Need Expert Advice?Our Gurus Can Help

Ramalingam Kalirajan |11054 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 18, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Vivek on Jul 17, 2025Hindi

Hi..... I'm Vivek Kashyap From New Delhi And I've Secured My Seat @ Scaler School of Technology,But Unfortunately The Finance is yet to be Managed and the Deadline to Pay the Fee is 20th July.... My Question is.....That I'd There any option that I can Finance My Education.... B'cuz We aren't Getting Loan From Any Bank Whether it be Govt./Pvt./NBFC.....The Reason Being That My Dad Hasn't Been Filing His ITR....and Also The Papers of Our Asset aren't Registered....So We can't Even Apply for Collateral Based Loans.... So Is it viable to Manage Finance by Somehow.....??

Ans: Your effort to pursue education in technology is praiseworthy. Getting admission is a strong first step. But now, arranging funds quickly and responsibly is crucial. Let’s understand your case in detail and assess every angle.

? Understand the core issue first

– You have secured admission. That’s a solid opportunity.
– But fee payment deadline is very near.
– Traditional loans from banks or NBFCs are not working.
– No ITR from your father makes the process difficult.
– Lack of registered property also blocks collateral-based loans.
– So, regular loan routes are closed at this time.
– We now need to explore alternate ways to manage this.

? Explore co-borrower or alternate guarantor option

– Banks usually prefer parent as loan co-borrower.
– In your case, father’s financials don’t support it.
– But some banks or NBFCs may allow another co-borrower.
– Check if any employed relative with good CIBIL can help.
– Even elder siblings or maternal uncle may qualify.
– If they have stable job and file ITR, they may be eligible.
– Keep all their salary slips, PAN and address proof ready.
– You may try approaching again with alternate co-borrower.

? Approach education-focused finance startups

– There are startups who give loans for skill-based education.
– They may not need traditional collateral or ITR.
– Instead, they evaluate future earning potential.
– But they may charge high interest.
– Ask for detailed terms before applying.
– Don’t go for personal loan at random.

? Ask the college for flexible payment support

– Many institutions offer part-payment plans.
– You can request Scaler to split the fee in 2-3 parts.
– Sometimes, institutes also tie up with education loan partners.
– If they have tie-up NBFCs, check again for eligibility.
– Show your admission letter and explain your problem clearly.
– They may be able to offer extended time.

? Crowdfunding – a short-term possible support

– If you have a strong personal network, try crowd-sourcing.
– Platforms allow you to raise education funds online.
– Create a transparent story and share with known people.
– Don’t depend fully on this unless you have supportive friends/family.

? Don’t rush into informal loan traps

– Avoid private financiers or chit funds.
– They often charge high interest and give pressure.
– Loan sharks and unregistered lenders are risky.
– If you take informal loan, you may end up in debt trap.
– Education should not start with bad debt.

? Work part-time with a clear agreement

– If Scaler offers part-time work-study plan, consider it.
– But don’t take up any job that affects your studies.
– Clarify time commitment and money earned in advance.
– Combine this with staggered payment plan from institute.

? Liquidate or borrow against family gold as a last resort

– If family owns some gold jewellery, pledge it for loan.
– Don’t sell gold. Take gold loan from trusted bank or NBFC.
– They disburse money fast, and interest is moderate.
– Try to keep tenure short. Repay soon after starting job.

? Personal loan under someone else’s name

– If father’s ITR is unavailable, try using family friend’s help.
– They can take personal loan under their name.
– Then give you the money with mutual trust.
– Repay them once you start earning.
– This needs a very strong bond and clear repayment promise.

? Speak to local cooperative banks again

– Some cooperative banks or societies are more flexible.
– They may not strictly follow national bank norms.
– Go with all your documents and co-borrower’s details.
– Speak directly to branch manager, not just clerk.
– A detailed and humble request often helps.

? Structure the funding with clear timeline

– Break down your total fee into parts.
– Find how much you can arrange yourself.
– Add how much friends or relatives can help.
– Then match the gap with gold loan or other option.
– Keep repayment plan ready and realistic.

? Don’t sacrifice long-term peace for short-term entry

– Education is important. But not at financial risk.
– Do not agree to any loan without understanding charges.
– Some informal lenders give quick money but exploit later.
– Protect your family and yourself from such burdens.

? Keep documents ready for next year loan

– Once your father starts filing ITR, you can apply for next-year loan.
– Get this year’s fee managed somehow.
– From next year, plan with formal bank options.
– Also, build your CIBIL score and bank history.
– That will help in future credit needs.

? After education starts – manage money smartly

– Keep expense list and monthly tracking.
– Avoid credit cards or EMI traps.
– Build discipline with small savings.
– Start an emergency fund slowly.
– Once job starts, clear education dues fast.

? Role of Certified Financial Planner

– In future, connect with a CFP to guide your financial journey.
– A CFP can help you invest, save and plan for goals.
– They bring discipline and help avoid mistakes.
– After starting your job, meet one to build wealth properly.

? Finally

– Your aim to study is clear and sincere.
– It’s good that you are seeking solutions early.
– Selling assets or rushing for random loans is not right.
– Explore responsible, step-by-step solutions first.
– Use gold loan or structured part payment only if very necessary.
– Avoid all informal loans or high-interest private loans.
– Stick with formal and planned steps.
– You will surely achieve your goal soon.
– Stay calm and act wisely.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.