Date: 2008-08-19 16:39:54
Query : single EMI for currently running loans also to control debt
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Date: 2008-08-20 12:00:46
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: 2008-08-21 09:16:49
Message:
Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
395000 5yrs 18 10177 18
183000 7yrs 21 4170 2
157000 4yrs 18 4701 7
credit card due - 110000
net monthly(take home)-36000
No other savings other than two insurnace
1. 30000(yearly)
2. 1500(quarterly)
rent - 6000rs
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Date: 2008-08-21 13:10:38
Message:
Your monthly net take home is Rs. 36,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 24,552 (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 395000 60 18.68% 10177.09322 18 312052.0975 82947.90253
Loan 2 183000 84 21.00% 4174.637413 2 181038.7128 1961.287232
Loan 3 157000 48 19.08% 4700.948888 7 140811.5049 16188.49513
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 lacs 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 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 19,552
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: 2008-08-22 10:48:38
Message:
can you please explain me on top-up with an enhancement
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Date: 2008-08-22 17:21:36
Message:
You get a top-up with enhancement on a current on going loan. You get an increased amount of loan than what is available due to your present financial situation & your repayment track on the current loan.
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 : 519000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 19000
Tenure : 60
ROI Loan : Yes
EMI Paid : 6 to 9 months
Credit Card Holder : Yes
Amount Due : 100000
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 2 Wheeler