Date: 2009-05-29 11:08:46
Name: AAA
Message:
City: Hyderabad
Employement Status: Salaried
Date of Birth: 19-06-1980
Earning Members: 2
Dependants: 3
Net Salary: Rs. 40000
Assets
Property: Do not own
Vehicle: Financed
Other Assets: Owned
Loan Details
Loan Type: Personal Loan
Loan Amount: Rs. 477000
Tenure: 60
Emi: 11855
ROI: 16%
Emi Paid: 59525
Loan Type: Personal Loan
Loan Amount: Rs. 500000
Tenure: 48
Emi: 14433
ROI: 15%
Emi Paid: 72165
Loan Type: Personal Loan
Loan Amount: Rs. 200000
Tenure: 60
Emi: 5079
ROI: 20%
Emi Paid: 177765
Loan Type: Personal Loan
Loan Amount: Rs. 300000
Tenure: 60
Emi: 8934
ROI: 24%
Emi Paid: 205482
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 342000
Tenure: 60
Emi: 7493
ROI: 15%
Emi Paid: 0
Card Details
Payment Due Status: M A D
Outstanding on Card: 3600
Payment Due Status: M A D
Outstanding on Card: 5500
Payment Due Status: M A D
Outstanding on Card: 2500
Payment Due Status: M A D
Outstanding on Card: 3000
Payment Due Status: M A D
Outstanding on Card: 4000
Query: I need to your help for my Financial Plan and tell me how can I reduce the number of EMI's paying and reduce the Credit card payments
My Salary gets hiked in July upto 10% .
Please suggest
Date: 2009-05-30 02:30:29
Message:
Dear AAA
Could you confirm the number of EMI's paid on every loan respectively.
Please revert with any clarifications on the above answer.
Regards,
Amitoj Sethi
Insurance- www.BimaDeals.in
Loan Gurus tips- www.AskAmitoj.com
Date: 2009-05-30 09:55:13
Message:
Dear Sir,
The following is the details of the EMI paid
Loan Type: Personal Loan
Loan Amount: Rs. 477000
Tenure: 60
Emi: 11855
ROI: 16%
Emi Paid: 59525
No of EMI's Paid - 5
Loan Type: Personal Loan
Loan Amount: Rs. 500000
Tenure: 48
Emi: 14433
ROI: 15%
Emi Paid: 72165
No of EMI's Paid - 5
Loan Type: Personal Loan
Loan Amount: Rs. 200000
Tenure: 60
Emi: 5079
ROI: 20%
Emi Paid: 177765
No of EMI's Paid - 35
Loan Type: Personal Loan
Loan Amount: Rs. 300000
Tenure: 60
Emi: 8934
ROI: 24%
Emi Paid: 205482
No of EMI's Paid - 23
Loan Type: Twowheeler Car Loan
Loan Amount: Rs. 342000
Tenure: 60
Emi: 7493
ROI: 15%
Emi Paid: 0
No of EMI's Paid - 0
Date: 2009-06-01 22:34:55
Message:
Dear AAA,
Your monthly net take home is Rs. 40,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 41230 (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 477000 60 17.00% 11854.67864 5 450781.7041 26218.29593
Loan 2 500000 48 17.02% 14432.69532 5 462238.7814 37761.2186
Loan 3 200000 60 18.00% 5078.685485 35 105228.3887 94771.61134
Loan 4 300000 60 25.73% 8934.250117 23 226614.0755 73385.92449
My recommendation to you is as follows
a. Opt for a top-up on loan 3. This should generate liquid cash to the extent of Rs. 18600 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. 18600 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 40300
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: 2009-06-04 15:06:31
Message:
Dear Sir,
Thank you for the suggestion and I will surely implement and take your support in future to resolve my issues