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Struggling with Debt: 33k EMI on a 1.5 Lakh Salary in India - Can I Overcome 1 Crore Debt?

Milind

Milind Vadjikar  | Answer  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 24, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Mohit Question by Mohit on Sep 24, 2024Hindi
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How to overcome 1 crore debt with 1.5 lakhs salary having 33K as EMI in India?

Ans: The only way of overcoming debt is by repaying it in a timely manner.

Do not think that calculated gambles in FNO, crypto, online gaming or lottery will work for you.

Best way is to focus on improving your earning and possibly early repayment of the loan.

Explore option of selling any unutilized real estate or other asset to repay the loan.

Explore possibility of porting the loan to other lender if the interest rate is higher.

Seek help from near and dear ones if you feel stuck.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sanjeev

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Financial Planner - Answered on Aug 09, 2023

Asked by Anonymous - Aug 09, 2023Hindi
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I have multiple loan with outstanding of 32 lakhs. My salary is 1.3L pm and paying emi of 82k.Not able to figure it out how to get out this debt trap
Ans: My inputs sent for a magazine article yesterday may help you. Please go through it:-

Strategy to get out of debt trap

1. Debt Consolidation: This is streamlining your debts for clarity. Debt without consolidation is like juggling a bunch of puzzle pieces while presuming that you’re in control. Merge your scattered debts into one manageable loan, reducing confusion and the risk of missing payments. This smart move can lead to lower interest rates and simplified monthly payments, giving you a clearer path out of the debt maze.

2. Debt Avalanche Strategy: This strategy treats your debts as mountains and tells you to start climbing the steepest ones first, that is, tackling the highest peaks first and the lower peaks will then automatically become a cake-walk. So, with this strategy, you focus on the high-interest loans while making minimum payments on others. As you conquer one peak after another, your momentum builds, and soon you'll find yourself on the summit of debt-free living.

3. Credit Card Balance Transfer: IN this strategy, you swap the high-interest credit card debts for friendlier ones. Through a balance transfer, you move your existing credit card debt to a new card with lower interest, that is, shifting to a smoother terrain. This gives you breathing room to pay off the principal without being weighed down by sky-high interest.

4. Practical Tips to Conquer Debt:
1. Budget with Purpose: Lay out a clear budget that allocates extra funds to debt repayment while covering essentials.
2. Cut Unnecessary Expenses: Trim down on luxuries, and redirect the saved money towards settling your debts faster.
3. Build an Emergency Fund: Having a financial safety net prevents you from resorting to more debt during unexpected setbacks.
4. Negotiate with Lenders: Reach out to your lenders for potential interest rate reductions or extended payment plans.
5. Financial Windfalls: Put unexpected bonuses, tax refunds, or gifts towards debt reduction to accelerate your progress.

Remember, Rome wasn't built in a day – the same applies to debt repayment. By combining strategic methods and prudent financial habits, you can pave the way to a debt-free horizon.

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Career Counsellor - Answered on Jun 30, 2025

Asked by Anonymous - Jun 30, 2025Hindi
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CSE at BML Munjal University or CSE with specialization in IOT, Cybersecurity and Blockchain at CGC, Landran.
Ans: BML Munjal University’s B.Tech CSE is UGC-recognized under Section 2(f) and holds NAAC A accreditation with a QS I-Gauge Diamond rating. Its department features PhD-qualified faculty in AI, ML, IoT and cybersecurity, a Siemens-backed Centre of Excellence and state-of-the-art computing labs, and MoUs with Siemens PLM, Microsoft and other industry leaders. Over the last three years, BMU CSE placement rates have ranged from 84.5–97%. In contrast, CGC Landran’s B.Tech CSE (IoT & Cybersecurity including Blockchain) is NAAC A+ and NBA accredited, ranks #101–150 in NIRF Engineering, and is supported by expert faculty. Its infrastructure includes AI Skills Labs by Dell-Intel, a C-DAC Cybersecurity Lab, and AWS, Red Hat and Oracle collaborative labs, backed by industry partnerships with IBM, NASSCOM, Oracle Academy and Grazitti Interactive. CGC Landran reports a consistent 90–95% placement rate with over 1,000 recruiters and 10,000 job offers annually.

Recommendation: Choose CGC Landran CSE (IoT, Cybersecurity & Blockchain) for its NAAC A+ accreditation, NIRF ranking, specialized labs, extensive industry partnerships, and 90–95% placements in emerging domains; opt for BMU CSE if you prefer UGC recognition, global interdisciplinary electives, Siemens-backed CoEs, computing infrastructure, and 85–97% placement consistency in core computing fields. All the BEST for the Admission & a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

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Dr Upneet

Dr Upneet Kaur  |50 Answers  |Ask -

Marriage counsellor - Answered on Jun 30, 2025

Relationship
I am male married since 2013 , I was working full time and had good career for 10 yrs, I absolutely did not had any physical or mental health issues before marriage and was working full time as IT professional. After marriage from begning I had conflicts and disputes with inlaws. They were keeping too many expectations from My Wife and were doing lot of interference and trying to control My Wife and our married life. They were not allowing us to live our married life independently. There is no issues or conflicts between Me and My Wife and she is living with Me by her own will , but My Wife is mentally and physically weak so she does not handle inlaws and is unable to set the boundries with them after marriage. My in laws are immoral, highly manipulative and controlling people, on face they show and act as if they are very matured people and gentleman but behind they do all sort of negative and immoral activties. They also practice black magic and do all sorts of immoral activities to control My Wife and harm Me. After 5 yrs of marriage , I am suffering from rare, severe and complex Neurological disease since 2019 , I am like bed bound, and having difficulty in talking, sitting upright for long time. I am not able to work due to My severe health condition since 5 yrs now. Taking advantage of My severe, rare and long term health condition , My in laws are defaming Me and spreading rumors about Me to the neighbours, relatives and wherever I go by tracking My activities. They are telling that I am mentally unstable and have had physcological / mental issues from begning of marriage and they are trying to earn fake soft corner of thier daugther in front of people saying that our daughter is caught in this toxic marriage and her life is getting spoilt due to this marriage. They are also tracking each and every activity of Mine by hacking my mobile and creating severe obstacles by defaming Me and spreading rumors about Me They are trying to block My medical treatment by misguiding the Doctors and also blocking anyone who is helping Me ? They are forcing Me indirectly to convience My Wife and take mutual divorce and also demanding Money one time Amount from Me. --------------------------------------- How can I deal with such situation ? Considering I am bedbound and My health condition is severe , I am not in position to take legal action against them What can I do to stop this defamation and turning people against Me ? What can I do about tracking of all My activities through hacking of My mobile ?
Ans: Hello sir.
I am sorry to hear the situation of yours. I would suggest you to keep your wife in confidence so that your in laws can't reach your doctor and you can take your proper treatment. Secondly dont take stress of defamation. People around you know you. Now just concentrate on your health so that you can recover from it and join your job again.
Take care!
Regards
Dr Upneet Kaur

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