iamlookingforanswers
New member
I am 31, married, working, Bangalore, Net Take home Rs. 69700 pm.
Due to various reasons like COVID, Marriage of siblings, parents hospital expenses and increased cost of living, i have a total debt of Rs. 15.75 Lakhs from various sources like SBI Bank and Online Portals like Mobikwik, Cred, Paytm and Kredit Bee.
As the requirements were urgent, I had to borrow from these sources and due to the nature of my job at that time, it was difficult for me to get a proper loan. ( I have corrected that now. Been working at a semi reputed company)
The kicker is, I pay an EMI of Rs. 67,860 for the loan of 15.75 lakhs. Out of which 25 k is ending by Nov 2025.
At the end of months, I am just left with about 2 k for expenses.
My cost of Living: Rent+Food+Utilities- 35 K pm Term Plan, Health insurance (Family), LIC - 11 k pm
My savings about 1 lakhs in Mutual funds and stocks, (constantly decreasing due to my dilema)
I need advice on how to go ahead. It's difficult for me to survive like this. I have to take loan after loan just to cover my daily expenses.
My wife do chip in a bit, she is paying off her student loans herself.
What is the solution here?
Should I get a better paying job (easier said than done) or should I consolidate my debt, cuz the EMI for 16 Lakhs is about 35 k @queen_vashti pa? If yes from where can I get it?
Any other ideas..
Edit:
Due to various reasons like COVID, Marriage of siblings, parents hospital expenses and increased cost of living, i have a total debt of Rs. 15.75 Lakhs from various sources like SBI Bank and Online Portals like Mobikwik, Cred, Paytm and Kredit Bee.
As the requirements were urgent, I had to borrow from these sources and due to the nature of my job at that time, it was difficult for me to get a proper loan. ( I have corrected that now. Been working at a semi reputed company)
The kicker is, I pay an EMI of Rs. 67,860 for the loan of 15.75 lakhs. Out of which 25 k is ending by Nov 2025.
At the end of months, I am just left with about 2 k for expenses.
My cost of Living: Rent+Food+Utilities- 35 K pm Term Plan, Health insurance (Family), LIC - 11 k pm
My savings about 1 lakhs in Mutual funds and stocks, (constantly decreasing due to my dilema)
I need advice on how to go ahead. It's difficult for me to survive like this. I have to take loan after loan just to cover my daily expenses.
My wife do chip in a bit, she is paying off her student loans herself.
What is the solution here?
Should I get a better paying job (easier said than done) or should I consolidate my debt, cuz the EMI for 16 Lakhs is about 35 k @queen_vashti pa? If yes from where can I get it?
Any other ideas..
Edit:
- MY wife is able to contribute about 10 k pm
- Adding the Loan Detail
- Bank>>>EMI> End Date>>> Total O/s
- SBI__________16740_____Nov-25_______282939 (11.5%) (5 yrs)
- Cred_________4994 ______Jul-28________181050 (IDFC: 15%) (4 yrs)
- Paytm_______10827______Feb-26_______216850 ( Hero Fincorp: 18%) (3yrs)
- Axis__________1817_______Nov-24_______6500
- Axis-2________1100_______Nov-24_______5000
- Tata Capital__11617______Dec-28________492000 (14%) (5yrs)
- Kreditbee____10782______Apr-26________231623 (18%) (2.5yrs)
- Mobikwik____9983_______Aug-25_______185299 (18%) (2yrs)