Education
Querist :
Anonymous
(Querist) 11 June 2018
This query is : Resolved
Hello!
I am a girl and I just completed my graduation. I want to pursue my Masters in Australia. I want to go for a education loan because i want to finance my study myself. My dad is a rich business man owning huge properties. But he doesn't want to use his papers for my loan. (Because he loves his property more than his family). How can I convince him? Is there any law that could help me out?
K Rajasekharan
(Expert) 11 June 2018
It seems there is no law that would be of some help to you to persuade your father in supporting your higher education or to ensure you your educational expenses out of his income, unless he changes his mind in your favour.
Guest
(Expert) 11 June 2018
Not a legal problem. Better take help of elders of the family to convince your father.
Guest
(Expert) 11 June 2018
Legally, your father is not obliged to bear with your higher education expenses or become guarantor for your education loan.
Ms.Usha Kapoor
(Expert) 12 June 2018
It seems there is no law which is of some help to you to persuade your father to bear your higher educational expenses out of his income.unless he changes his mind.
Guest
(Expert) 13 June 2018
Have you given some different views than any other expert that made you feel to stick on your views? Rather your view is a copy of the view of Mr. K Rajasekharan that too denoting as if you are not sure about any law, as you stated, "it SEEMS". It "seems" clearly means you are not definite about existence on any law on the issue.
So, where is any relevance in making FOUR TIMES repeated statement and one deleted statement, "I stick to my above view"?
A further question arises, has anyone countered your view that you felt to stick on your view? Your aim seems to be very clear, just to earn scores somehow or the other on your irrelevant statements, not by any real advice..
Vijay Raj Mahajan
(Expert) 13 June 2018
Pursuing Masters in Australia means finances upto INR 55-60 Lakhs, not an easy assignment for any student/parent to workout without the support from the Bank in India. Even if the student/parent shows INR 55-60 Lakhs deposited immediately in their account after getting it from some source the University in Australia as well the Australian Immigration will not be able to allow the Student Visa. The reason for this is very simple the Australian government knows it very well that although the Higher education is one of the main source of Income in Australia but the intention for the person seeking student visa on higher education ground has other intentions to be in that country. The real intention is to stay there, work and by any means get Permanent Residency followed by the citizenship. The people in India have number of properties that they will sell, show INR 55-60 Lakhs in their Bank account get student visa and go there, hardly continuing the higher education but making livelihood and settle there for ever.
Your father has number of properties and as a daughter he could get you one of these sold and deposited the amount in Bank account to show very sound financial condition, but that would not get you student visa. The other option left was bank loan, where the property can be mortgaged for securing big amount of bank loan for studies, here too there is a catch, the property mortgaged has to be in the name of the person who is getting you student loan that has to be either your father or mother. However as you state your father is very rich businessman, has number of properties, that doesn't mean all those properties are in his or your mother's name, most of these must be benami, purchased in name of someone else but the documents relating to these kept with your father along with their POAs as is done by most rich businessmen in India.
The bank will be allowing loan on the property that has tittle in the favour of your father and mother and if those property documents are already in possession of some bank for loan taken for business or other puposes than that will not be possible.
More over how about the CIBIL rating of both your parents, if the CIBIL rating less than 760 than most big private and even nationalised banks will not entertain the fresh loan application duly signed by both your parents along with you.
There are many issues involved in the whole process not only that your father refuse to help you out for getting student loan, if he's already worked up with number of loans etc. and having low CIBIL rating the chances not get more bank loan, than any other excuse made by him is irrelevant, may be he does not want to wash his dirty linen in presence of his own children who see him as big business tycoon.
