Avoiding Debt Traps 2- Do I need a Personal Loan ?

This is 2nd in my series of articles on how to avoid Debt Traps. In the first one I had talked about how to use Credit cards wisely. I now switch my focus to the next most popular debt instrument- Personal Loans.

Personal Loans have seen a very rate of take-up till about 4-5 months back and this was the growth driver for most Retail banks.

Rate of interest on Home loan

Date: 2008-09-01 10:09:18

Query : I have a home loan with ICICI taken in Year 2004. Loan amount is Rs.20 lacs. Fixed rate of interest @ 7.5 %p.a. I have taken this loan for buying a flat in an apartment. This flat has appreciated in value many fold. I would like to buy a row house by disposing the flat. However, I am worried about rate of interest as I had opted for fixed rate of interest of 7.5%. Is there any option wherein I can protect the rate of interest I am presently enjoying with the bank? If so, pl. advise.
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Need to consolidate all my personal loans

Date: 2008-08-29 19:41:05

Query : PRESENTLY I AM PAYING 18 BANK EMI AMOUNT 4 LACS PER MONTH LAST TWO MONTH I AM NOT PAYING ANY EMI DUE TO BUSINESS LOSS I WANT TO PAY SINGLE EMI FOR ALL MY LOANS.CONSOLIDATE OF 18 BANK IS IT POSSIBLE.
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Date: 2008-08-31 12:18:35

Message:

Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?

Please revert with any clarifications on the above answer.

Regards,

Amitoj Sethi

www.deal4loans.com

How do I clear my EMI's on my Credit card

Date: 2008-08-28 12:02:49

Query : i have converted credit card purchases to EMIs almost all the emis are cleared. i have purchased gold worth rs. 1 lac. pl. advise what i have to do
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Date: 2008-08-28 16:42:04

Message:

I am not able to understand your question. Can you please clarify.How can I help you?

Please revert with any clarifications on the above answer.

Regards,

Amitoj Sethi

www.deal4loans.com
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I have 2 personal loans and credit cards dues

Date: 2008-08-26 18:12:18

Query : I have 2 personal loan running of EMI 3693 & 3102. I have Credit card debts of Citibank - 51000, DB Bank - 31000, ABN Amro 10000, HDFC - 31000. I paying minimum amount for all my credit card... The interest rate is high... I want to consolidated my credit card debts into one as single one... Kindly help me... Banks are not providing loan as I already have 2 loans running... Please help me
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Date: 2008-08-27 13:49:17

Message:

have multiple personal loans running.

Date: 2008-08-25 20:09:54

Query : i want to convert into single loan which 's EMI should be less than the current EMI'S & with less interest rate.
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Date: 2008-08-26 10:10:17

Message:

To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.

Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:

You will also need to list your Credit Card outstanding and Net Income.

Looking forward to your response on this.

Have multiple personal loans running

Date: 2008-08-26 16:55:22

Query : I have multiple loans going on and credit card outstanding bill to be paid,
I request you to give me some idea on Debt consolidation plan for reducing my debt.

thanks
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Date: 2008-08-26 17:15:20

Message:

To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.

Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:

Want to transfer my existing home loan to another bank

Date: 2008-08-22 11:00:57

Query : loan take over with low intrest
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Date: 2008-08-22 12:52:12

Message:

I am not able to understand your question. Can you please clarify.

Please revert with any clarifications on the above answer.

Regards,

Amitoj Sethi

www.deal4loans.com

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Date: 2008-08-25 13:23:26

Message:

I have 2 perosnal loans & huge credit card outstandings

Date: 2008-08-19 19:10:30

Query : hi sir,
I have totaly lost control over my finances in last 4 months as i was without job, but got a job now. I have 2 personal loan details are as follows:-
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1: 100000|36|18|16
Loan 2: 100000|48|22|11.
Credit card 1: Rs. 52000
Credit card 2: Rs. 70000
Credit card 3: Rs. 50000
Credit card 4: Rs. 60000
Credit card 5: Rs. 50000
Net Income: Rs. 240000

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Date: 2008-08-20 12:16:24

I have 2 perosnal loans & huge credit card outstandings

Date: 2008-08-19 19:10:30

Query : hi sir,
I have totaly lost control over my finances in last 4 months as i was without job, but got a job now. I have 2 personal loan details are as follows:-
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1: 100000|36|18|16
Loan 2: 100000|48|22|11.
Credit card 1: Rs. 52000
Credit card 2: Rs. 70000
Credit card 3: Rs. 50000
Credit card 4: Rs. 60000
Credit card 5: Rs. 50000
Net Income: Rs. 240000

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Date: 2008-08-20 12:16:24

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