NBFCs<\/title>\n<meta name=\"description\" content=\"Which banks offer debt consolidation loans in India? 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