I am having 2 personal loans, one from CitiFinancial and another from ICICI Bank. The EMIs I am paying for these 2 loans are INR 2, 625 and INR 2, 760 respectively. In addition to these loans, I am having 2 credit cards, one from ICICI Bank and another from RBS. The total outstandings for these are INR 18, 000 and INR 25, 000. I am paying only the minimum amount due that comes to around INR 3, 000 and INR 2, 000 respectively. So, total amount I am paying each month on these Loans and Credit Cards comes to around INR 10, 000 plus.
In the past I had some medical emergencies and hence I could not pay these EMIs and Minimum Amount Dues for my Loans and Credit Cards that lead to check bounces for 2 months. This lead to continuous check bounces from then onwards. My loans are getting auto debit through ECS from my ICICI Bank. Since because of these bounces, my ICICI Bank account shows negative balance of around INR 16, 000 (-).
I was informed by one of my frieds that instead of paying INR 10, 000 plus, I can take another loan classified as "Debt Consolidation Loan" for the total outstanding on Loans and Credit Cards and pre-close the existing loans and in this case, my EMI will also be less. I searched for this kind of loan and planned to apply for the Debt Consolidation Loan. I searched through internet and found one site www.bankbazaar.com and they claimed they identified a loan for me. I felt very happy and started loging into the site and apply. I consolidated all my outstandings and it came to INR 1, 80, 000. So, I applied for this amount. Bank Bazaar referred me to HDFC Bank's website and I applied for the loan and the EMI came to INR 4, 100 Plus for 5 years @ 14% Fixed Rate. I was very glad that I need to pay only INR 4, 100 plus instead of INR 10, 000 Plus per month.
The second day since I applied, I got a call from BankBazaar that my Personal Loan (instead of Debt Consolidation Loan) was rejected as my name is appearing in the CIBIL database. I knew that I defaulted and thats why I thought of pre-closing all the outstandings in Loans and Credit Cards through taking a Debt Consolidation Loan. But, the application is treated as for Personal Loan and they rejected it.
Is there any way that I can get a Debt Consolidation Loan (and not personal loan) to pay off my debt and close my Credit Cards and Existing Personal Loans? If you have any details on this, pls. help me. I would be really grateful to you.
>> Though my Loan EMIs are getting bounced from Bank Account, I am paying all the EMIs directly in the CitiFinancial branch (for CitiFinancial Loan) and through ICICI Bank's "Click to Pay" service (for ICICI Personal Loan).
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