Date: 2008-05-30 02:07:18
Query : I have multiple loans running and credit card outstanding is there. please advice me that i want make all these credit outstandings into 1 EMI. i am not able to lead my life with simply paying min amt in the case of credit card and my standard emi's for loans. i worried abt my credit outstanding.
Loan1:100000
reducing rate: 14.1% annum
Tenure: 48
EMI: 2733
Paid: 11 mnths
Loan 2: 150000
reducing rate: 13.5% annum
Tenure: 48
EMI: 4062
Paid: 5 mnths
Card O/S:
citi: 95859
hdfc:60000
SBI: 20000
My Net Take home is 30,000
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Date: 2008-06-01 16:11:22
Message:
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 15,592 (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 100000 48 14.10% 2737.666606 11 81764.34553 18235.65447
Loan 2 150000 48 13.50% 4061.448443 5 137860.1671 12139.83288
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.30,000 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. 30,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 14000
e. You should apply for an additional personal loan of Rs. 1.45 lacs 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 : Kolkata
Employment Status : Salaried
Annual Income : 478000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 6795
Tenure : 48
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 0
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : Others