Date: 2008-05-28 10:20:40
Query : I have a
Home Loan - 12,00,000 @ 11% age 7 months
Personal Loan - 5,00,000 @ 20% age 6 months
Credit Card - 1,50,000 @ regular rates
I want to consolidate these dues as I am able to pay about 40,000 a month for these installments. However, I see that the PL @ 4 years is taking a lot of my cash and I am not left with much disposable to pay off the complete amount due on the cards. I wish to finish the PL and the cards, and probably shift the entire thing on the HL or the likes, because the money from PL was actually spent on furnishing the house.
I hope you will be able to give me a good deal to help me save on my cash outflow!
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Date: 2008-05-30 21:44:37
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: 2008-05-31 09:46:36
Message:
Hi Mr. Sethi,
Thanks for your reply. Here is the information in the following order:
SNo.| Type of Loan | Initial Loan Amt |Tenure Months|Rate Of Interest|EMI|No of EMI Paid
1 | Home Loan | 12,00,000 | 240 | 11.5 | 12400 | 8
2 | Personal Loan | 5,00,000 | 48 | 20 | 15600 | 7
Credit Card Outstanding
1 | 41,000
2 | 82,000
Take Home Each Month - 60,000
Number of Dependents - 0
I would be glad to provide more information if required. I am looking at a plan where I can consolidate my debt into one.
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Date: 2008-06-01 15:28:06
Message:
Your monthly net take home is Rs. 60,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 34,153 (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 1200000 240 11.00% 12386.26071 8 1188547.509 11452.491
Loan 2 500000 48 21.50% 15617.62878 7 450803.1982 49196.80183
My recommendation to you is as follows
a. Opt for a top-up with enhancement on your housing loan . The property would have appreciated hence you should be able to get a top up.
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 amt to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments.
e. And if there is still an amt available you can clear off your personal loan
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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City : Jaipur
Employment Status : Self Employed
Annual Income : 600000
Type of Loan Running : Yes
Loan Running :
EMI Amount :
Tenure :
ROI Loan : Yes
EMI Paid :
Credit Card Holder : Yes
Amount Due :
Loan Running on Credit Card : No
Residential Status : owned
Vehicle Owned : 4 Wheeler