Date: 2008-11-16 16:04:10
Message:
City: Bangalore
Employement Status: Salaried
Date of Birth: 27-04-1973
Earning Members: 1
Dependants: 3
Net Salary: Rs. 10500
Assets
Property: Owned
Vehicle: Owned
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 180000
Tenure: 36
Emi: 7000
ROI: 20
Emi Paid: 7000
Card Details
Payment Due Status: More than M A D
Outstanding on Card: 50000
Query: How can these loans be cleared, whether i can get a loan with lower interest rates and close all loans and have single deduction of EMI ?
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Date: 2008-11-17 15:19:29
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: 2008-11-24 20:37:31
Message:
Loan 1 : 1,25,000/- 36 Months, 15%, 4340, 3
Loan 2 : 1,40,000/-,48 Months, 22%, 4259, 28
ICICI Credit Card : 50,000/-, 36 Months, 20% 3707, 2
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Date: 2008-11-26 11:32:59
Message:
Your monthly net take home is Rs. 10,500(including quarterly allowances)
Your monthly EMI commitments is Rs. 11,100 (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 125000 36 15.11% 4339.902525 3 116597.2453 8402.754658
Loan 2 140000 48 20.00% 4260.250728 28 71954.98566 68045.01434
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. 50,000 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. 50,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs.8,600
e. 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