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Old 25th November 2008, 17:12   #31
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Originally Posted by amtak View Post
Hi tsk, I have no issues disclosing why I am looking at taking this loan. I am getting married in Feb 09 and hence I am looking at the Wedding loan.
You're paying dowry to get married?
Just kidding, pal.

Between, do you really need such a huge amount for those requirements which you arent currently able to meet? how about postponing those which arent highly critical?
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Old 25th November 2008, 17:15   #32
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amtak, congratulations for you forthcoming wedding

i have gone through your thread and i agree with you that there are problems getting a loan these days.

by the way, if you have a EPF account and if you have a good salary which means if you have good amount in your account, you can get upto 80% of your account balance for marraige expenses. you have to show them marraige card as a proof and generally these things can be done faster so may be you could try this option.

after all you would be using your own money without it being termed as loan.

my two cents.

Mansi
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Old 25th November 2008, 17:25   #33
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I think I got lucky and I got a PL approved in the first week of November, just before this clamp down started. It was from HDFC Bank where I hold my meagre salary account , and fortunately it was a pre-approved loan, meaning no verification hassles, just one phone call from mumbai HO and the loan amount was transferred to my account.
Since your marriage is in Feb, you still have time, the banks might loosen their wallets by that time.

Try to avoid any lumpsome credit card purchases till the last moment.

Last edited by Shakensoul : 25th November 2008 at 17:26.
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Old 25th November 2008, 17:27   #34
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Originally Posted by manaa45 View Post

by the way, if you have a EPF account and if you have a good salary which means if you have good amount in your account, you can get upto 80% of your account balance for marraige expenses. you have to show them marraige card as a proof and generally these things can be done faster so may be you could try this option.


Mansi

Learn something new every day.
That is a great tip.

I understand Amtaks issue quite well as I went thru the same a couple of years back.

Had no choice but to take a personal loan for my wedding expenses.

amtak:
It helps to find out the best rates for the articles from multiple sources before purchasing.
You end up burning a lot of money as we are generally not used to buying things in large quantities.
And had no idea that a particular market area would have saved us a couple of thousands.
Same goes for wedding wear.
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Old 25th November 2008, 17:32   #35
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Amtak, Mansi's suggestion makes real sense and it is practical too!
Apart from this, a loan from LIC based on your policy,if any, is only coming up in mind. AFAIK we have this option of availing a loan from LIC - don't have anymore details though. May be someone else can add more info here?
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Old 25th November 2008, 17:33   #36
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Got loan for buying TV and HT from Bajaj Finance hardly two months back that too interest free loan for 10 months dont want any more loans now as loaded with all possible loans.
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Old 25th November 2008, 17:38   #37
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Originally Posted by menonrajesh View Post
Amtak, Mansi's suggestion makes real sense and it is practical too!
Apart from this, a loan from LIC based on your policy,if any, is only coming up in mind. AFAIK we have this option of availing a loan from LIC - don't have anymore details though. May be someone else can add more info here?
I have a LIC Policy. Let me try that option.

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Originally Posted by manaa45 View Post
amtak, congratulations for you forthcoming wedding

i have gone through your thread and i agree with you that there are problems getting a loan these days.

by the way, if you have a EPF account and if you have a good salary which means if you have good amount in your account, you can get upto 80% of your account balance for marraige expenses. you have to show them marraige card as a proof and generally these things can be done faster so may be you could try this option.

after all you would be using your own money without it being termed as loan.

my two cents.

Mansi
Hi Mansi,

I have asked for a withdrawal from my previous employer's EPF and I am yet to get that. That was in Feb 08 despite my regular follow ups.

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Originally Posted by benbsb29 View Post
You're paying dowry to get married?
Just kidding, pal.

Between, do you really need such a huge amount for those requirements which you arent currently able to meet? how about postponing those which arent highly critical?
Ben,

Life throws so much at you that sometimes you are helpless. It was me who wanted to get married in Feb 08 . Now that they have made all the necessary arrangements, I cannot back out. Its not that I cannot afford it, its just that considering the current scenario, taking a loan is the only option I am left with as even my brother got married as recently as 8th of this month.
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Old 25th November 2008, 17:44   #38
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Quote:
Originally Posted by amtak View Post
Hi tsk, I have no issues disclosing why I am looking at taking this loan. I am getting married in Feb 09 and hence I am looking at the Wedding loan. There are a couple of things which are not coming in the money that I have saved for and hence this tedious process. Taking on credit card is easy but then I don't really want to take that step. Here atleast I can keep a track of how much I would be paying on a monthly basis and would plan my expenses accordingly.
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Originally Posted by amtak View Post
Bblost,

Registered marriage is the other option which I have in my mind and have been thinking about it nonstop as I don't like extravaganza. But since this is the last wedding in both the families (we are the youngest from both the sides), it is being planned in a big way. Hence, all I can do is pitch in some money from the sources I can think of any pay them in EMI's.
Congratulations. Its good you are looking at an option of reducing marriage expenditure, and ideally thats the best way to go.
However sometimes due to family pressures its not possible.
But a little planning can make things better.
First make a list of things you need money for. For example furniture, TV, fridge blah blah.
Then select things which are available in big stores, and supermarts, like home appliances.

But them in a bulk deal. All big stores will give you interest free EMI.
After you have exhausted that, call up your credit card helpline, and ask for tie ups. There are some products which you can buy on EMI with either zero interest and in some cases no processing FEE is also charged.

Third option is the emergency option. Many credit card companies offer you balance transfer, and then repayment within 6 months at zero or low interest rate.
So what you can do is shop on one credit card
After you accumulate the bill amount, lets say 1 lakh, transfer than to the other credit card. The source credit card will charge you 2% processing fee or something, which comes to 2000, and the destination card may have some 500rs processing fee. But the net effect is that you get to pay 100,000 over a period of 6 months and the effective extra outgo is only 2500, instead of 5000 if your annual interest rate of loan was 10%
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Old 25th November 2008, 18:03   #39
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Originally Posted by amtak View Post
I have a LIC Policy. Let me try that option.
do try that. they too have some scheme for their policy holders.

the rule afaik is that, you have to have completed three years of taking policy, and you would only get 90% of the amount paid in form of premium. For eg if you pay a premium of Rs 10000/annum and you have paid it for 5 years, then you can get upto 45000/- as a loan. so calculate accordingly and may be you could use that option. if you have multiple policies then i think you could do that for each of them. but latter part of what i havementioned here is what i think.

i personally feel that when the situation all over is so volatile, it would make sense not to burden yourselves with lot of EMI's but try to use your savings even though they fetch good rate of interest, it would surely not be more then what you would pay in EMI's .


Quote:
Originally Posted by amtak View Post
Hi Mansi,

I have asked for a withdrawal from my previous employer's EPF and I am yet to get that. That was in Feb 08 despite my regular follow ups.
withdrawal is always an issue, it takes hell lot of time, btw why dint you get it transferred to your new company. anyways if your new company is paying regulary to your PF account then if you apply for this amount, they will consider transferring your balance from your previous job and give you the benefit. you just need to contact some known consultant who will give you better advice.

but this one option surely can be tried.

Mansi
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Old 26th November 2008, 08:57   #40
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Originally Posted by tsk1979 View Post
Congratulations. Its good you are looking at an option of reducing marriage expenditure, and ideally thats the best way to go.
However sometimes due to family pressures its not possible.
But a little planning can make things better.
First make a list of things you need money for. For example furniture, TV, fridge blah blah.
Then select things which are available in big stores, and supermarts, like home appliances.

But them in a bulk deal. All big stores will give you interest free EMI.
After you have exhausted that, call up your credit card helpline, and ask for tie ups. There are some products which you can buy on EMI with either zero interest and in some cases no processing FEE is also charged.

Third option is the emergency option. Many credit card companies offer you balance transfer, and then repayment within 6 months at zero or low interest rate.
So what you can do is shop on one credit card
After you accumulate the bill amount, lets say 1 lakh, transfer than to the other credit card. The source credit card will charge you 2% processing fee or something, which comes to 2000, and the destination card may have some 500rs processing fee. But the net effect is that you get to pay 100,000 over a period of 6 months and the effective extra outgo is only 2500, instead of 5000 if your annual interest rate of loan was 10%
Yes Tanveer, that's what is going on in my mind.

Quote:
Originally Posted by manaa45 View Post
do try that. they too have some scheme for their policy holders.

the rule afaik is that, you have to have completed three years of taking policy, and you would only get 90% of the amount paid in form of premium. For eg if you pay a premium of Rs 10000/annum and you have paid it for 5 years, then you can get upto 45000/- as a loan. so calculate accordingly and may be you could use that option. if you have multiple policies then i think you could do that for each of them. but latter part of what i havementioned here is what i think.

i personally feel that when the situation all over is so volatile, it would make sense not to burden yourselves with lot of EMI's but try to use your savings even though they fetch good rate of interest, it would surely not be more then what you would pay in EMI's .




withdrawal is always an issue, it takes hell lot of time, btw why dint you get it transferred to your new company. anyways if your new company is paying regulary to your PF account then if you apply for this amount, they will consider transferring your balance from your previous job and give you the benefit. you just need to contact some known consultant who will give you better advice.

but this one option surely can be tried.

