Ask Amitoj- The Loan Guru

Date: 2008-08-25 20:09:54

Query : i want to convert into single loan which 's EMI should be less than the current EMI'S & with less interest rate.
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Date: 2008-08-26 10:10:17

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: 2008-08-26 13:56:53

Message:

Sr.no/Initial Loan Amt/Tenure/Rate of interest/EMI/EMI Paid
1.ICICI-67000/36/Eqated Instl/2808/14
2.CitiFinancial-50000/36/20.2%/2223/15
3.Fullerton-25000/36/Equated Instl/1250/18
4.HDFC-100000/36/21%/3768/6
Credit Cards
Sr.No. CreditCard Detail Amount Due
1. HDFC Gold MasterCard-12/07 to 12/10 55144.11
2. citibank Silver VISA -03/08 TO 02/10 9615.67

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Date: 2008-08-26 14:01:57

Message:

Please help me out me with this problem.
Yours Sincerely
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Date: 2008-08-27 15:37:43

Message:

Your monthly net take home is Rs. 17,714 (including quarterly allowances)
Your monthly EMI commitments is Rs. 13,287 (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 67000 36 29.00% 2807.682961 14 47476.73107 19523.26893
Loan 2 50000 36 33.64% 2223.4829 15 34933.57236 15066.42764
Loan 3 25000 36 43.24% 1250.472319 18 16352.93667 8647.063329
Loan 4 100000 36 21.00% 3767.506734 6 87352.84352 12647.15648

My recommendation to you is as follows

a. Opt for a top-up on loan 1, 2 & 4. This should generate liquid cash to the extent of Rs. 46,000 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. 46,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 10,987
e. Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
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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Date: 2008-08-27 22:19:08

Message:

ICICI,CitiFinancial & HDFC Banks have refused to give further top up loans because of bounces of EMI'S cheques at regular intervals,neither i have any property for mortgage/liquidate orleverage.

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Date: 2008-08-28 16:38:41

Message:

The other option would be to ask for supplementary income form family members to improve your cash flow. and use it to first clear off your card dues.

Please revert with any clarifications on the above answer.

Regards,

Amitoj Sethi

www.deal4loans.com
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Date: 2008-08-28 16:42:56

Message:

Sir,Thankyou very much.
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City : Gaziabad
Employment Status : Salaried
Annual Income : 212568
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 10049
Tenure : 36
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 65126
Loan Running on Credit Card : No
Residential Status : owned
Vehicle Owned : Others