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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.

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Sucheta Dalal Trustee - Moneylife Foundation

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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