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Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Jul 27, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
jakkul Question by jakkul on Jul 27, 2023Hindi
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how we can manage creditor in bunsiess

Ans: Your question does not give any details and it is difficult to answer it. Please give a specific question on what do you wish to know?
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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Ramalingam

Ramalingam Kalirajan  |8227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 16, 2024

Asked by Anonymous - Apr 14, 2024Hindi
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Money
Hi I am having more than 5 credit cards and Personal Loan along with a home loan..I am really facing problem to pay my dues and I have fallen in a debt trap. I am taking loan to pay off my another loan. I have no intention that I will not pay off my dues but on the other hand I am facing huge issue to pay off my debts, due to this even my Credit score and CIBIL is affecting. Kindly provide me a suggestion so that I can solve this issue without affecting my CIBIL.
Ans: Managing multiple loans and credit card debts can be overwhelming and lead to a debt trap, impacting your credit score and financial health. Here's a step-by-step plan to help you manage and eventually pay off your debts without further damaging your CIBIL score:

Assess Your Debts:

List down all your debts, including credit cards, personal loans, and home loans.
Note down the interest rates, outstanding amounts, and minimum monthly payments for each.
Create a Budget:

Make a realistic monthly budget to track your income and expenses.
Identify areas where you can cut expenses and allocate more funds towards debt repayment.
Prioritize Debts:

Prioritize debts with the highest interest rates to save on interest costs.
Continue making minimum payments on all debts to avoid penalties and further damaging your credit score.
Debt Consolidation:

Consider consolidating high-interest debts into a lower-interest loan or balance transfer credit card.
This can simplify payments and reduce overall interest costs, making it easier to manage.
Negotiate with Lenders:

Reach out to your lenders to negotiate lower interest rates or extended repayment terms.
Many lenders offer hardship programs or restructuring options to help borrowers in financial distress.
Increase Income:

Look for additional sources of income to boost your monthly cash flow.
This could be through a part-time job, freelancing, or selling unused items.
Financial Counseling:

Consider seeking professional financial counseling or debt management services.
They can provide personalized advice and strategies to manage and pay off your debts effectively.
Avoid Taking New Loans:

Stop taking new loans or using credit cards until you have paid off existing debts.
Focus on living within your means and building a savings buffer for emergencies.
Monitor Your Credit Score:

Regularly check your credit report to monitor your progress.
Ensure all information is accurate and dispute any errors to maintain a healthy credit score.
Stay Committed:

Stay committed to your debt repayment plan and avoid falling back into old habits.
Celebrate small victories along the way to stay motivated.
Remember, managing debt requires discipline, commitment, and patience. It may take time to get out of debt, but with a structured plan and determination, you can achieve financial freedom and improve your CIBIL score over time.

..Read more

Ramalingam

Ramalingam Kalirajan  |8227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 16, 2024

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Money
Hii sir, my monthly income is 45k. My rent is 10k and my emi is 40k. Every month i spend money monthly on credit card. My loan is 300000. How should i manage
Ans: I appreciate your willingness to address your financial situation. Managing finances with a monthly income of Rs 45,000 and significant expenses can be challenging. Let’s break it down step-by-step.

First, your rent is Rs 10,000 and your EMI is Rs 40,000. This means your monthly fixed expenses are Rs 50,000, which is more than your income. Additionally, using a credit card for monthly expenses indicates a potential debt trap.

Identifying Key Financial Challenges

Your primary challenges are:

Income is less than expenses

High EMI compared to income

Dependency on credit cards for daily expenses

Addressing these issues requires a comprehensive approach.

Creating a Budget

A well-planned budget is crucial. List all your expenses, including rent, EMI, groceries, utilities, transportation, and credit card payments. This helps identify areas where you can cut costs.

Reducing Discretionary Spending

Review your discretionary expenses. These are non-essential costs like dining out, entertainment, and shopping. Reducing these expenses can free up some funds.

Prioritizing Debt Repayment

Your loan is Rs 3,00,000. High EMIs indicate a large debt burden. Prioritizing debt repayment is essential to regain financial stability.

