Dear sir, I am 27 year old with a 3 lakhs personal loan emi timely ni ja pa rhi h aur gold loan bhi h 1.2lakh h my monthly income 35000how to done it
Ans: You are trying your best. That’s a good start.
Your situation is tough. But not impossible.
A small change today can help big tomorrow.
You are 27 years old.
You are earning Rs. 35,000 per month.
You have a personal loan of Rs. 3 lakhs.
You also have a gold loan of Rs. 1.2 lakhs.
Your EMI is not going properly.
Let us now assess your full financial life.
Let us try to find the best and practical solution.
A full 360-degree review is given below.
Understand the Real Picture
Personal loan EMI is not affordable now.
Gold loan is adding more pressure.
Monthly income is Rs. 35,000. But expenses are unknown.
No clarity about other savings or liabilities.
Let us assume Rs. 10,000 is for basic living.
Balance Rs. 25,000 is not enough for two loans.
This is a debt trap stage. Need immediate plan.
Taking more loan is not a solution.
Your financial life must be stabilised first.
It can be done step-by-step, patiently.
Start with Budget Review
Track all expenses for one month.
Find unnecessary or avoidable costs.
Limit online food orders, OTT, travel, and lifestyle spends.
Create a written monthly budget.
Follow the budget strictly for 6 months.
Bring expenses down to minimum.
Target monthly savings of Rs. 10,000 to 12,000 minimum.
Keep a small notebook or app to monitor it daily.
Address the Gold Loan First
Gold loan usually has high interest.
It is a secured loan. Gold can be auctioned.
Try to close gold loan in 4 to 6 months.
Use all possible savings to repay this one first.
If possible, take a small help from family to close gold loan.
Once gold is released, avoid re-pledging it.
This step gives you mental relief.
Talk to the Bank for Personal Loan Restructure
Approach the bank directly.
Request to restructure the EMI.
Ask for longer tenure or reduced EMI.
It is better than defaulting EMI.
Banks do offer one-time solutions sometimes.
Keep all records of communication.
Do not ignore EMI delay calls.
Be proactive and transparent with bank.
Avoid Taking Any New Loan Now
Do not take credit card loans.
Avoid app-based loans with high interest.
Do not take hand loans with monthly interest.
It will worsen your situation.
Focus on repayment, not replacement of loans.
Start Emergency Fund Slowly
Once gold loan is closed, build an emergency fund.
Keep 2 to 3 months income in savings.
This avoids future loan needs.
Even Rs. 1,000 saved per month is good.
Emergency fund gives you peace.
Assess Your Career and Income Options
Check if income can be increased.
Take weekend freelance or part-time job.
Learn a small new skill for better salary.
Many free online courses are there.
Try for a higher-paying job also.
Small income boost can ease repayment.
Protect Your Health First
If you don’t have health insurance, buy now.
Even low-cost Rs. 5 lakh cover is useful.
Medical emergency can push you back to more loans.
Check employer coverage also.
Avoid Insurance-Cum-Investment Plans
If you hold any ULIP, endowment, or LIC money-back, stop it.
Surrender it and take term insurance only.
Invest the surrendered money into good mutual funds.
But only after clearing loans.
Insurance is for protection, not investment.
When You Start Investing Later
Start SIP in mutual funds through Certified Financial Planner.
Prefer regular funds via MFD, not direct funds.
Direct funds do not provide advice or support.
CFP gives personalised service and long-term review.
Regular funds give long-term guidance and hand-holding.
Stay Away From Index Funds
Index funds do not beat market returns.
They have no active fund manager.
They follow market blindly.
They don’t protect you in down markets.
Actively managed funds give better returns with lower risk.
Avoid Real Estate Investment
Real estate needs big capital.
It has high maintenance and low liquidity.
It is not for your stage now.
Focus on clearing loans and creating liquidity.
Avoid Annuities
Annuities lock your money for long.
Returns are low and taxable.
Not suitable for your young age.
Keep money flexible and growing.
Track Your Progress Every Month
Review your budget monthly.
Check if loan balances are going down.
Check if your savings are improving.
Make a small celebration for each milestone.
Stay motivated throughout the journey.
Build a Financial Mindset
Talk about money openly with family.
Read one finance article every week.
Stay away from people who promote quick money.
Be patient and consistent.
Long-term thinking gives stability.
Consult a Certified Financial Planner
Once loan stress is reduced, meet a CFP.
He will plan your future steps.
He will guide on savings, insurance, retirement.
CFP is trained to handle all situations.
Choose one with a good track record.
Final Insights
First 12 months will be hard. But you can manage.
Focus on one step at a time.
Close gold loan first.
Then restructure personal loan.
Stick to a budget without fail.
Start savings slowly.
Don’t take fresh loans.
Focus on income growth.
Don’t mix insurance with investment.
Choose mutual funds through CFP only.
Direct or index funds are not for your situation.
You are still young. A solid plan can help you.
One good decision today can change your tomorrow.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment