Date: 2009-06-03 15:05:03
Name:
Message:
City: Chennai
Employement Status: Self Employed
Date of Birth: 08-06-1984
Earning Members: 1
Dependants: 2
Net Salary: Rs. 10000
Assets
Property: Do not own
Vehicle: Financed
Other Assets: Do not own
Loan Details
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 200000
Tenure: 60
Emi: 4600
ROI: 18
Emi Paid: 55000
Loan Type: Personal Loan
Loan Amount: Rs. 100000
Tenure: 48
Emi: 3000
ROI: 22
Emi Paid: 75000
Query: What is the solution for my case
Date: 2009-06-03 16:14:07
Message:
Dear ,
I am not able to understand your question. Can you please clarify.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-06-04 18:51:05
Message:
How can u help me in my case.
Date: 2009-06-05 11:42:02
Message:
Dear
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
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-06-05 23:40:05
Message:
No Credit card O/S
1.
Car Loan For 1,75,000
Tenure -60 yrs
EMI-4430
Paid -24Months
Not sure of the ROI
2.
PL BAL -75,000
Tenure -48 yrs
EMI-3000
Paid -20Months
Date: 2009-06-08 11:52:08
Message:
Dear,
Your monthly net take home is Rs. 10,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 7429 (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 175000 60 17.85% 4429.582206 24 122780.6788 52219.32124
Loan 2 75000 48 36.70% 3000.368683 20 55899.82557 19100.17443
My recommendation to you is as follows
a. Opt for a top-up on loan 1. This should generate liquid cash to the extent of Rs. 52,000 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. 52,000 to pay off your loan 2 as the interest rate here is at 36%
d. This should bring down your monthly EMI commitments by about Rs. 4829
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