Date: 2008-09-29 17:29:51
Message:
City: Pune
Employment Status: Salaried
Date of Birth: 02-04-1976
Earning Members: 2
Dependants: 1
Net Salary: Rs. 30000
Assets
Property: Financed
Vehicle: Owned
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 130000
Tenure: 36
Emi: 4472
ROI: 17
Emi Paid: 20
Loan Type: Personal Loan
Loan Amount: Rs. 40000
Tenure: 18
Emi: 2500
ROI: 15
Emi Paid: 9
Loan Type: Other Loans
Loan Amount: Rs. 35000
Tenure: 18
Emi: 2172
ROI: 17
Emi Paid: 10
Loan Type: Property Loan
Loan Amount: Rs. 1600000
Tenure: 240
Emi: 15011
ROI: 10.5
Emi Paid: 24
Card Details
Payment Due Status: More than M A D
Outstanding on Card: 45000
Payment Due Status: Full Payment
Outstanding on Card: 20000
Query: I need to consolidate the above mentioned personal, other loans and clear the outstanding credit card amounts. I'm looking for a loan to clear all these amounts and have only 2 emis - Home loan and the other EMI for the consolidated loan amount.
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Date: 2008-10-01 01:40:58
Message:
Your monthly net take home is Rs. 30,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 27,401 (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 130000 36 14.45% 4471.557674 20 64722.21899 65277.78101
Loan 2 40000 18 15.25% 2500.100307 9 21135.32157 18864.67843
Loan 3 35000 18 14.28% 2171.626137 10 16478.41331 18521.58669
Loan 4 1600000 240 9.59% 15008.25864 24 1541482.006 58517.99374
My recommendation to you is as follows
a. Opt for a top-up on loan 1 & 4. This should generate liquid cash to the extent of Rs. 1.23 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. 65,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 24,000
e. Use the balance funds to close loan 2 & 3.
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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