Legal Question in Banking Law in India
Please clarify if the parents CIBIL is unsatisfactory or in default list can their child be denied the education loan for Rs.3.5 Lakhs? Please guide.
Asked on 5/27/12, 7:04 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
If the child is minor, parents having cibil unsatisfactory record will stand in the way of the parent/guardian getting the loan. If the child is a major, the child can get the loan. Go to RBI website and search for norms of education loan. There are master circulars on that subject.
Answered on 5/27/12, 7:39 am
ranganathan raghavachari
R.Ranganathan & Associates
Yes. Banks give loan based on the parents standings only since the children are minors and are not entitled to enter into any kind of agreements or contracts.
Answered on 5/28/12, 8:07 pm
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