Date: 2009-05-11 14:03:23
Name: mohan kumar
Message:
City: Bangalore
Employement Status: Salaried
Earning Members: 1
Dependants: 2
Net Salary: Rs. 70000
Assets
Property: Do not own
Vehicle: Owned
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 750000
Tenure: 60
Emi: 19045
ROI: 18
Emi Paid: 17
Loan Type: Personal Loan
Loan Amount: Rs. 450000
Tenure: 60
Emi: 11427
ROI: 18
Emi Paid: 24
Loan Type: Personal Loan
Loan Amount: Rs. 400000
Tenure: 60
Emi: 10157
ROI: 18
Emi Paid: 33
Card Details
Payment Due Status: Less than M A D
Outstanding on Card: 130000
Payment Due Status: Less than M A D
Outstanding on Card: 60000
Payment Due Status: Less than M A D
Outstanding on Card: 80000
Query: Please help me to get a loan and consolidate all the loans into one loan.
Date: 2009-05-13 09:51:08
Message:
Dear mohan kumar,
Do you have any assets you can leverage / mortgage / liquidate to improve your cash flow situation ?
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-05-13 10:15:43
Message:
No i do not have any. I really dont know what to do with this mess i have got into.
Date: 2009-05-14 10:57:35
Message:
Dear mohan kumar,
Your monthly net take home is Rs. 70,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 54,129 (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 750000 60 18.00% 19045.07057 17 600324.0797 149675.9203
Loan 2 450000 60 18.00% 11427.04234 24 316079.8108 133920.1892
Loan 3 400000 60 18.00% 10157.37097 33 224148.977 175851.023
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. 2.70 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. 2.70 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 40,629
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
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com