Mansi
I didn't opt for a transfer as I was planning to opt out of the scheme and hence I applied for a withdrawal. However, I have now started with a new PF account in my new company.
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Old 26th November 2008, 14:54   #41
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Amtak : Congrats!

This post is not directed toward you, or anyone who needs the moolah for a crucial situation, but I am extremely happy that banks have finally started tightening their belts. Sure, we are currently experiencing an extreme situation where liquidity is at stake and this is not necessarily an ideal situation. However, it is the current economic scenario which will set the precedent for future loan disbursals. In time, banks will only offer loans to those who can prove that they are comfortably capable of repayment. Compare that to 2007 when my office peon - who makes 4,000 a month - was able to get a 1.5 lakh loan. Even he does NOT know how he will repay the amount, nor did he need it for an extra-ordinary circumstance. Easy borrowed money had spoilt us rotten to an extent that, an unhealthy % of urbaners were living beyond their means. Heck, I have seen loans being taken to fund a lavish lifestyle, fancy mobile phones & other luxury items. On Team-BHP too, I have read of people who are in their mid-20s and spend 40% of their income on car EMIs! That is just disaster waiting to happen.

Tough times can teach you a lot about the realities of life. They also get your feet back on the ground. I hope that more & more amongst us learn to save, & spend only a % of their income. Wisely.
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Old 26th November 2008, 15:34   #42
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Quote:
Originally Posted by amtak View Post

Life throws so much at you that sometimes you are helpless. It was me who wanted to get married in Feb 08 . Now that they have made all the necessary arrangements, I cannot back out. Its not that I cannot afford it, its just that considering the current scenario, taking a loan is the only option I am left with as even my brother got married as recently as 8th of this month.

You are already like a married guy.
Losing your memory.


------
Joke to cheer you up.

A man complained to his friend, “I had it all: money, a beautiful house, a big car, the love of a beautiful woman -- then pow! It was all gone!”
“What happened?” asked his friend.


“Ahhhh… my wife found out.”
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Old 26th November 2008, 16:17   #43
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BBLost! That's a good one. That should read Feb 09 indeed. My typo!
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Old 26th November 2008, 16:46   #44
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Tough times can teach you a lot about the realities of life. They also get your feet back on the ground. I hope that more & more amongst us learn to save, & spend only a % of their income. Wisely.
That is a million dollar advice GTO!
Most of us simply went for the easy money offered. We never realized that this loan-EMI stuff is going to steal the peace of mind. I know so many people who are under immense pressure of repayments + recession.

Cheers!!!
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Old 26th November 2008, 17:42   #45
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Originally Posted by GTO View Post
Amtak : Congrats!

This post is not directed toward you, or anyone who needs the moolah for a crucial situation, but I am extremely happy that banks have finally started tightening their belts. Sure, we are currently experiencing an extreme situation where liquidity is at stake and this is not necessarily an ideal situation. However, it is the current economic scenario which will set the precedent for future loan disbursals. In time, banks will only offer loans to those who can prove that they are comfortably capable of repayment. Compare that to 2007 when my office peon - who makes 4,000 a month - was able to get a 1.5 lakh loan. Even he does NOT know how he will repay the amount, nor did he need it for an extra-ordinary circumstance. Easy borrowed money had spoilt us rotten to an extent that, an unhealthy % of urbaners were living beyond their means. Heck, I have seen loans being taken to fund a lavish lifestyle, fancy mobile phones & other luxury items. On Team-BHP too, I have read of people who are in their mid-20s and spend 40% of their income on car EMIs! That is just disaster waiting to happen.

Tough times can teach you a lot about the realities of life. They also get your feet back on the ground. I hope that more & more amongst us learn to save, & spend only a % of their income. Wisely.
Reminds me of my friend who was an Investment banker till recently, and had to change job to Entry level software Engineer due to the recent slump.
He had taken a home with a loan of 40 lacs, and that's because with his 1.5 lac+ monthly take home, he thought paying the EMI's would be quite comfortable. Little did he expect the turn of events to take such disastrous way.
Now his total in-hand is about 40k, about the same amount as his home loan EMI is.
Needless to say, he is trying to sell off the house, but alas, no takers for the same house today for even 30 lasc. All the investors/speculators have gone into hiding!

Last edited by DCEite : 26th November 2008 at 17:44.
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