Date: 2008-05-29 07:08:03
Query : Sir,
I am terribly upset in paying these EMI's. I feel it would be better to consolidate and pay a single EMI for various loans.
i have availed the loans at the following rate of interest.
Rs.99000 @ 15.5% flat
Rs.80000 @ 20% diminishing
I have availed this topup loan of Rs.99000/- from citifinancial when i was in need of money for urgent requirement. They said the loan will be disbursed at 15.5% but they have calculated in flat basis that works out to 25% in diminishing rate of interest. Request you to kindly suggest me a way to reduce and consolidate the loans.
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Date: 2008-06-01 15:58:16
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.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-06-03 06:48:19
Message:
Dear Amitoj
Thanks for your reply.
Loan 1: Amount Availed Rs.99000/-
Rate of Interest 15.5% flat
Tenure 48 Months
EMI 3342/-
No. of EMI Paid 8
Loan 2: Amount Availed Rs.80000/-
Rate of Interest 21% diminishing
Tenure 48 Months
EMI 2434/-
No. of EMI Paid 8
Loan 3: Amount Availed Rs.200000/-
Rate of Interest 15% diminishing
Tenure 48 Months
EMI 5590/-
No. of EMI Paid 5
Credit Card : Amount outstanding Rs.70000/-
My Net Income per month is Rs.30000/-. Please advice about how to consolidate and reduce the burden of paying EMI and start saving
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Date: 2008-06-04 12:13:26
Message:
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 14,866 (assuming 5 % payment on credit card balance)
Based on the data provided, your eligibility for top-ups is as listed below
Principal Tenure Rate of Interest EMI EMIs Paid Principal Balance Top-up Available
Loan 1 99000 48 26.05% 3340.798886 8 88709.95307 10290.04693
Loan 2 80000 48 20.00% 2434.428988 8 70659.90034 9340.099661
Loan 3 200000 48 15.25% 5591.527885 5 184358.1504 15641.84958
My recommendation to you is as follows
a. Opt for a top-up on loan 1 & 2. This should generate liquid cash to the extent of Rs.25,931 without any change in your monthly outgo, but your tenure will increase.
b. If the loan provider is able to offer a top-up with an enhancement, please take up the offer. There will be an increase in the EMI in this case.
c. Use the Rs. 25,931 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 13,570
e. You should apply for an additional personal loan of Rs.44,069 to pay off the balance portion of your card debt.
f. Use your cards sensibly and pay the full amount due at the end of every billing cycle.
You should ensure that all additional income is ploughed back to ensure that your debt is reduced. Please regulate your expenses and get into a habit of saving a portion of your salary every month. Prudence in expenses is the only trick to stay out of debt traps.
Do get back to me for any clarifications on your personalised debt consolidation plan.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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City : Chennai
Employment Status : Salaried
Annual Income : 400000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 13966
Tenure : 48
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 70000
Loan Running on Credit Card : No
Residential Status : owned
Vehicle Owned : 2 Wheeler