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Customer's Query:
PL. ADVICE ME HOW CAN I REDUCE MY DEBT AND PAY A SINGLE LOAN WITH LESS EMI. MY SALARY IS EXPECTED TO INCREASE BY TEN THOUSAND PER MONTH BY OCTOBER I.I. AFTER SIXTH PAY COMMISSION REPORT DUE FOR CENTRAL GOVT EMPLOYEES
City : Gaziabad
Employment Status : Salaried
Annual Income : 320000
Type of Loan Running : Yes
Loan Running : pl, cl, other,
EMI Amount : 25000
Tenure : 60
ROI Loan : Yes
EMI Paid : more than 12 months
Credit Card Holder : Yes
Amount Due : 600000
Loan Running on Credit Card : Yes
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-1: Rs.2,05,000 Personal Loan, EMI: Rs.5989/- Paid EMI-15, Unpaid EMI:33
Loan-2: Rs.2,25,000 Car Loan, EMI: Rs.4186/- Paid EMI-4, Unpaidf EMI-80
Credit Card-1: O/S Rs.1,30,000 EMI: Rs.7000/-approx
Credit Card-2:O/S Rs.70,000 EMI:Rs.5000/- approx
Loan on Credit Card: O/S Rs80000/-, EMI Rs.3000/-Paid 17, Unpaid 31
Nat Income as on date Rs.28000/-
Hope for an early reply
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Message:
Dear Customer,
Your monthly net take home is Rs. 28,000 (including quarterly allowances)
Your monthly EMI commitments is Rs. 23,175 (assuming 5 % payment on credit card balance)
Based on the data provided, your eligibility for top-ups and interest rates is as listed below
Principal Tenure Rate of Interest EMI EMIs Paid Principal Balance Top-up Available
Loan 1 205000 48 17.70% 5989.786122 15 155608.7746 49391.2254
Loan 2 225000 84 13.75% 4185.490386 4 218459.1855 6540.814479
Loan 3 80000 48 32.55% 3000.329725 17 62363.49818 17636.50182
My recommendation to you is as follows
a. Opt for a top-up on loan 1. This should generate liquid cash to the extent of Rs. 50,000 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. 50,000 to pay off card debts as these are typically at 36 %.
d. This should bring down your monthly EMI commitments by about Rs. 2,500.
e. You should apply for an additional personal loan of Rs. 1.5 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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Message:
I deeply regret to encroach your valuable time once again. I want to ask some thing more on this issue. Pl. advice me at your convenience.
I have a ready built MIG flat at Vaishali, Ghaziabad. It is one of the six flats built on 200 sq.meter plot. Registry of my flat is in my name and I am paying all my duesw i.e. House Tax and electricity bill regularly to the authorities. he market value of the flat is about 25 lakhs and it is a well maintained flat. Approved plan of these six flats by the GDA Authorities is not available with any of us. Initially I tried to get a Loan Against Property on my flat. Despite otherwise approval of loan, I could not get it from HSBC and GE Money in want of approved plan of flat. If I could get it all my problems will be solved at one go.Can you suggest me if any Bank or Financial Institution can give me LAP on the basis of Flat Registry without asking for approved Plan. If there is any such scheme, I really will be benefitted. Please suggest me how can I take a loan on my flat. I wish to add that at the time of purchase of flat I had taken a loan of Rs.300000 from Punjab national Bank in the year 2001 and deposited the full amount by 2004. All the paper work was done by the builder himself at that time. I don't know how he managed it at that time. Kindly advice me. I have a great hope after your reply to my early query.
Thanks a lot
Customer.
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Message:
Please Sir, do help me , I am waiting eagerly.
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Message:
Dear Customer,
Apologies for the delayed revert. It will help to go back to Punjab National Bank for the LAP. They should be able to help you as they have lent against the property earlier.
Best regards,
Amitoj Sethi
www.deal4loans.com
Loans by choice not by chance !
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