Margin not must for study loans of less than Rs 4L

* Can I get 100 per cent amount of fees as an education loan?
Deepti Nair, Tiruvananthapuram

You have not mentioned what course you are seeking finance for and the amount of loan that you are seeking. For loans up to Rs 4 lakhs in respect of an eligible course, you are not required to provide any margin money, which means that 100 per cent of the course expenses are given as the loan. In any case even for larger loans, the course expenses include other things apart from the course fees such as books, living expenses and travel expenses for overseas courses. So if you are meeting these other expenses from your pocket, then the chances are that you will be able to get the entire fees available as a loan.

* I had taken a personal loan from a financial institution and it has been repaid through EMIs by 2010. I have also received a no-objection certificate, but the Cibil report shows the loan as unpaid till date. After I checked with the lender, they have sent me a fresh NOC. Kindly suggest how I can get my name removed from the defaulters list of Cibil?
Rini Yadav, Kolkata

You need to file a written complaint with Cibil at the following address: Credit Information Bureau (India) Ltd, Hoechst House, 6th Floor, 193, Backbay Reclamation, Nariman Point, Mumbai 400 021, with a copy of the NOC from the financial institution. Alternatively, you can also file your complaint online on www.cibil.com/consumer-dispute-resolution [1]. Simultaneously you need to send a written complaint to the lender to remove your name from CIBIL. You can simultaneously write to the bank through its website and wait for the response.

If no response is received within four weeks or you are not satisfied with the answer, you can file your complaint with the banking ombudsman on the RBI website. The link for the same is bankingombudsman.rbi.org.in. They will look into the issue and get it resolved.

* I am 56 years old. I have a surplus of Rs 8,000 a month, which I want to invest. Kindly advise me on how to allocate the money under different investment avenues. I have a retirement fund of Rs 2 crore in real estate, gold, etc. My life insurance and health insurance both are sufficient. In my family there are two earning members and no dependents.
Ganesh Anand Rao, Mumbai

Since your retirement age is five years away, and you already have a sizeable retirement corpus, you should invest conservatively. We suggest that you invest Rs 8,000 per month in a conservative monthly income plan. Assuming nine per cent per annum post-tax return, it will help you to accumulate around Rs 6 lakh post tax. Since health insurance needs rise dramatically as your age advances, you need to increase your health insurance cover periodically. With regard to life insurance, you don’t need life insurance once you retire.

* I have got married recently. My parents and in-laws have given around 150 grams of gold jewellery. As there is always a threat of theft, I want to buy insurance for this jewellery. Which company should I approach and how much would it cost? Would I be given cover for this jewellery while travelling as well? Or would it provide cover only when the jewellery is kept at home?
Sheetal Mehta, Hyderabad

At the outset, you should not keep all the jewellery at your home but preferably take a locker in a nearby bank. You will need to take a householder’s policy with additional coverage for valuables. The insurance company will charge around one per cent of the total jewellery value as a premium charge. The cover will include the loss that happens while travelling within India. Of course, if you are negligent in safeguarding the jewellery, the insurance company may refuse the claim. So even after taking insurance cover, you need to take enough care. Also immediately lodge a police complaint, if the jewellery is stolen or looted and inform the insurance company about the impending claim. It will be better if you provide full details of the jewellery with photographs and valuation of each item while doing the coverage.

Harsh Roongta is CEO, Apnapaisa.com. You can send in your queries to movingmoney@deccanmail.com [2]