Date: 2009-04-06 09:31:37
Name: III
Message:
City: Bangalore
Employement Status: Salaried
Date of Birth: 22-01-1983
Earning Members: 1
Dependants: 2
Net Salary: Rs. 37000
Assets
Property: Owned
Vehicle: Owned
Other Assets: Do not own
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 300000
Tenure: 48
Emi: 8812
ROI: 18
Emi Paid: 11
Loan Type: Other Loans
Loan Amount: Rs. 100000
Tenure: 36
Emi: 3000
ROI: 18
Emi Paid: 24
Card Details
Payment Due Status: M A D
Outstanding on Card: 29000
Payment Due Status: M A D
Outstanding on Card: 20000
Payment Due Status: M A D
Outstanding on Card: 40000
Query: Please help me in getting a personal loan, so that i can close of all the debts I have mentioned above. I have realised my mistake and need your assistance is solving this problem...
Date: 2009-04-06 20:35:38
Message:
Dear III,
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
Date: 2009-04-06 20:48:48
Message:
Hello Amitoj,
I dont have any of the above you have mentioned.. The house is owned by my father. I have a two wheeler, and two Gold chain. Apart from this I dont have anything.. The only option for me is a Personal Loan.. I cant inform my Parents about my situation. That will hurt them further.. Hope you understand..
Thanks in Advance,
Regards,
III
Date: 2009-04-08 21:29:16
Message:
Dear III,
Your monthly net take home is Rs. 37,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 16262 (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 300000 48 18.00% 8812.499882 11 248839.6819 51160.31811
Loan 2 100000 36 5.07% 3000.233566 24 35033.26548 64966.73452
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. 89000 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. 89000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 11,812
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