Date: 2008-08-14 17:46:33
Query : please guide me how to repay 8 lacs loan amount
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Date: 2008-08-18 10:41:30
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: 2008-08-18 11:37:15
Message:
loan 1 amount 250000/- 36 onths emi 7434 emi paid 18
loan 2 amount 400000// 36 months emi 15497 emi paid 12
loan 3 aouunt 300000/- od facility fully utilised
credit card outstanding 60000/
net income rs 400000/-
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Date: 2008-08-18 12:02:05
Message:
Your monthly net take home is Rs. 33,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 25,930 (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 250000 36 4.48% 7434.496764 18 129190.6084 120809.3916
Loan 2 400000 36 23.06% 15496.40028 12 295715.34 104284.66
My recommendation to you is as follows
a. Opt for a top-up on loan 1 & 2. This should generate liquid cash to the extent of Rs. 2.25lacs 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. 60,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 22,930
e. The balance amount you can use to clear your overdraft loan.
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: 2008-08-18 15:01:54
Message:
sorry net income is 200000 not 4 lacs
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Date: 2008-08-20 13:19:45
Message:
Your income details is not a function of the consolidation plan. We need only the correct loan details to work out a debt consolidation plan.Hence the plan will still remain the same. But since your income is lower as compared to what you had given I would advice you go in for top-ups first & if you also have assets take a loan against them and close your card dues first & then the loans with higher interest rate.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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City : Coimbatore
Employment Status : Self Employed
Annual Income : 400000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 25000
Tenure : 36
ROI Loan : Yes
EMI Paid : 9 to 12 months
Credit Card Holder : Yes
Amount Due : 0
Loan Running on Credit Card : No
Residential Status : Rented
Vehicle Owned : 4 Wheeler