Consolidation
Four EMIs, four dates. One number instead.
Consolidation replaces several loans with one. The reason to do it is rarely tidiness — it is that your most expensive debt is quietly setting the price of everything. Combining at a lower blended rate, or over a longer tenure, can bring the monthly total down.
Want to reduce your EMI? This is usually the lever, and most people never check it.
In short
Debt consolidation through Finsa combines several loans and card balances into one loan with one EMI at one rate: one soft check, offers from RBI-regulated lenders, and the lender you pick pays off the others. Finsa is not a lender and charges no processing fee and no fee of any kind.
How it works
- 01
See everything in one place
Finsa pulls every loan and card from your Equifax report — balances, rates, EMIs, tenure. Checking is free and is a soft enquiry, so it never affects your credit score.
- 02
See the blended cost
What you pay now, in total, against what one consolidated loan would look like. The comparison is the point; sometimes the answer is that it is not worth it.
- 03
our lender partners quote for the whole thing
They price the consolidated amount and come back. You pick, or you leave things as they are.
Questions people ask
- Does consolidating reduce my EMI?
- It can, in two ways: a lower blended interest rate, or a longer tenure. A longer tenure lowers the monthly figure but usually increases the total interest paid over the life of the loan — Finsa shows both numbers, because only one of them is the one people notice.
- Does consolidation hurt my credit score?
- Closing several loans and opening one can lower your average account age briefly. Against that, bringing high credit-card utilisation down usually helps. Most people see a dip that recovers within a few months of on-time payments.
- Can I consolidate credit card debt too?
- Yes — card balances are often the most expensive debt anyone carries, and they are frequently the reason consolidating is worth it at all.
- How many loans can I combine?
- There is no fixed limit from Finsa. What you can actually consolidate depends on the lender's assessment of your income and existing obligations.
- Can I combine loans from different banks?
- Yes. Consolidation does not care who your current lenders are — what matters is the total outstanding and the rate a new lender will price it at. Loans and card balances spread across several banks and NBFCs can all go into one.
- Who pays off my old loans?
- The lender you pick disburses the consolidated amount, and the old accounts are settled and closed from it. Some lenders pay your existing lenders directly; others credit you and expect the closure, and your Key Fact Statement says which.
- Does consolidating reduce how much I owe?
- No. It restructures the debt rather than erasing it: the principal stays roughly what it was, and what changes is the rate charged on it, the tenure, and the number of EMIs. The saving is in the rate, not in the smaller monthly figure.
- What happens to my credit cards after I consolidate them?
- Paying a card off with a consolidation loan leaves it open with a zero balance unless you close it, and an unused card with a limit usually helps your score by holding your utilisation down. Running the balance back up while still repaying the consolidation loan is the mistake that undoes the exercise.
- How do I clear multiple loans at once?
- Two ways. With the cash, prepay or close each loan with its own lender, the most expensive one first; your Key Fact Statement shows any foreclosure charge. Without it, one consolidation loan pays them all off together and leaves a single EMI, which is worth doing only if its rate or total cost beats what you pay today, and Finsa shows that comparison first. A settlement, where a lender accepts less than you owe, is a different thing: it is marked on your credit report, and consolidation is not that.
- Why apply through Finsa instead of going to banks one by one?
- Because most consolidation applications are refused for a reason you could have checked first: your existing EMIs already take more than about half of your take-home pay. Each refusal also leaves a hard enquiry on your report, which makes the next lender more cautious. Finsa reads your Equifax report once and measures it against each lender's own limits: how much of your income EMIs may take, the smallest and largest loan it gives, and its rate band. You see only the lenders your profile fits. If none fit today, Finsa tells you which number is in the way, so you are not collecting rejections. The lender still makes the final decision.
- Does Finsa charge a processing fee?
- Finsa charges no processing fee and no fee of any kind: the credit report, the offers and the match are free to the borrower. Finsa is paid by the lender on disbursal. Any processing fee of the lender's own is shown on its Key Fact Statement before you sign, and you can compare offers on that.
Before you apply
Apply once, not bank by bank.
Check your credit report free, and let the lenders come to you.
Finsa is a Lending Service Provider, not a bank or an NBFC. We do not lend or set rates — every credit decision, interest rate and fee belongs to the lending partner.
What a loan through Finsa costs
- Tenure
- Repayment runs from 6 months to 60 months.
- Rate
- Lending partners price personal loans from about 9.99% to 24% a year, on a reducing balance. Your rate is set by the lender from your credit profile, not by Finsa.
- Example
- Worked example: on ₹3,00,000 over 36 months at 14% a year, the EMI is ₹10,253 and the total repaid is ₹3,69,118, of which ₹69,118 is interest.
- Fees
- Finsa charges no processing fee and no fee of any kind. A lender's own processing fee, insurance or GST is extra, and each one is stated on the Key Fact Statement you get before signing.