Message:
Dear Customer,
Your monthly net take home after paying your EMIs is Rs. 35,000.
Based on the data provided, your eligibility for top-ups and the correct rates of interest is as listed below
Principal Tenure Rate of Interest EMI EMIs Paid Principal Balance Top-up Available
Loan 1 200000 60 19.00% 5188.110228 48 56296.68905 143703.3109
Loan 2 150000 48 12.75% 4005.537137 43 19404.79978 130595.2002
Loan 3 150000 48 12.75% 4005.537137 43 19404.79978 130595.2002
Loan 4 143000 36 19.00% 5241.810863 11 107525.7248 35474.27519
Loan 5 203000 48 19.50% 6123.41418 7 182236.8996 20763.10037
Loan 6 276000 36 20.00% 10257.14901 10 214991.465 61008.53501
Loan 7 263000 36 32.25% 11491.33531 6 234612.435 28387.56496
Loan 8 600000 84 19.50% 13143.67121 2 593157.5104 6842.489576
Loan 9 100000 36 20.00% 3716.358336 2 95866.45513 4133.544866
Loan 10 76000 36 30.50% 3247.168378 14 54208.23105 21791.76895
Loan 11 35000 30 44.00% 1942.940744 14 23206.73639 11793.26361
My recommendation to you is as follows
a. Opt for a top-up on loan 1, 2, 3 and 4. This should generate liquid cash to the extent of Rs. 4.4 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. 4.4 lacs to pay off card debts as these are typically at 36 % and loans from Indiabulls - 2.63 lacs which is at 32.25%, Citifinancial which is at 30.5%, HSBC which is at 44% and DBS - 1 lac which is at 20%.
d. This should bring down your monthly EMI commitments by about Rs. 22,600.
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.
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !
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