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The consolidation of Private Loan or alternative source of loan primarily aims at reducing the number of loan repayment installments to one conveniently payable loan installment at the lowest interest rate. A Private Loan Consolidation cannot be combined with a Federal Loan Consolidation as we will lose out on the favorable terms of a Federal Loan. Well certain eligibility requirements like loan balance, credit worthiness, and income to loan ratio, work history and few others are to be satisfied to qualify for a Private Consolidation Loan. In detail they are as follows:
The time of repayment depends on the outstanding loan balance up to a maximum of 30years. Two types of repayment plans are available a Regular Principal and Interest Repayment and the other interest only repayment for 24months and later converted into principal plus interest loan repayment. Generally these consolidations are done without charging any processing fee. The eligibility requirements presented could vary depending on the lender’s policy. |
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