Date: 2008-09-17 18:58:51
Query: What should I do now ?
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Date: 2008-09-19 11:10:47
Message:
Your monthly net take home is Rs. 23,200 (including quarterly allowances)
Your monthly EMI commitments is Rs 17,539 (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 184000 60 16.17% 4491.159573 18 143327.0122 40672.98783
Loan 2 212000 36 19.97% 7875.439456 18 121630.7005 90369.29949
Loan 3 60000 36 22.15% 2296.085784 18 34894.18682 25105.81318
Loan 4 50000 36 21.50% 1896.613686 18 28961.88654 21038.11346
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. 90,000 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.19,600 to pay off card debts as these are typically at 36 %.
d. The balance amount Rs.70,400 use it to close your loan 3 & 4.
e. This should bring down your monthly EMI commitments by about Rs. 13,039
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: Ahmedabad
Employement Status: Salaried
Earning Members: 1
Dependants: 2
Net Salary: Rs. 23200
Assets
Property: Do not own
Vehicle: Owned
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 184000
Tenure: 60
Emi: 4491
ROI: 15.5
Emi Paid: 18
Loan Type: Personal Loan
Loan Amount: Rs. 212000
Tenure: 36
Emi: 7875
ROI: 10.5
Emi Paid: 18
Loan Type: Personal Loan
Loan Amount: Rs. 60000
Tenure: 36
Emi: 2296
ROI: 18.5
Emi Paid: 18
Loan Type: Personal Loan
Loan Amount: Rs. 50000
Tenure: 36
Emi: 1897
ROI: 20.5
Emi Paid: 18
Card Details
Payment Due Status: Less than M A D
Outstanding on Card: 19600
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