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Ramalingam

Ramalingam Kalirajan  |8292 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 20, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - May 20, 2024Hindi
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Money

Hi sir, Iam 28years old working in IT sector. My salary is 25k per month and i have 10Lac rupees of personal loan. How to clear the loan ASAP. Please help me.

Ans: Creating a Plan to Clear Personal Loan Debt
Navigating through debt can be challenging, but with the right strategy, you can overcome it and achieve financial freedom.

Acknowledging Your Situation
Genuine Compliments: It's commendable that you're seeking guidance to tackle your personal loan debt at such a young age.

Empathy and Understanding: I understand that managing a personal loan while working in the IT sector can be daunting, but with a structured plan, you can eliminate the debt burden.

Assessing Your Financial Situation
Income Evaluation: Analyze your monthly income and expenses to determine how much you can allocate towards repaying the loan.

Debt Repayment Priority: Given the high interest associated with personal loans, prioritizing its repayment is crucial to minimize interest costs.

Disadvantages of Direct Funds: Directing funds towards investments while carrying a high-interest personal loan may not be the most prudent approach.

Benefits of Regular Funds Investing through MFD with CFP Credential: By focusing on debt repayment first, you can free up more resources for future investments with the guidance of a Certified Financial Planner (CFP).

Developing a Repayment Strategy
Budgeting: Create a detailed budget to identify areas where you can cut back on expenses and redirect those savings towards loan repayment.

Debt Snowball or Avalanche Method: Choose between these popular debt repayment strategies based on your preference and financial situation to accelerate loan clearance.

Additional Income: Explore opportunities to increase your income, such as freelancing or part-time work, to expedite debt repayment.

Conclusion
By prioritizing debt repayment and working with a Certified Financial Planner to optimize your financial resources, you can clear your personal loan debt swiftly and embark on a path towards financial stability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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  |8292 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 20, 2024

Asked by Anonymous - May 14, 2024Hindi
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Money
Sir I am just 27 year old & My Salary is 15k per month But sir my loan is 2.5 lakh for your suggection how to clear this amount in 4 month
Ans: Tackling Your Loan Repayment Challenge
Understanding Your Financial Situation
Ajay, being 27 and managing your finances well is commendable. Clearing a ?2.5 lakh loan with a ?15,000 monthly salary in four months is ambitious but achievable with strategic planning.

Compliments on Your Determination
Your determination to clear your loan quickly is admirable. It shows your commitment to financial freedom and responsible money management.

Evaluating Your Current Financial Position
Income vs. Loan:

Monthly salary: ?15,000.
Total loan: ?2.5 lakh.
Goal: Repay within four months.
Savings and Resources:

Assess any existing savings or liquid assets.
Identify any additional income sources.
Current Expenses:

Track monthly expenses.
Identify areas to cut costs temporarily.
Strategies for Rapid Loan Repayment
Create a Detailed Budget:

List all monthly income and expenses.
Prioritize loan repayment over non-essential spending.
Cut Unnecessary Expenses:

Limit discretionary spending.
Focus on necessities to free up funds for loan repayment.
Increase Income:

Seek additional part-time or freelance work.
Consider selling unused items for extra cash.
Negotiate with Lender:

Discuss possible payment plans with your lender.
Explore options for lower interest rates or extended terms.
Utilize Savings:

Use any available savings to make lump-sum payments.
Prioritize paying off high-interest portions first.
Practical Steps to Implement
Budgeting and Expense Management:

Use a budgeting app or spreadsheet.
Allocate maximum possible funds towards loan repayment.
Increase Monthly Payments:

Aim to pay more than the minimum required.
Consider making bi-weekly payments to reduce interest.
Temporary Lifestyle Adjustments:

Reduce entertainment and dining out expenses.
Focus on free or low-cost activities.
Emergency Fund Consideration:

Ensure you retain a small emergency fund.
Avoid depleting all savings to prevent future debt.
Example Plan
Monthly Income:

?15,000 salary.
Additional Income:

