Date: 2008-08-02 07:29:37
Query : I have got myself into a debt trap. I have 6 personal loans and 1 housing loan. The total EMI on all this loan is 156,000/- per month. But my take home is 60,000/- per month. What should i do
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Date: 2008-08-02 16:20:16
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: 2008-08-03 08:07:51
Message:
Hi Amitoj,
Please find the details here. I am unable to provide you with the interest rates.
Loan Type Amount Tenure EMI No. of Months Completed Bank Date of Disbrusal Remarks
Loan6 Credit Card 500,000.00 44 15,094.00 5 CITI 01/02/2008 Cash In select Loan
Loan7 Credit Card 56,891.52 2,370.48 CITI
Loan17 Credit Card 119,000.00 2,336.00 ICICI
Loan18 Credit Card 327,600.00 36 10,122.68 5 ICICI Cash In select Loan
Loan16 Credit Card 116,000.00 4,000.00 ICICI
1,119,491.52 33,923.16
Loan14 Housing 2,500,000.00 345 26,574.00 0 ICICI 07/08/2005 Intial taken for 240 months
2,500,000.00 26,574.00
Loan1 Personal 104,000.00 36 3,945.00 32 American Express 15/Jan/06
Loan2 Personal 275,000.00 60 7,058.00 6 Barclays 05/02/2008
Loan3 Personal 500,000.00 60 13,745.00 19 Centurion 05/12/2006
Loan4 Personal 154,000.00 48 4,286.00 20 CITI 01/12/2006
Loan10 Personal 345,000.00 48 9,919.00 15 CITI 01/05/2007
Loan11 Personal 70,000.00 48 2,625.00 9 CITI 05/11/2007
Loan12 Personal 213,000.00 36 7,075.00 26 ICICI 05/07/2006
Loan13 Personal 458,000.00 36 15,655.00 19 ICICI 05/02/2007
Loan15 Personal 322,000.00 48 9,291.00 17 ICICI 05/04/2007
Loan19 Personal 250,000.00 36 8,924.00 19 KOTAK 08/02/2007
2,691,000.00 82,523.00
Total 6,310,491.52 143,020.16
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Date: 2008-08-04 16:21:57
Message:
Your monthly net take home is Rs. 60,000(including quarterly allowances)
Your monthly EMI commitments is Rs. 82,521 (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 104000 36 21.50% 3944.956467 32 15097.57639 88902.42361
Loan 2 275000 60 18.50% 7058.207523 6 257422.8939 17577.10611
Loan 3 500000 60 21.77% 13744.15029 19 395104.5978 104895.4022
Loan 4 154000 48 15.00% 4285.935233 20 100730.269 53269.73099
Loan 5 345000 48 16.80% 9919.327276 15 260705.2501 84294.74989
Loan 6 70000 48 32.55% 2625.288509 9 62704.90788 7295.092116
Loan 7 213000 36 12.00% 7074.64799 26 67006.14556 145993.8544
Loan 8 458000 36 14.00% 15653.35443 19 240115.5608 217884.4392
Loan 9 322000 48 17.00% 9291.323623 17 231804.6752 90195.32484
Loan 10 250000 36 17.09% 8924.383795 19 133904.6918 116095.3082
My recommendation to you is as follows
a. Opt for a top-up on loan 7&8. This should generate liquid cash to the extent of Rs. 3.63 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. 3.63 lacs to pay off card dues if any or then pay off loan 1,6 & 10 are at a higher interest rate.
d. This should bring down your monthly EMI commitments considerably.
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 : Bangalore
Employment Status : Salaried
Annual Income : 1046000
Type of Loan Running : Yes
Loan Running : hl, pl,
EMI Amount : 156000
Tenure : 345
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 500000
Loan Running on Credit Card : Yes
Residential Status : owned
Vehicle Owned : 2 Wheeler