Reply to Query asked by Rajashekar on 09-04-2012
Hi.. my take home salary 26k, I have apersonal loan 1.5 lakh (1 yr old- EMI-4800 Rs )also 60k credit card debt .. can i get loan to buy wagon -R
Asked by Rajashekar on 09-04-2012
Dear Rajashekar It may be possible for you to get a loan, but since you have outstnading debt on your credit car which is more than double your monthly salary, it is unikely you will be able to pay off the same easily. In this situation, your CIBIL rating will be very poor, making it difficult for you to get a loan. Once you pay off your outstanding debts, then it will be possible for you to get a loan. There are private financiers who may give you a loan, but the interest rates are higher, and we do not recommend this.
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