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Naveenn Kummar233 Answers |Ask - Follow
Financial Planner, MF, Insurance Expert - Answered on Sep 08, 2025
Asked on - Aug 03, 2025
Hi sir ima having car and bike emi of 22991 as well as 6 credit cards worth 3 lakh outstanding I have taken 3 personal loans also with emi raining from 300 to 6000 my salary is 45000 but my emi is 70000 any methods to reduce and cut down on emi and same some money !!!!!
Ans: Dear Sir,
Thx for sharing ur situation openly. I knw its stressful when salary is 45k but EMI is 70k+ (car + bike + 3 personal loans + 6 credit cards). U r clearly paying more than u earn, so savings feel impossible.
???? Current prob
Salary: ?45,000
EMI total: ~?70,000
Credit cards: ~?3 L outstanding (very high interest)
Net result: every month shortfall
???? Suggested approach
1. Borrow smartly from family (short-term relief)
If possible, borrow a small amount from parents/relatives at zero or very low interest to clear highest interest debt first (credit cards).
This gives breathing space, reduces interest outflow, and lowers monthly EMI.
2. Consolidate remaining loans
Combine 2–3 personal loans into one longer-term loan at lower rate → smaller monthly EMI.
Avoid taking fresh credit cards or loans now.
3. Stop credit card bleeding
Don’t revolve balances. Use cash/UPI only.
If consolidation not possible, use minimum due + family loan to clear cards gradually.
4. Cut expenses wherever possible
Track spending closely (shopping, eating out, subscriptions).
Every ?2–3k saved goes to paying off debt faster.
5. Optional: Sell / re-evaluate assets
If u have both car + bike, consider selling one → EMI reduces, some loans closed.
? Summary
Right now, ur priority must be survival and debt reduction, not savings. Best approach:
Borrow from parents/relatives for high-interest debt → immediate relief
Consolidate loans → reduce monthly EMI
Cut expenses → redirect funds to debt
Avoid new borrowing till situation stabilizes
Once debt burden is under control, only then can u start small savings for future.
Best regards,
Naveenn Kummar, BE, MBA, QPFP
Chief Financial Planner | AMFI Registered MFD
www.alenova.in
(more)
Thx for sharing ur situation openly. I knw its stressful when salary is 45k but EMI is 70k+ (car + bike + 3 personal loans + 6 credit cards). U r clearly paying more than u earn, so savings feel impossible.
???? Current prob
Salary: ?45,000
EMI total: ~?70,000
Credit cards: ~?3 L outstanding (very high interest)
Net result: every month shortfall
???? Suggested approach
1. Borrow smartly from family (short-term relief)
If possible, borrow a small amount from parents/relatives at zero or very low interest to clear highest interest debt first (credit cards).
This gives breathing space, reduces interest outflow, and lowers monthly EMI.
2. Consolidate remaining loans
Combine 2–3 personal loans into one longer-term loan at lower rate → smaller monthly EMI.
Avoid taking fresh credit cards or loans now.
3. Stop credit card bleeding
Don’t revolve balances. Use cash/UPI only.
If consolidation not possible, use minimum due + family loan to clear cards gradually.
4. Cut expenses wherever possible
Track spending closely (shopping, eating out, subscriptions).
Every ?2–3k saved goes to paying off debt faster.
5. Optional: Sell / re-evaluate assets
If u have both car + bike, consider selling one → EMI reduces, some loans closed.
? Summary
Right now, ur priority must be survival and debt reduction, not savings. Best approach:
Borrow from parents/relatives for high-interest debt → immediate relief
Consolidate loans → reduce monthly EMI
Cut expenses → redirect funds to debt
Avoid new borrowing till situation stabilizes
Once debt burden is under control, only then can u start small savings for future.
Best regards,
Naveenn Kummar, BE, MBA, QPFP
Chief Financial Planner | AMFI Registered MFD
www.alenova.in