Date: 2008-06-30 20:02:17
Query : currently I am having 4 personal loans and giving EMIs of Rs.22000.00 . I have already paid around 16 to 24 months of EMIs for existing loans without any default. I want to pay single EMI for your currently running loans, so that the EMI amount will be less than the existing EMI amount. Kindly suggest if you can.
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Date: 2008-07-01 12:56:59
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: 2008-07-01 21:29:30
Message:
Dear Sir,
Find below the details as required by you.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:400000.00 48 16 11750.00 16
Loan 2:145000.00 48 14 3926.00 17
Loan 3:132000.00 48 12 3476.00 24
Loan 4:111900.00 60 16 2691.00 23
My net income credited average 20000.00 to 25000.00
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Date: 2008-07-02 12:10:37
Message:
Your monthly net take home is Rs. 25,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 21,843.
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 400000 48 18.00% 11749.99984 16 296888.8762 103111.1238
Loan 2 145000 48 13.50% 3926.066828 17 102271.5374 42728.46264
Loan 3 132000 48 12.00% 3476.066277 24 73843.42206 58156.57794
Loan 4 111900 60 15.50% 2691.552082 23 78772.31683 33127.68317
My recommendation to you is as follows
a. Opt for a top-up on loan 2 & 3. This should generate liquid cash to the extent of Rs. 1 lac 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.1 lac to pay off loan 4 as the interest here is 15.50% & outstanding is 78,772.
d. This should bring down your monthly EMI commitments by about Rs. 16803.
e. The balance amount you can use to pay part of loan1.
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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Date: 2008-07-03 00:19:00
Message:
Dear Sir,
Thank you very much for your valuable suggestion. Still is there any way that can there be provision of balance transfer of total outstanding loan amount by one bank one EMI.If there exist any option kindly suggest.
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Date: 2008-07-03 21:29:46
Message:
No bank offers such a product where they can take over loans/debts.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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City : Bhubneshwar
Employment Status : Salaried
Annual Income : 305000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 22000
Tenure : 48
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : No
Residential Status : owned
Vehicle Owned : 2 Wheeler