Trapped in a 6-year cycle of instant loan apps.I need a way out.
Debt is 3-3.5L, Salary is 38k. No overdues yet, but need help manoeuvring this situation.
The Situation
I am a 20-something professional currently drowning in debt from online instant loan apps. This started during my college days and has snowballed over the last 5–6 years. I have never been debt-free in my adult life, and the mental toll has become debilitating. My confidence is shattered and my overall life is in shambles (on the verge of it).
The Financials
Total Debt: ₹3,00,000 – ₹3,50,000 (across multiple apps).
Monthly Take-home Salary: ₹38,000.
Current Monthly EMIs: ₹45,000 – ₹50,000.
Because my EMIs exceed my salary, I am stuck in a vicious cycle: my salary credits, it immediately goes toward EMIs, and then I have to take out a new loan just to cover basic rent and food for the month. I am essentially paying interest on interest at this point.
Had tried contacting a few banks but have been denied because of the high % of my salary that goes in EMIs and also due to a lot of enquiries on my Cibil.
Is it possible if I could mail a few banks about my situation, explaining everything in detail, and try my luck out. I'm ready to get disciplined with money but as of now I need some breathing room and request you all to help a brother out.
Please note I'm not asking for money, just some solid advice or a direction I can work towards.