Date: 2008-06-19 17:05:54
Query : I am having various personal loans and home loan totaling amount of Rs 14.67 lakhs. (approx)
Details are given below :
Initial loan
Amount Tenure EMI ROI No. of EMI
1.41 lac 36 5100 18 36
1.00 lac 48 2938 18 48
1.18 lac 48 3529 18 48
1.50 lac 48 4248 18 48
6.00 lac 120 7550 9.5 60
2.20 lac 48 5848 12.5 7
2.0 lac 120 3000 10.5 4
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Date: 2008-06-19 18:58:49
Message:
Could please clarify regarding the first 4 loans of yours, the no. of tenure & emi paid are the same.Does that mean these loans are closed?
Also do you have any credit card dues?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-06-20 08:18:49
Message:
1. The following personal loans are running and the EMI paid as of now is :
Amount Tenure EMI ROI No. of EMI paid
1.41 lac 36 5100 18 4 out of 36
1.00 lac 48 2938 18 14 out of 48
1.18 lac 48 3529 18 11 out of 48
1.50 lac 48 4248 18 27 out of 48
2. Credit card due is Rs 1.15 lakhs.
Totalling 5.10 lacs excess loan beyond my capacity, I am struggling now. How to redeem from this and any other choice to close? I can close this amount withing 5 to 6 years if anybody offer at the lowest interest - with interest and principle I can pay min.Rs 3000 pm.
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Date: 2008-06-20 15:14:48
Message:
Your monthly net take home is Rs. 14,500 (including quarterly allowances)
Your monthly EMI commitments is Rs. 37,967 (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 141000 36 18.00% 5097.487771 4 128798.9307 12201.06929
Loan 2 100000 48 18.00% 2937.499961 14 77790.07641 22209.92359
Loan 3 118000 48 19.00% 3528.213949 11 98224.95038 19775.04962
Loan 4 150000 48 16.00% 4251.042121 27 77416.76449 72583.23551
Loan 5 600000 120 8.85% 7551.924384 60 365080.6837 234919.3163
Loan 6 220000 48 12.50% 5847.599756 7 194316.9619 25683.03806
Loan 7 200000 120 13.15% 3003.935585 4 196697.1264 3302.873588
My recommendation to you is as follows
a. Opt for a top-up on loan 5. This should generate liquid cash to the extent of Rs. 2.34 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. 1.15 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 26,267
e. You should use the balance amt in paying back loan3.
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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Date: 2008-06-20 16:10:25
Message:
Dear Sir,
Thank you for your valuable advise.
I would like to know whether the nationalised bank will increase existing home loan by Rs 2.34 lakhs (balance is Rs 3.50 lakhs as of now) as my age factor is nearing 56 years - the retirement age is 58.
please advise.
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Date: 2008-06-23 16:19:24
Message:
Am afraid the bank might not be able to increase the home loan. You could try and check with them.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-06-23 16:47:40
Message:
Thanks for your prompt information Sir
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City : Chennai
Employment Status : Salaried
Annual Income : 348000
Type of Loan Running : Yes
Loan Running : hl, pl, other,
EMI Amount : 35414
Tenure : 48
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 14.67
Loan Running on Credit Card : Yes
Residential Status : owned
Vehicle Owned : 2 Wheeler