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Customer's Query:
want to get rid of the present scenario.
suggest me an option.
City : Kolkata
Employment Status : Salaried
Annual Income : 285000
Type of Loan Running : Yes
Loan Running : pl,
EMI Amount : 10000
Tenure : 48
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 250000
Loan Running on Credit Card : No
Residential Status : owned
Vehicle Owned : 4 Wheeler
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Message:
Dear Customer
To help me prepare a personalised debt consolidation plan for you, I need the following information from your end.
Initial Loan Amt |Tenure|Rate Of Interest|EMI|No of EMI Paid
Loan 1:
Loan 2:
You will also need to list your Credit Card outstanding and Net Income.
Looking forward to your response on this.
Best Regards
Amitoj Sethi
www.deal4loans.com
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Message:
LOAN TENURE EMI EMIs paid
Loan 1 100000 60 2633 14
Loan 2 100000 60 2740 13
Loan 3 165000 48 4848 11
Credit Card o/s
Rs.
City Bank : 150000
ICICI : 100000
Net Monthly Income : Rs 21,600
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Message:
Dear Customer,
Your monthly net take home is Rs. 21,600
Your monthly EMI commitments is Rs. 22,718 (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 100000 60 19.70% 2632.723586 14 84542.88652 15457.11348
Loan 2 100000 60 21.60% 2739.19664 13 86380.73555 13619.26445
Loan 3 165000 48 18.00% 4846.874935 11 136861.825 28138.17496
My recommendation to you is as follows
a. Opt for a top-up on loan 1, 2 & 3. This should generate liquid cash to the extent of Rs. 57,214 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. 57,214 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 2,860.
e. You should apply for an additional personal loan of Rs. 1.9 lacs to pay off the balance portion of your card debt.
f. 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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