Should I Choose TAPMI or NALSAR for IPM? (An Indian Student Seeking Career Advice)

Ans: You should select “appearing” option.

Good luck.
Follow me if you receive this reply.
Radheshyam

Ans: First, thank you for sharing this openly. It takes courage to talk about financial distress. You’re not alone — many good earners fall into debt traps because of high-interest credit cards and instant app-based loans. You can come out of this with structure and patience. I’ll guide you step by step.

» Understand your situation clearly

You owe around Rs. 3 lakh and earn about Rs. 50,000 per month. That means your debt is roughly six times your monthly income — manageable with proper planning, but it needs strict discipline. The main issue is not the amount, but the interest rate and harassment from unregulated lenders.

» Avoid informal “loan settlement panels” or unverified lawyer groups

It is risky to enroll in private settlement panels or so-called “lawyer panels” unless you’ve verified their legitimacy through a trusted source. Many such agencies:

Charge high upfront fees.

Promise settlement but fail to negotiate effectively.

May worsen your credit score or even lead to legal complications.

Instead, always deal directly with your bank/NBFC. If the app-based loan is from a registered NBFC, you can file a complaint with the RBI Ombudsman if harassment continues.

» Take these first actions immediately

1. Stop taking new loans.
Do not take any new app loan to pay another. This only deepens the trap.

2. Create a clear list of your debts.
Write down:

Lender name

Total due

Interest rate

EMI amount

Remaining tenure

Once it’s all on paper, clarity replaces panic.

3. Prioritise debts.
Pay highest-interest debts (credit cards or app loans) first. Keep making minimum payments on others to protect your credit score.

4. Negotiate directly with lenders.
Call your credit card customer care and ask for a one-time settlement or EMI conversion plan.

Most banks will convert dues into a lower-interest monthly plan if you explain hardship honestly.

Never ignore calls. Always request written communication.

Keep records of all calls and emails.

5. Deal with app-based recovery harassment properly.
If recovery agents threaten or harass:

Record the call.

Report it to the National Cyber Crime Portal or RBI Sachet portal.

Many instant loan apps are unregulated or even illegal — you can refuse unlawful demands and lodge a complaint.

» Build a repayment structure

Your take-home pay is Rs. 50,000. Let’s keep your plan practical.

• Basic expenses: Around Rs. 25,000–28,000 per month for living needs.
• Debt repayment: Start with Rs. 15,000–18,000 monthly.
• Emergency & family contribution: Rs. 3,000–5,000 for safety.

With Rs. 15,000–18,000 monthly repayment, you can close Rs. 3 lakh debt within 18–20 months if you secure reduced-interest restructuring.

You can:

Combine smaller loans into one personal loan at lower interest (from your salary bank) to simplify repayment.

Avoid co-signing or using family credit.

Once repaid, never borrow from credit cards or loan apps again — rebuild only with emergency funds.

» Manage your credit cards

If your debt is mainly on credit cards:

Request EMI conversion or balance transfer to a lower-interest card or bank loan.

Stop using the card until the balance is zero.

Ask the bank for temporary interest waiver if financial hardship is documented.

» Psychological and job safety

Debt stress affects sleep, health and job focus. Recovery agents try to shame people into paying faster — ignore emotional blackmail.

Block harassing numbers after noting details.

Tell them to contact you only through official email.

Never let them involve your office or parents. That’s illegal under RBI’s Fair Practices Code.

If harassment becomes severe, file a police complaint under IPC Section 506 (criminal intimidation) or approach a local Legal Services Authority (free legal aid) for guidance.

» Steps to rebuild after clearing debt

Once loans are closed, take written closure letters and update CIBIL.

Keep one credit card with very low limit and pay full amount monthly to rebuild score.

Start a small emergency fund — Rs. 1,000–2,000 monthly until you have at least 3 months of expenses.

Then slowly begin investing in safe mutual funds or recurring deposits — never in credit-like products.

» Finally

You don’t need any paid settlement service. You can recover on your own with patience and structured repayment.
Avoid app loans, avoid quick-fix “lawyer settlements”, and use official channels only.
You have income, youth, and awareness — that’s your biggest advantage. In one to two years, you can be fully debt-free and emotionally free too.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

Ans: Hi Pradeep, Yes, since it was obtained legally. The same person certificate is a legal document used to prove that different names or name variations listed on various official documents belong to the same individual.

BEST REGARDS

Ans: If you get in IIM B, almost everyone gets a good package. If you do well in IIM B and also in your placement process you could land up with a good job. Right now focus on getting into a good college. To get into the top IIMs you may have to target 99.7+%ile

Ans: I would recommend Stephens. It is a better college than NIT. For MBA you need not pursue Engg.

Ans: Dear Anonymous,
A quick research would tell you which apps will work best for you. All you have to do is figure out if you want to date only or would you consider marriage after a period of dating. Different apps cater to different preferences and this segregation can help find the right partner.

Hope this helps.

Ans: you can invest in unlisted stocks but it is not recommended to do so as limited data is available for research and valuation is a big concern. i would suggest not to invest.

Ans: first you need to connect to kfintech and get the certificate changed as the name is new now, once you get the new certificate, fill in drf form from your broker and then submit it.

Ans: Do NOT keep C/O and Aadhaar as is because during JOSAA Counselling, document verification teams may flag it as a discrepancy. Getting it corrected now (either by removing C/O or correcting name) is the safest approach.?

Timeline: Since JEE Main 2026 registration begins this month, complete Aadhaar correction within the next 7-10 days to avoid last-minute issues.?