Date: 2009-07-01 14:20:48
Name: T. Saravanan
Message:
City : Chennai
Employment Status : Salaried
DOB : 09-04-1967
Earning Members : 2
Dependants : 3
Date: 2009-07-01 21:29:23
Message:
Dear T. Saravanan,
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: 2009-07-02 09:47:37
Message:
I have the following personal loans
Citibank
Loan Amount = Rs.300000
Tenure
Date: 2009-07-02 10:00:05
Message:
Sorry. Incomplete information. I will provide detailed one now.
Personal Loans
1. Citi Bank
Loan Amount Rs.300000
Tenure 48 months
EMI Rs. 10150
Paid so far 20 EMIs
Rate of Interest 26%
2. Citibank
Loan Amount Rs.123000
Tenure 48 months
EMI Rs.4153
EMI Paid 24
Rate of Interest 26%
3. ICICI
Loan Amount Rs.90000
Tenure 48 months
EMI 2937
EMI Paid 10 months
Rate of interst 22%
4. ICICI Bank
Loan Amount Rs.90000
Tenure 36 months
EMI 4536
EMI paid 33 months
Rate of Interest --
Credit Cards
Outstandings
ICICI Bank 60000
ABN Amro 60000
Citibank 200000
HSBC 85000
Deutchebank 88000
Standard Charted 30000
the above are my credit position. One of my regular income is not coming now. Now I am facing difficulty paying monthly installments and credit card payments. Now my income is only Rs.15000/-. How can I come out of this.
Date: 2009-07-04 02:39:41
Message:
Dear T. Saravanan,
Your monthly net take home is Rs. 15,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 47,926 (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 26.21% 10150.66833 20 210952.6137 89047.38633
Loan 2 123000 48 26.08% 4152.766706 24 77024.43803 45975.56197
Loan 3 90000 48 24.05% 2936.653513 10 77592.65929 12407.34071
Loan 4 90000 36 43.88% 4536.012221 33 12670.32318 77329.67682
My recommendation to you is as follows
a. Opt for a top-up on loan 1,2,3 & 4. This should generate liquid cash to the extent of Rs. 2.24 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. 2.24 lacs to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 36,726
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