Dear Sir/Ma'am,

I am a salaried professional based out of Gurgaon. I have a debt of around ~10 lakhs coming from 10 personal loans and 2 credit cards. My current obligation for the month including my rent and other expenses stands at 91000 and my monthly income is 99000. Apart from this, I have taken money from family/relatives as well which is around 1.5 lakhs. I wanted to understand if there is a way where I can go for a balance transfer or debt consolidation loan so that I can reduce my monthly EMI and increase the tenure as most of my loans are short term loans. I did apply to a few banks for the same but they rejected my application treating it as another personal loan.

Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of MGP in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related to mobile and mediclaim. Mr Data

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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