Date: 2009-07-01 15:43:20
Name:
Message:
City: Chennai
Employement Status: Salaried
Date of Birth: 19-11-1978
Earning Members: 1
Dependants: 0
Net Salary: Rs. 42891
Assets
Property: Do not own
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 250000
Tenure: 60
Emi: 5750
ROI:
Emi Paid: 12
Loan Type: Personal Loan
Loan Amount: Rs. 272000
Tenure: 36
Emi: 10581
ROI:
Emi Paid: 6
Loan Type: Personal Loan
Loan Amount: Rs. 89000
Tenure: 30
Emi: 4140
ROI:
Emi Paid: 12
Loan Type: Other Loans
Loan Amount: Rs. 45000
Tenure: 48
Emi: 1388
ROI:
Emi Paid: 12
Loan Type: Other Loans
Loan Amount: Rs. 50000
Tenure: 24
Emi: 2619
ROI:
Emi Paid: 2
Card Details
Payment Due Status: Full Payment
Outstanding on Card: 65000
Payment Due Status: Less than M A D
Outstanding on Card: 3500
Payment Due Status: Full Payment
Outstanding on Card:
Query: Dear Mr. Amitoj,
I want to consolidate all my loans mentioned above into single payment with lesser interest rates.
Please advice and provide the best possible solution.
Thank you very much in advance.
Regards,
Date: 2009-07-02 19:10:58
Message:
Please note ROI from top to bottom as mentioned below:
13.48 % - CAR LOAN
22% - PERSOANL LOAN
15.26 flat - PERSONAL LOAN
23 % - CREDIT CARD CASH LOAN
12 % flat - CREDIT CARD CASH LOAN
Thanks,
Date: 2009-07-04 02:40:14
Message:
Dear ,
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: 2009-07-04 11:52:55
Message:
I have about 80000 if I close Insurance policy.
Date: 2009-07-06 17:58:40
Message:
Dear ,
Your monthly net take home is Rs. 42,891 (including quarterly allowances)
Your monthly EMI commitments is Rs. 27,900 (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 60 13.48% 5749.885931 12 212436.7388 37563.2612
Loan 2 272000 36 23.36% 10580.14851 6 238704.78 33295.22004
Loan 3 89000 30 27.60% 4139.630655 12 60455.19875 28544.80125
Loan 4 45000 48 20.76% 1387.653889 12 36952.90707 8047.092931
Loan 5 50000 24 23.00% 2618.665301 2 46647.51303 3352.486966
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. 68,500 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. 68,500 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 24,475
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
Date: 2009-07-06 19:33:11
Message:
Dear Mr.Sethi,
Thank you very much.
Regards,
Date: 2009-07-07 15:43:39
Message:
Dear
Most Welcome
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com