Date: 2009-06-16 16:08:30
Name: XYZ
Message:
City: Hyderabad
Employement Status: Salaried
Date of Birth: 21-01-1969
Earning Members: 1
Dependants: 3
Net Salary: Rs. 30000
Assets
Property: Owned
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 67000
Tenure: 36
Emi: 2400
ROI:
Emi Paid: 30
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 160000
Tenure: 60
Emi: 3800
ROI:
Emi Paid: 12
Loan Type: Other Loans
Loan Amount: Rs. 600000
Tenure:
Emi:
ROI: 5
Emi Paid:
Query: other loans 5% monthly i want to clear it.
Date: 2009-06-16 17:15:21
Message:
Rs 600000 i am paying monthly 20,000/- as intrest only
i want to clear it .
Date: 2009-06-16 22:34:48
Message:
Dear XYZ,
Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-06-17 13:19:25
Message:
no i have any asset i can liquidate or mortgage in my name.
Date: 2009-06-19 11:15:22
Message:
Dear XYZ,
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 6,200 (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 17.35% 2400.419734 30 13700.90292 53299.09708
Loan 2 160000 60 14.92% 3799.673239 12 136727.0307 23272.96935
My recommendation to you is as follows
a. Opt for a top-up on loan 2. This should generate liquid cash to the extent of Rs. 13,700 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. 13,700 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 5515
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
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com