Date: 2008-09-02 15:31:32
Query : I have Personal loan in four banks, Citifinancial, Cholamandalam, HSBC, and Barkalays finance, I would go for a consolidation of all Personal loan into One single loan EMI I have never bounced a cheque and the track record is good.Please suggest me a bank which can take over my existing loan in these bank . As on 30th September 2008 my net take home is 13000/- (Thirteen thousand only).
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Date: 2008-09-02 23:27:59
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: 2008-09-03 17:45:00
Message:
Citifinancial Rs.80000/- EMI Paid 9months @Rs.3200
Cholamandalam Rs.40000/- EMI Paid 9 months @Rs.1800/- P.M
HSBC Rs.40000/- EMI Paid 15 months @ Rs.1600/- P.M
Barkalays finance Rs.40000/- EMI Paid 1 month @ rs.1600/-P>M
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Date: 2008-09-04 11:05:58
Message:
Could you help me with the tenure for all your loans. And what is your total outstandings on your credit cards?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
www.deal4loans.com
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Date: 2008-09-04 11:39:51
Message:
TENURE:Citifinancial 36 months.
Cholamandalam. 36 months.
HSBC 36 months.
Barkalays Finance: 36 months.
Credit cards outstanding : SBI Card : Limit Rs.10000/-
O/s : Rs.12500/-
AXIS Bank : Limit Rs.15000/-
O/s. : Rs.26000/-
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Date: 2008-09-04 12:43:00
Message:
Your monthly net take home is Rs. 13000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 10,125 (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 80000 36 25.45% 3199.85695 9 65264.96153 14735.03847
Loan 2 40000 36 34.60% 1800.397719 9 33457.56859 6542.431413
Loan 3 40000 36 25.47% 1600.352989 15 26890.92923 13109.07077
Loan 4 40000 36 25.47% 1600.352989 1 39248.64701 751.3529893
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2 & 3. This should generate liquid cash to the extent of Rs.34,000 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. 34000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 8425
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
www.deal4loans.com
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City : Bangalore
Employment Status : Salaried
Annual Income : 160000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 8000
Tenure : 36
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 35000
Loan Running on Credit Card : No
Residential Status : Company Provided
Vehicle Owned : 2 Wheeler