Date: 2008-07-30 20:53:14
Query : i have two personal loans and two credit cards. the personal loans or from ICICI and the credit cards belong to ICICI and HDFC. Imy gross is 21000 and net is 14000. i am a government officer but suffering from these cards and loans. give me some advice.
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Date: 2008-07-31 12:07:33
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: 2008-07-31 18:49:04
Message:
the initial personal loan amount(ICICI) was Rs 60000 and the monthly installment is Rs 2110 for 36 months. 10 more installments would be pending after Aug 2008.( the loan is availed in june 2006 and 26 installments would be completed by Aug 2008.) the other loan(ICICI) was given to me in july 2007 for an amount of 24000 with a monthly deduction of Rs 1305 for 24 months from August 2007(13 installments would be completed by Aug 2008).i dont know the rates of interests. the credit cards balance is 24000 each on both HDFC and ICICI credit cards. my net salary is 14900 per month now, which is likely to increase by a 1000 from 1st Sept 2008.
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Date: 2008-08-01 11:58:45
Message:
Your monthly net take home is Rs. 14,900 (including quarterly allowances)
Your monthly EMI commitments is Rs. 5815 (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 60000 36 16.03% 2110.310754 26 19632.02447 40367.97553
Loan 2 24000 24 27.00% 1305.125494 13 12593.30121 11406.69879
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. 48,000 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. 48,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 3415
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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Date: 2008-08-01 20:12:04
Message:
sir, please clarify whether ICICI bank would offer top up loans.
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Date: 2008-08-02 15:53:18
Message:
Mostly all banks offer top-up loans. You need to speak to the bank directly and they will confirm the top-up amount for you.
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 : 250000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 3405
Tenure : 36
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 50000
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 2 Wheeler