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    Question ID: 8160Country: India

    Title: I am a student studying my undergraduate in bangalore.i want to go to england to persue my further studies.i am not in a position to pay the whole fees.so i wanted to take educational loan which charges me an interest of 6%-12%.i dont have any knowledge of interest free loans.is it ok to take loan.i am in need of money as i cant afford the fees.please guide me.im confused.please reply in detail.thank you.

    Question: assalaamualaikum, I am a student studying my undergraduate in bangalore.i want to go to england to persue my further studies.i am not in a position to pay the whole fees.so i wanted to take educational loan which charges me an interest of 6%-12%.i dont have any knowledge of interest free loans.is it ok to take loan.i am in need of money as i cant afford the fees.please guide me.im confused.please reply in detail.thank you.

    Answer ID: 8160

    Bismillah hir-Rahman nir-Rahim !

    (Fatwa: 1642/1561=D/1429)

     

    It is haram to take and give interest. One will has to give interest by taking the above-mentioned educational loan; therefore one should avoid it as much as possible.

    Allah (Subhana Wa Ta'ala) knows Best

    Darul Ifta,

    Darul Uloom Deoband, India

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