Express Money: Ask Harsh Roongta

Harsh Roongta,CEO,Apnapaisa.com,has answers for all your banking queries.

Can I get education loan on the basis of my mark sheet? And how much loan can I get?
You can get an education loan for pursuing education in India or abroad based on a host of factors such as the kind of course,your academic record,institute and guarantor’s income etc. You can approach a public-sector bank for a loan,as they are active in this field. You can get a loan up to Rs 4 lakhs without any collateral security but with your parents as co-applicants who may or may not have sufficient income to justify the loan amount.

Can I get tax exemption for my mother’s firm if I buy a car in her name and take a loan on my name?
Assuming your mother is self-employed,she can claim deduction for the interest payable on the loan taken to acquire the car,our advise is do not try convoluted methods to save tax,provided it is used exclusively for the purpose of her business and she can also claim depreciation on the car. However,the liability to pay the interest will have to be hers.

I am 50,working in Central Government and underwent angioplasty in 2006 and office paid for the same. Whether it is advisable to have health insurance for future?
It is always good to have an additional health insurance policy,as the amount of cover offered may not be sufficient and it may not be available after you retire. You should try and get your individual policy so that you can build a no claim history that will enable you to get coverage in the future.

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I have a HSBC credit card but due to financial problems I have cancelled the same and have asked the bank to provide me final settlement amount. However they informed me that if I go for final settlement then my name will be highlighted in CIBIL. Please suggest what can I do in such scenario?
If you can pay the outstanding,we advise you to pay it up and do so quickly. If you go for settlement of the dues,this will adversely affect your credit history and will make it difficult for you to obtain any credit facilities in the near future. You have to take the decision based on your circumstances.

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

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