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Date : Mar 28, 2009

Question

sir ,i m a sme properiotor, my annual turn over is 1 crore and net profit 18 lakhs, i have several personal loans from several banks worth 45 lakhs and i have an excellent track record in last 10 years.now my basic problem is my business is in a very good condition and there is lot of space for expansion.previously i use to top up every loan at the end of fin ancial year , in that case only the intrest part was paid and the principal was returned to me and every thing was fine.now i m payin g emi of 1.7 lakhs per month out of which 70 thousand is intrest and balance is principal.sir is there any way from which the principal part is not bounded to paid upto 5 years? after 5 years i can pay principal easily without disturbing my business as my lic policies worth 50 lakhs will be matured that time,please show me a path.i am from a middleclass family and only due to financial help i got from these banks in last 10 years ,today i m an sme proprietor and i m able to generate employment for 20 persons.my total n.a.v is 2 crores

Answer

There is no option of paying your principal component after 5 years. You can instead take a consolidated loan where mone loan will take care of all your loans and you will have to pay only one EMI to one single lender. You can get a consolidated loan based on your income and repayment track record. You can approach any bank for a consolidated loan.

 

 

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