Do not delay mediclaims

Q. I had taken a personal loan of 10 lakh around three months ago, for which the repayment period is 48 months. Now, I also need an education loan of upto 20 lakh. Can you tell me if any bank will provide me an education loan? I work at an investment bank and my monthly income is 60,000.

An education loan of more than 4 lakh will require collateral security (such as a house) of at least reasonable value as compared to the loan. The lender will also need to be convinced about the impact of the academic course on his or her earnings which should be enough to justify the loan repayment.

The lender will also look at how you are going to service the personal loan and the interest on the education loan (though some public sector banks offer a moratorium on interest payment during the course period) as well as living expenses during the course period. Public sector banks, who are the major players in the education loan market, also have a restricted list of courses that they fund.

Any lender will require that a portion of the course expense be funded from your own sources. PSU banks are also unlikely to be able to provide an education loan of 20 lakh for domestic cour-ses. In short, unless the course is well-recognised and you (or your parents/siblings/spouse) have the income to offer collateral security, getting a loan will be difficult. Apart from PSU banks, you should definitely talk to Credila, which is a specialist education loan provider.

You can use this link to compare education loan offerings http://www.apnapaisa.com/loan/education-loan-india/comparison.html [1] and also apply to Credila using this link http://www.apnapaisa.com/loan/education-loan-india/compare.html [2].

Q Two years ago, I met with a major road accident which resulted in my leg being crushed below the knee. I also developed infection due to an implant. I recuperated a couple of months ago, after a series of surgeries. I had an accident insurance from National Insurance through my then employer. I hadn’t app-lied for the claim so far after the trauma I underwent. Can I apply now? If yes, what should I do to claim the insurance and what documents need to be furnished?

Two years is a very long time so it is very unlikely you will get the claim now. You will need to justify the long delay in filing the claim which might be very difficult. I am sorry for the negative response but I clearly cannot see a way in which such a long delay will be condoned by the courts solely on the grounds of trauma.

Q I had recently applied for an online term insurance policy from a private firm. In the process, I was asked to a pay certain amount as premium. However, the company subsequently clai-med they had received the amount only the next day and so I need to pay for the shortfall in payment, as I belonged to the next age group the day it was realised. I had requested the company to back-date the policy by a day as it would keep the premium same. However, the company refused. I would like to know if back dating is permissible under regulation. If yes, is it binding on insurance firms to co-mply with the customer’s request?

Back dating a policy is not a regulatory requirement and you cannot force an insurance company to back date its policy. Some companies do allow it but others do not.

Q. Can I change jobs or leave my job for self-employment during a te-nure during which a home loan is in force?
You can switch jobs during the course of your home loan or leave your job for self-employment during the loan tenure. However, you have to keep the lender informed of the change. If your repayment happens by way of deduction against salary, you have to get this done from your new employer.
Alternatively, arrange for post-dated cheques for the instalments. Also, send a copy of your new appointment letter to the bank.

Harsh Roongta is the CEO of Apnapaisa.com. You can send in your queries to movingmoney@deccanmail.com [3]