Aim for at least ?10,000 from part-time work or selling items.
Total Monthly Income:

?25,000 (?15,000 salary + ?10,000 additional income).
Loan Repayment Allocation:

Allocate ?60,000 per month towards the loan.
Repayment Timeline:

?2.5 lakh / ?60,000 per month = approximately 4.17 months.
Monitoring and Adjusting the Plan
Track Progress:

Regularly review your budget and expenses.
Adjust strategies as needed to stay on track.
Stay Motivated:

Keep your goal in sight.
Celebrate small milestones to maintain motivation.
Seek Support:

Discuss your plan with family or friends.
Consider professional advice for personalized strategies.
Conclusion
Clearing a ?2.5 lakh loan in four months with a ?15,000 monthly salary is challenging but possible. By cutting expenses, increasing income, and staying disciplined, you can achieve your goal. Remember, this is a temporary phase, and your efforts will lead to financial freedom.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Money
Ramalingam

Ramalingam Kalirajan  |8292 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 02, 2025

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Money
I have taken a loan of 15 lakh from office and I have salary of Rs 66000 per month.How I can pay this loan I need to clear it soon
Ans: You have a loan of Rs. 15 lakh from your office. Your salary is Rs. 66,000 per month. Paying this loan quickly requires a systematic plan. Let us explore actionable steps.

Assessing Your Financial Position
1. Calculate EMI and Loan Tenure

Confirm your monthly EMI and loan tenure.
Ensure you know the interest rate and prepayment rules.
2. Review Monthly Budget

Analyse your income and expenses thoroughly.
Identify areas where you can save more.
3. Assess Additional Income Sources

Explore opportunities for extra income.
Look for freelance work, weekend jobs, or monetising hobbies.
Short-Term Strategies to Accelerate Loan Repayment
1. Allocate a Fixed Repayment Amount

Dedicate a significant portion of your salary to EMIs.
Prioritise the loan in your financial planning.
2. Cut Non-Essential Expenses

Reduce discretionary spending like dining out and entertainment.
Focus on needs over wants during the repayment period.
3. Use Bonuses or Windfalls

Use salary bonuses or incentives for partial loan repayment.
Any extra income should be directed towards the loan.
4. Avoid New Debt

Do not take additional loans or use credit cards unnecessarily.
Focus only on clearing the existing loan.
Medium-Term Actions for Loan Reduction
1. Increase EMI Amount

Check if you can increase EMI without penalties.
Higher EMIs reduce tenure and interest costs.
2. Make Regular Prepayments

Use savings to prepay the loan in small chunks.
Prepayment reduces both principal and interest burden.
3. Create a Strict Budget

Track all expenses and limit unnecessary costs.
Allocate every rupee wisely towards loan repayment.
4. Seek Office Assistance

Request for a longer repayment period if you face financial strain.
Ensure the EMI remains manageable.
Long-Term Measures for Financial Stability
1. Build an Emergency Fund

Save for emergencies once the loan reduces.
Aim for 3–6 months’ worth of expenses.
2. Focus on Income Growth

Invest in skill development to increase your earning potential.
Look for promotions or better-paying job roles.
3. Adopt Financial Discipline

Avoid unnecessary expenses or impulsive purchases.
Plan for future needs to avoid taking new loans.
Risks of Default
1. Financial Stress

Missing EMIs can lead to stress and additional penalties.
Ensure timely payments to avoid complications.
2. Workplace Reputation

Office loans are based on trust.
Defaulting can impact your professional relationships.
3. Reduced Liquidity

High EMIs can strain your cash flow.
Create a backup plan to manage shortfalls.
Final Insights
Repaying Rs. 15 lakh requires focus, discipline, and strategic planning. Prioritise loan repayment by cutting expenses, using additional income, and making prepayments. Long-term financial discipline ensures you avoid such debt burdens again. Consulting a Certified Financial Planner can help you create a customised financial roadmap for loan repayment and future stability.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

..Read more

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Latest Questions
Prof Suvasish

Prof Suvasish Mukhopadhyay  |598 Answers  |Ask -

Career Counsellor - Answered on Apr 27, 2025

Asked by Anonymous - Apr 27, 2025
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Nayagam P

Nayagam P P  |4465 Answers  |Ask -

Career Counsellor - Answered on Apr 27, 2025

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Jee main 2025,my son got 95.2%tile,71104 rank ,ews rank 10111,home state punjab ,can he get cse,ece,data science,it, branch in any nit,iiit,gftis or which branches he will get in these institutes .
Ans: Varinder Sir, 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.

