- Debt management in India requires tools tailored to the country’s unique financial landscape, regulatory framework, and consumer needs. Expert panels recommend tools that cater to these factors, ensuring effective tracking, repayment, and overall debt reduction. Here are the top financial tools recommended in India for debt management:
- Save Money Settle Loan Platform-
What It Does:
- Helps borrowers negotiate and settle loans with banks and NBFCs.
- Offers solutions for high-interest loans, credit card debts, and overdue EMIs.
- Focuses on reducing the outstanding debt amount through mediation with lenders.
Why Recommended:
- Transparent process with expert-led negotiations.
- Allows borrowers to avoid prolonged legal disputes and credit score damage.
- Empowers users with tools for structured repayment plans.
- Budgeting and Expense Tracking Tools
Walnut: A popular app in India that helps users track expenses and manage budgets automatically by analysing SMS transaction alerts.
MoneyView: Provides insights into income, expenses, and outstanding debts, along with personalized budgeting features.
ET Money: Tracks spending habits, automates investments, and helps in managing debt-related payments.
- Credit Monitoring and Improvement Tools
CIBIL Score Platforms (by TransUnion): Helps users monitor their credit score and understand how debt impacts their financial profile.
CreditMantri: Offers tools to monitor and improve credit scores, and provides personalized advice for better debt management.
Paytm Credit Score: Provides free credit score tracking and tips to improve creditworthiness.
- Loan Management Platforms
KreditBee: Assists with instant personal loans and repayment tracking for managing short-term debts effectively.
Cred: Rewards users for timely credit card payments and helps track multiple credit cards, simplifying debt management.
LazyPay: Tracks “Buy Now, Pay Later” (BNPL) debts and consolidates repayment timelines to avoid penalties.
- Debt Consolidation Services
MoneyTap: Offers a personal line of credit to consolidate and manage multiple debts.
PaySense: Provides easy personal loans for consolidating high-interest debts like credit cards.
LoanTap: Specializes in customized personal loans for consolidating and repaying debts.
- Financial Planning and Advisory Apps
Scripbox: Guides users in managing finances, including prioritizing debt repayment while investing for the future.
ClearTax: Helps manage personal finances, including tax-saving investments that can free up funds for debt repayment.
FinArt: Combines expense tracking and financial planning to assist users in achieving debt-free goals.
- Automated Payment and Bill Management Tools
Bharat BillPay: Facilitates automated payments for loans and utility bills, ensuring no missed payments.
Paytm AutoPay: Simplifies recurring payments for EMIs, credit cards, and other debt-related obligations.
Mobikwik: Offers reminders for bill payments, tracking BNPL debts, and EMI management.
- Credit Counseling and Debt Relief Services
Debt Doctors India: Provides advisory services for individuals struggling with debt repayment.
Bank Credit Counseling Centers (RBI-led): Offers free services to help borrowers restructure or manage debt effectively.
Indian Credit Counselling Agencies (e.g., Abhay): Helps users with financial education and debt management plans.
- Investment and Savings Platforms to Reduce Debt
Groww: Assists in tracking investments and diverting returns toward debt repayment.
Kuvera: Helps automate savings for building an emergency fund or prepaying loans.
SBI YONO: Enables goal-based savings for paying off debts through its linked financial products.
- Debt Negotiation and Settlement Tools
LegalRaasta: Offers assistance in negotiating with creditors and managing settlements for business debts.
Freedom App (IndianMoney): Provides educational tools and guidance for debt repayment and financial planning.
- Specialized Tools for Rural and Small Business Debt
MUDRA Loan Tracking (through Udyamitra Portal): Helps small businesses manage and repay MUDRA loans effectively.
Kisan Credit Card App: Designed to help farmers track and repay agricultural loans efficiently.
SIDBI Mitra: Supports small businesses with tools for managing working capital loans and repayment schedules.
Key Features Experts Look for in Indian Debt Management Tools
Localized Support: Compatibility with India’s SMS-based banking alerts and UPI payments.
Compliance with RBI Guidelines: Ensuring tools follow regulatory frameworks for debt repayment and credit monitoring.
Affordability: Many recommended apps are free or charge minimal fees to cater to diverse income groups.
Integration with Indian Banking Systems: Easy linking with net banking, UPI, and NBFC services.
By using these tools, Indian consumers and businesses can better navigate their debt obligations, improve financial stability, and work toward a debt-free future.
