Ask an Expert

Date : Mar 27, 2007

Question

I want to go to US for my higher studies. Please help me out by highlighting the special features as well as the interest rates and the terms and conditions regarding the repayment of an education loan.

Answer

Apnaloan is currently not active in the education loan area. 1)To the best of our knowledge, no Indian bank will be willing to provide a completely collateral free education loan above Rs. 4 lacs. In such a case your possible options are : 2)You have not stated which course you want to pursue. Some well known institutions have already tied up with specific banks for special deal for their students. You can check with the concerned institution about this. 3)If you have already been working for some time and are leaving the company for education purposes, you will be able to get a refund of your provident fund dues (both your and the company's contribution) with interest. However, the withdrawal will be taxable if your membership with PF organization is less than 5 years to the extent of the employers contribution and interest thereon. You will be able to file for this refund 2 months after leaving your job at Infosys. 4)You can also approach various bodies that offer education grants that need to be paid off after completion of the course with nil or low rates of interest. We currently do not have a list of such institutions, but a little research on the internet should help you in this matter. On security you may get a loan of up to Rs. 15 lacs, which will cover the cost of boarding, tution fees and books.