Can I create a corpus of Rs 1 crore by investing Rs 20,000 per month?

I have a moderate to high risk appetite. I am investing in seven mutual fund schemes. All investments are under the direct option. I am investing in the following schemes:

SBI Bluechip Fund: Rs 1,000
Miare Asset Emerging Bluechip Fund: Rs 3,000
Kotak Standard Multicap Fund: Rs 2,000
Motilal Oswal Multicap 35 Fund: Rs 3,000
HDFC Mid-Cap Opportunities Fund: Rs 3,000
Relaince Small Cap Fund: Rs 3,000
L&T Emerging Businesses Fund: Rs 1,000

I want to invest Rs 20,000 per month. Where should I invest the remaining Rs 4,000?

Is my mutual fund portfolio good for creating Rs 1 crore in 18 years? I can also invest a lumpsum of around 5,000. Should I make any changes to my portfolio?

-- Pravesh Prajapati

Gaurav Monga, a Certified Financial Planner, responds:

You have selected some decent mutual fund schemes, but the number of schemes in your portfolio is on the higher side. Ideally, there should not be more than four to five schemes in your portfolio. Currently, your portfolio is a little skewed towards mid- and small-cap schemes. Therefore, you should increase your allocation equally in Kotak Standard Multicap Fund and SBI Bluechip Fund.

You are on track towards achieving your goal. If you invest Rs 20,000 per month, you will be able to create a corpus of Rs 1.5 crore in 18 years. I am assuming an annual return of 12 per cent.