Exploring Loan Restructuring Options

Talk to your bank about restructuring your loan. They may offer options like extending the loan tenure or reducing the EMI. This can help manage your cash flow better.

Increasing Your Income

Consider ways to increase your income. Look for part-time jobs, freelance work, or side businesses. Every extra rupee can help.

Building an Emergency Fund

An emergency fund is crucial. Start small. Save Rs 500 or Rs 1,000 monthly. This fund can cover unexpected expenses without relying on credit cards.

Using Credit Cards Wisely

Credit cards are convenient but can lead to high-interest debt. Aim to pay off your credit card balance in full every month. If that’s not possible, pay more than the minimum due to reduce interest charges.

Seeking Professional Financial Guidance

Engaging a Certified Financial Planner (CFP) can provide personalized advice. They can help create a financial plan tailored to your situation. A CFP can assist with budgeting, debt management, and long-term financial planning.

Avoiding New Debt

Avoid taking on new debt. This includes personal loans, additional credit cards, or any form of credit. Focus on reducing existing debt first.

Negotiating Better Terms with Creditors

Talk to your creditors. Sometimes, they offer hardship programs that can lower interest rates or extend repayment periods. This can ease your financial burden.

Exploring Consolidation Loans

A consolidation loan can combine multiple debts into one loan with a lower interest rate. This simplifies repayment and can reduce monthly payments.

Monitoring Your Financial Progress

Regularly review your financial progress. Track your income, expenses, and debt repayment. Adjust your budget as needed to stay on track.

Building Good Financial Habits

Developing good financial habits is key. This includes:

Living within your means

Saving regularly

Avoiding impulse purchases

Being mindful of credit card use

Creating a Long-Term Financial Plan

A long-term financial plan is essential for financial security. This includes:

Setting financial goals

Creating a savings plan

Investing for the future

Disadvantages of Direct Funds

Investing in direct funds without guidance can be risky. Lack of professional advice can lead to poor investment choices.

Benefits of Regular Funds via CFPs

Investing through a CFP provides several benefits:

Professional advice

Personalized investment strategies

Regular portfolio reviews

CFPs can help align your investments with your financial goals.

Emphasizing Financial Discipline

Financial discipline is crucial. Stick to your budget, avoid unnecessary expenses, and prioritize debt repayment. This will improve your financial situation over time.

Recognizing the Importance of Financial Education

Financial education is vital. Learn about personal finance, budgeting, and investing. This knowledge empowers you to make informed financial decisions.

Final Insights

Managing finances with a limited income and high expenses is challenging but achievable. It requires a disciplined approach, prioritizing debt repayment, and seeking professional guidance.

Regularly review and adjust your financial plan to stay on track. Stay disciplined, avoid new debt, and work towards financial stability.

Remember, every small step counts towards achieving your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |8227 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 19, 2024

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Money
Hi sir I recently loss my job and I have personal Emi and taken loans from apps. which is aroundly have to pay Emi 35 k in a month and loan apps like Paytm , moneyview daliy calling and threating . I worried and I should not have focussed on anything. Please help from this situation
Ans: Losing a job and facing debt can be overwhelming. It is important to act swiftly to manage your financial situation.

Assess Your Financial Situation
List All Debts:

EMI of Rs. 35,000 per month.
Loans from various apps like Paytm and MoneyView.
Prioritize Debts:

Identify which debts have the highest interest rates.
Focus on these high-interest loans first.
Create a Budget
Calculate Monthly Expenses:

List essential expenses (rent, utilities, groceries).
Identify non-essential expenses you can cut.
Allocate Funds:

Ensure you cover essential expenses first.
Allocate remaining funds towards debt repayment.
Communicate with Lenders
Contact Loan Providers:

Explain your job loss situation.
Request for a temporary reduction or deferment in EMI payments.
Negotiate Repayment Terms:

Ask for extended repayment periods.
Request for lower interest rates if possible.
Seek Professional Help
Certified Financial Planner:

Consult a Certified Financial Planner for personalized advice.
They can help you create a debt management plan.
Credit Counseling Services:

