Transactions & Dealings >> Interest & Insurance

Question ID: 60901Country: India

Title: EDUCATIONAL LOAN WITH ZERO INTEREST

Question: Banks are offering educational loans with zero interest. Student can study in loan and start paying after course completion. If you pay the loan in 1st year itself then no interest will be charged. If payment goes to 2nd year then interest also adds. My question is if a person with an intension that he will be able to pay his educational loan in the 1st year itself can he take the educational loan?

Answer ID: 60901Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 1297/1287/L=11/1436) If a student believes that he shall pay off his loan in the first year without paying the interest then it is allowable for him to take the loan.

Allah (Subhana Wa Ta'ala) knows Best

Darul Ifta,

Darul Uloom Deoband, India

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Title: EDUCATIONAL LOAN WITH ZERO INTEREST

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