Date: 2008-07-01 11:30:31
Query : I have existing 3 Personal loans which want to consolidate to one so that the emi is upto 10k . I want to cancel all existing loans and transfer the loan to single bank..the total loan amount I have taken is 4.5lacs of which i have already paid 10-12 emi's..I have few card dues also which i want to close with this new loan...can i take such a loan from any bank..or what the best way out for me?
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Date: 2008-07-01 14:21:37
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 15:33:29
Message:
3 Loans for which am paying an EMI from my bank account.
CITIBANK 105000 EMI 3541 TENURE 48MONTHS PAID 15 EMI
HDFC BANK 162000 EMI 5652 TENURE 36MOMTHS PAID 10 EMI
REL CAP 190000 EMI 7333 TENURE 36MONTHS PAID 10 EMI
CREDIT CARDS :
CITIBANK 58000
HDFC BANK 75000
ICICI BANK 85000
NET INCOME 33OOO PM+INCENTIVES (GROSS 38000+INCENTIVE)
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Date: 2008-07-02 14:32:17
Message:
Your monthly net take home is Rs. 33,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 27,425 (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 105000 48 26.00% 3540.317222 15 82852.94082 22147.05918
Loan 2 162000 36 15.50% 5655.530326 10 124225.7128 37774.2872
Loan 3 190000 36 22.75% 7330.112895 10 149372.9806 40627.01939
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2 & 3. This should generate liquid cash to the extent of Rs. 1,00,500 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.1,00,500 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 22,400
e. 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 : Hyderabad
Employment Status : Salaried
Annual Income : 460000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 16525
Tenure : 10
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 200000
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 2 Wheeler