My Self Selvam from Chennai and my age is 32 years .
I have took Some from various Banks & NBFC , My total loan is around 18 lakhs including 5 Credit card outstanding for near 5 lakhs, my income now is around 50000. But due to various loans my EMI alone goes around 42000 and no payment for the credit card , causes many defaults. I need a big loan which will clear all my loans and i am willing to pay a single EMI for some long tenure to over come this issue
. It would be really helpful if you help and assist on this ...
Mr Selvam, you seem unaware of the extent of a financial mess you have got yourself into. Your borrowing on 5 credit cards will be compounding very rapidly at an extremely high rate and you will soon be hassled for recovery - it may have already happened.
You are NOT likely to get a BIG loan to settle all loans or even a long tenure. Why will lenders take this risk. You need to evaluate your savings, assets and investments (including gold, property etc) and find a way to pay back the 5 credit cards FIRST. Unless you do that you will sink rapidly into bigger issues.
Also, don't take a gold loan, against any gold that you have. You need to sell and repay.
Please read up a little on financial literacy. If you need specific counselling, you can seek FREE guidance from Moneylife Foundationâ€™s expert on FRIDAY by calling (022) 4920 5000. These sessions are conducted every Friday between 4-6pm.
Sucheta Dalal Trustee - Moneylife Foundation
Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank
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Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues
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