Here is, How to Predict Your Chances of Admission into NIT or IIIT or GFTI After JEE Main Results – A Step-by-Step Guide.

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 both Home State (HS) i.e. State you belong to & also Other State (OS).
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, separately for HS & OS Categories for a quick reference.
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

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Nayagam P

Nayagam P P  |4465 Answers  |Ask -

Career Counsellor - Answered on Apr 27, 2025

Career
My son got 93.4 percentile jee main . He got eee bit mesra and cse in srm ktr which prospect is better?
Ans: Sharmistha Madam, prefer BIT-M-EEE. Explore more options for your daughter as back-ups by knowing the JoSAA Counselling Opening & Closing Ranks of last year. 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 both Home State (HS) i.e. State you belong to & also Other State (OS).
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, separately for HS & OS Categories for a quick reference.
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'

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 both Home State (HS) i.e. State you belong to & also Other State (OS).
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, separately for HS & OS Categories for a quick reference.
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

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Radheshyam

Radheshyam Zanwar  |1575 Answers  |Ask -

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Prof Suvasish

Prof Suvasish Mukhopadhyay  |598 Answers  |Ask -

Career Counsellor - Answered on Apr 27, 2025

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I have already appeared for the JEE Main and secured a 95.15 percentile, which is close to the previous year's cut-off. My query is whether it is possible to select both options JEE and NFATso that if I do not qualify through my JEE score, my application can be considered based on my NFAT score instead. If selecting both options is permissible, could you please guide me on how to do so while filling out the application form? Your assistance on this matter would be greatly appreciated.
Ans: No, candidates cannot apply using both JEE Main and NAFT scores for the same admissions. JEE Main scores are used for admissions to engineering programs at NITs, IIITs, and other participating institutions, while NAFT scores are used for admissions to NAFT-affiliated universities. These are distinct admission processes, and only one set of scores can be used.
Asked on - Apr 27, 2025 | Answered on Apr 27, 2025
I am seeking above clarification regarding the application process for admission to the B.Tech-M.Tech Cyber Security program. Request to guide
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Radheshyam

Radheshyam Zanwar  |1575 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Apr 27, 2025

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hello sir, so i was a neet aspirant gave neet 2 times but did not get qualified...i was doing bsc in biology simultaneously..but the problem is i am not a regular student...all i did was give exams for bsc....now i don't know what to do....i have a thought of going for ssc cgl and then preparing for upsc if i land a job through ssc....but it would be tough to make a transition from neet ssc cgl...but im adamant to do it...please share your thoughts regarding my situation?
Ans: Hello Divyanshi.
Here is a pointwise reply to your current situation: (1) If possible, consider dropping the idea of NEET as you have tried twice but didn't succeed, (2) Focus on your B.Sc. and aim to become a regular student to achieve a high percentile in the exam. B.Sc. Biology has wide applications in both industries and academia. (3) There is no point in joining a job based on SSC as it would likely create further frustration for you. (4) Along with your B.Sc., consider learning some industry-based and computer courses if you are interested. (5) If you have a computer and a Wi-Fi connection at home, you can access many free online courses on the Coursera website. (6) You can also try for public service commission examinations while preparing for your B.Sc. (7) Recognize your strengths and the knowledge you possess, and focus your job search in that sector/area for a successful career. In this modern era, it is not difficult to find a job if someone is an expert in their field.
Follow me if you like the reply. Thanks
Radheshyam

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