Ask Us: Banking

I have made a final settlement against my credit card outstanding.

I have made a final settlement against my credit card outstanding. However,it still reflects in the Cibil report. Can I get this rectified or would it be updated automatically in Cibil records?

Ritika Chaubey,Lucknow

Even though the full and final payment will

reflect on your credit report in 45 days,it will continue to show both the facts: one,that you had delayed payment in the past,and two,that you made full and final settlement now. If the balance amount is written off,that will also

reflect in the CIBIL report. You will continue to face difficulties in getting fresh loans / credit cards in the future as your default will continue to show though it will also show that you

settled the dues later. If any part of the

outstanding was agreed to be written off by

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the bank then it can be potentially an additional serious issue that can come in the way of

getting a credit facility in future.

I made settlement of a personal loan,6 months back,and submitted document of proof many times to the bank but they did not close the account. Please suggest.

Naveen,Mumbai

You should file a written complaint with the nodal officer of the bank providing them with the necessary details of your personal loan along with the copies of past written communications,if any. If you do not get a satisfactory response within 30 days of lodging the

complaint,then you should file a complaint with the banking ombudsman on the RBI website. The link for the same is: http://www.bankingombudsman.rbi.org.in

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I am an engineering student and want to take an education loan of Rs 3 lakh. How can I go about it?

Sameer Jain,Pune

A student can get an unsecured education loan up to Rs 4 lakh without any collateral. A number of banks (including PSU banks) have their application form online You will have to submit your course details,proof of your confirmed admission to the engineering college along with photographs,ID proof,past education records. The bank may require your parents to be co-borrowers for the loan. Even though income status may not be enough to satisfy the loan. Needless to add,the cause needs to be recognised by the relevant authorities.

 The expert is CEO,Apnapaisa.com,For your personal finance queries mail us at,expressmoney@expressindia.com

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EXCLUSIVE: EC brings in feature to check misuse of identity to seek voter list deletions

Political Pulse3 hr ago

The Election Commission has launched a new 'e-sign' feature on its portal and app to prevent fraud. This comes after allegations of misuse of online voter deletion forms in Karnataka. The feature requires voters to verify their identity using their Aadhaar-linked phone numbers, reducing the possibility of fraud.

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