Credit history affected by defaults

Dec 17, 2011 - Harsh Roongta

I want to take loan of Rs 1,75,000 for diploma course in airport management from private institute. Please tell me how to get the loan?
To the best of our knowledge it would be difficult to get an education loan for the course mentioned by you, as it is not recognised by AICTE. However, we would like to suggest you to visit a couple of banks with document evidencing your admission to the college along with a brochure of the college. The bank may go through the document provided by you and give you a loan. Another option is to approach Credila which is a specialised education loan company. But your parents/ spouse /siblings will need to have a provable source of income for the repayment of the loan from their own source. If you unable to get an education loan, then you can go ahead and take loan against property or a personal loan provided you or your parents’ income justify the loan. Please note here that the interest rate you pay on a loan against property would be cheaper compared to the personal loan.

Will it affect my credit if I change a job in five months and take up self-employment?
Credit history is affected by defaults on payments, frequent late payment and cheque bounces. Changing jobs or quitting jobs for self-employment does not impact the credit history as long as you keep on paying all dues and installments on time. This may change over time as credit information companies have started collecting information on reported incomes and may start taking that into account as the data build on this parameter.

I am insured by our company for a mediclaim policy. The limit is Rs 2 lakh and Rs 4 lakh for chronic diseases. But I want to have a policy of at least Rs 10 lakh. Can any insurance company provide additional insurance or top up insurance to my existing corporate policy. Please guide.
You can go ahead and buy a top up policy from Bajaj Allianz, Star Health ,United India, ICICI Lombard or Apollo Munich. This will enhance your medical coverage. We would also recommend you to buy a separate individual health insurance as the policy provided by your employer may end at the time you leave your present job or you retire or the company charges / reduces the coverage due to high costs. Moreover, it may be difficult for you to buy the new insurance policy immediately at that time.

(Harsh Roongta is the CEO of Apnapaisa.com. You can send in your queries to movingmoney@deccanmail.com)

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