My son is going to the US in September to pursue an MBA course. His expenses will amount to Rs 35 lakh over the two-year period. However, banks are willing to lend a maximum of Rs 20 lakh only. Can I apply for two separate loans? I can afford to pay the higher equated monthly instalments (EMIs).
It will be difficult for you to get loans from two banks. You can go for an educational loan and a separate personal loan, or, one against property. However, do keep in mind that repayment on personal loans or those against property starts immediately. In contrast, for an education loan, repayment starts only after the completion of the course.
My bank has offered me an add-on credit card for a ‘dependent’. Both my wife and son are working. Who would be my dependent? Can I still avail of the offer for either of them?
Add-on credit cards can be offered to an immediate family member of the cardholder, with an understanding the liability will be that of the principal cardholder. Immediate family members include the primary card holder’s resident Indian parents, parents-in-law, spouse, brother, sister or children over 18 years of age. Banks allow up to five add-on credit cards. So, in your case, the bank should be able to offer credit cards to both your wife and son (provided his age is more than 18 years), subject to complying with the know-your-customer norms.
I had applied for a platinum credit card from my bank. In the form, I had specifically ticked the platinum card option. However, when I received the card, it turned out to be a gold one. On being asked, the bank failed to explain the change. What can I do now?
There are higher eligibility norms for a platinum credit card compared to a gold credit one. Hence, when the customer is not eligible for a platinum card, the bank tries to service the need by issuing a gold credit card, but, after taking the customer’s consent. You could write formally to the bank and request them to upgrade your card to a platinum credit card.
Is it possible to change one’s signature midway for banking transactions? How does one go about it?
I assume by midway you mean you want to change the signature you have been using till now for your banking transactions. Identity, signature and address proof are obtained and verified prior to the opening of a bank account. To change your signature at a later date, you need to submit a written request, explaining the reason for the change and attest your new signature in the presence of a bank official.
The writer is country head (retail banking), ING Vysya Bank. The views expressed are personal. You can send your queries to yourmoney@bsmail.in
