Hi raghu, Total debt you wish to repay = Rs 84,000
First try to take an advance salary of Rs 25000. I am sure that there will be interest free period on your credit card upto 45 -50 days period, so you can take advantage of this to meet the living expenses of Rs 8000. You will get a interest free period of 45 -50 days & no interest will be chargable on this 8000. Out of this Advance salary pay yr credit card debt first of Rs 23000. Loan left = 61000. And now you will save a lot of money on interest which is the maximum on credit card. In this way you can use the Rs 8000 per month to pay the principal of the other loans, as such your interest will diminish. When later you will be getting the incentives of not less than Rs 45000. you can pay the O/s amount on credit card and make the balance amount to pay the reaming debt. Hence in this way you save a lot on the interest. Rs 8000 * 6 mths=48000 + 13000 (out of incentives)= 61000. thus you hv paid all the loans within the year. Then out of 45000 - 13000 = 32000 you pay the 8000 that is remaining on the credit card. And now you are left with 24000 + 2000 + interest saved on installments. ALL DEBTS FREE AND PAID.