Consider reaching out to credit counseling services.
They can negotiate with creditors on your behalf.
Increase Income Sources
Look for Temporary Work:

Consider part-time or freelance work.
Explore gig economy jobs like food delivery or ride-sharing.
Sell Unnecessary Assets:

Sell items you no longer need.
Use the proceeds to pay off debts.
Emergency Measures
Emergency Fund:

If you have an emergency fund, use it to cover essential expenses.
Avoid depleting it completely, keep some funds for unforeseen emergencies.
Friends and Family:

Consider borrowing from trusted friends or family.
Ensure you create a clear repayment plan to avoid misunderstandings.
Legal and Supportive Measures
Understand Your Rights:

Familiarize yourself with the laws regarding debt collection.
Loan apps must follow legal protocols; report any harassment.
Emotional Support:

Seek support from friends, family, or support groups.
Managing stress and mental health is crucial during this time.
Final Insights
Facing job loss and debt can be daunting. Take immediate steps to manage your finances. Prioritize essential expenses and debt repayment. Communicate with lenders and seek professional help. Look for temporary income sources and consider selling unnecessary assets. Protect your mental health and seek support from loved ones. With a strategic approach, you can navigate this difficult period and regain financial stability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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Dr Dipankar

Dr Dipankar Dutta  |1132 Answers  |Ask -

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Milind Vadjikar  |1172 Answers  |Ask -

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Asked by Anonymous - Apr 12, 2025Hindi
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Considering the current market conditions, I'm trying to decide whether it's wiser to invest in real estate or to continue investing in mutual funds. I already have some experience with mutual funds and have seen moderate returns, but I'm also attracted to the idea of owning a tangible asset like property, which could offer appreciation and rental income. I want to understand which option real estate or mutual funds is likely to offer better returns over the next 5 to 10 years, especially given the current economic environment, interest rates, inflation trends, and market volatility. How do factors like liquidity, maintenance, taxes, and risk compare between the two? Should I shift some of my investments into real estate for diversification, or is it more prudent to stay invested in mutual funds and possibly increase SIP contributions? I'm looking for a long-term strategy that helps with both capital growth and financial security.
Ans: Hello;

It is difficult to give an advice without knowing specifics of the case.

I would ideally recommend to include both in your portfolio but if it has to be a choice between the two, I would recommend real estate, as a general advice.

Liquidity, Maintenance, property tax are hassles and costs in real estate but asset price and monthly rentals are generally flat or headed northwards over time unless it is some odd case.

MFs holdings are highly liquid, No maintenance charges and efficient tax treatment. But it is subject to market vagaries.

Consult an investment advisor or a certified financial planner to seek more clarity and firm up your decision.

Best wishes;

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Nayagam P

Nayagam P P  |4421 Answers  |Ask -

Career Counsellor - Answered on Apr 13, 2025

Asked by Anonymous - Apr 12, 2025Hindi
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Career
i got 86.02 percentile in jee mains, i am under SC category from WEST BENGAL. can i get NIT DURGAPUR CSE BRANCH or any other branch
Ans: Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Admission Chances Using JoSAA Data
Step 1: Collect Your Key Details
Before starting, note down the following details:

Your JEE Main percentile
Your category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
Preferred institute types (NIT, IIIT, GFTI)
Preferred locations (or if you're open to any location in India)
List of at least 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If you are open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select Your Preferred Academic Program (Branch)
Enter the branches you are interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your admissions!

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

...Read more

Nayagam P

Nayagam P P  |4421 Answers  |Ask -

Career Counsellor - Answered on Apr 13, 2025

Asked by Anonymous - Apr 12, 2025Hindi
Listen
Career
What are the chances to get admission for my son in NIT Trichy or Surathkal or Warangal if he gets around 149 marks in the Apr session of JEE mains 2025. We are from general category & would like to pursue for either Data Science or Electronics of Chemical Engineering. If not these institutes what are the chances for other govt institutes.
Ans: Here is, How to Predict Your Son's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Son's Admission Chances Using JoSAA Data
Step 1: Collect His Key Details
Before starting, note down the following details:

His JEE Main percentile
His category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
His Preferred institute types (NIT, IIIT, GFTI)
His Preferred locations (or if he is open to any location in India)
List of at least his 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If he is open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select His Preferred Academic Program (Branch)
Enter the branches he is interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

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

...Read more

Nayagam P

Nayagam P P  |4421 Answers  |Ask -

Career Counsellor - Answered on Apr 13, 2025

Listen
Career
My son got 94.56 percentage in jee mains in OBC category.he passed 12th delhi school.his residency in gurugram haryana.which college he can gwt
Ans: Here is, How to Predict Your Son's Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

Providing precise admission chances for each student can be challenging. Some reputed educational websites offer ‘College Predictor’ tools where you can check possible college options based on your percentile, category, and preferences. However, for a more accurate understanding, here’s a simple yet effective 9-step method using JoSAA’s past-year opening and closing ranks. This approach gives you a fair estimate (though not 100% exact) of your admission chances based on the previous year’s data.

Step-by-Step Guide to Check Your Son's Admission Chances Using JoSAA Data
Step 1: Collect His Key Details
Before starting, note down the following details:

His JEE Main percentile
His category (General-Open, SC, ST, OBC-NCL, EWS, PwD categories)
His Preferred institute types (NIT, IIIT, GFTI)
His Preferred locations (or if he is open to any location in India)
List of at least his 3 preferred academic programs (branches) as backups (instead of relying on just one option)
Step 2: Access JoSAA’s Official Opening & Closing Ranks
Go to Google and type: JoSAA Opening & Closing Ranks 2024
Click on the first search result (official JoSAA website).
You will land directly on JoSAA’s portal, where you can enter your details to check past-year cutoffs.
Step 3: Select the Round Number
JoSAA conducts five rounds of counseling.
For a safer estimate, choose Round 4, as most admissions are settled by this round.
Step 4: Choose the Institute Type
Select NIT, IIIT, or GFTI, depending on your preference.
If he is open to all types of institutes, check them one by one instead of selecting all at once.
Step 5: Select the Institute Name (Based on Location)
It is recommended to check institutes one by one, based on your preferred locations.
Avoid selecting ‘ALL’ at once, as it may create confusion.
Step 6: Select His Preferred Academic Program (Branch)
Enter the branches he is interested in, one at a time, in your preferred order.
Step 7: Submit and Analyze Results
After selecting the relevant details, click the ‘SUBMIT’ button.
The system will display Opening & Closing Ranks of the selected institute and branch for different categories.
Step 8: Note Down the Opening & Closing Ranks
Maintain a notebook or diary to record the Opening & Closing Ranks for each institute and branch you are interested in.
This will serve as a quick reference during JoSAA counseling.
Step 9: Adjust Your Expectations on a Safer Side
Since Opening & Closing Ranks fluctuate slightly each year, always adjust the numbers for safety.
Example Calculation:
If the Opening & Closing Ranks for NIT Delhi | Mechanical Engineering | OPEN Category show 8622 & 26186 (for Home State), consider adjusting them to 8300 & 23000 (on a safer side).
If the Female Category rank is 34334 & 36212, adjust it to 31000 & 33000.
Follow this approach for Other State candidates and different categories.
Pro Tip: Adjust your expected rank slightly lower than the previous year's cutoffs for realistic expectations during JoSAA counseling.

Can This Method Be Used for JEE April & JEE Advanced?
Yes! You can repeat the same steps after your April JEE Main results to refine your admission possibilities.
You can also follow a similar process for JEE Advanced cutoffs when applying for IITs.

Want to Learn More About JoSAA Counseling?
If you want detailed insights on JoSAA counseling, engineering entrance exams, preparation strategies, and engineering career options, check out EduJob360’s 180+ YouTube videos on this topic!

Hope this guide helps! All the best for your Son's admissions!

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

...Read more

Milind

Milind Vadjikar  |1172 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Apr 13, 2025

Listen
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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