very urgent regarding loan please reply................

[amritpal107]

hello friends
                 I am currently in canada, i reached here recently for jan 2012 intake. My problem is that i took admission in project management in centennial college but upon reaching here i changed my course to comp systems technology networking. I took an education loan of RS 10 lak from ORIENTAL BANK OF COMMERCE. But now, i want to cancel my edu loan as i don't need it because i have other sources of paying my fees and also i have changed my course. But the bank manager says that i cannot cancel my loan and i have to take it. So, kindly suggest me that is it so or the bank manager is misguiding us. Please friends must reply and is there someone who took the loan from oriental bank of commerce and later on cancelled it upon reaching canada.

[sanity]

1. A bank loan when approved is on you to use it i.e its on your discretion.
2. The bank manager cannot force you into taking the loan if you no longer require it.
3. In btwn, is the loan taken on a collateral or an FD as the latter may put you on a difficult stand if you are relying on using the FD.

In short, the bank manager cannot force you to take the loan unless it was a clause in the agreement you signed. As far as I am aware, you can cancel a loan anytime & can put this forward in writing (a fax with your signature).

[account77]

If i'm not wrong, Once you take loan amount you cannot cancel or make full payment in first six months. After 6months they will allow to make 1time settlement.

Give us more details, Like how you took loan? I mean by showing property or by making a FD!

P.S : You changed course in same college?

[sanity]

 @  account 77
I think the OP is referring to a loan that is approved but is not availed yet , I may be wrong so will leave it with the OP to clarify.

[amritpal107]

my loan is on FD basis and i have not availed it yet. I paid my first semester fee from my savings. but i want to cancel it anyway. Is it possible??

[JackB]

Make sure you send a letter that you changed the course to CHC , otherwise you could have trouble with the Post graduation work permit.

[enfield]

Make sure you send a letter that you changed the course to CHC , otherwise you could have trouble with the Post graduation work permit.

Hi,

1. No need to send any such letter to CHC.

[sanity]

my loan is on FD basis and i have not availed it yet. I paid my first semester fee from my savings. but i want to cancel it anyway. Is it possible??

Yes it is possible - I did the same.
Look up the FD rules for the bank that you are dealing with - most of them says it should be locked for 15 days - if thats the case, then send a written request to the manager. If he isnt budging, you can take it a level up... I found this while I was reasearching the worst case scenario to happen if the bank manager I dealt with raised any issue.

[neeraj1985]

H,

I depends on the kind of loan you've taken from the bank.

If the loan taken - irrespective of whether taken against collateral or Fixed Deposit - is an education loan then you can cancel it anytime you want after clearing the dues you owe to bank, if any.

However, if the loan taken is a personal loan then I have to agree with "account77". There is a six month timeline within which you can't cancel your sanctioned loan. I will add here, if you have not taken the disbursement of the loan yet, after six months your loan approval gets cancelled on its own.

Such a cancellation (due to non availing within six months) affects your CIBIL Scores.

If you have taken the disbursement of any amount, even then you have to pay the EMI's at least for the first six months and then go for a full and final.

Hope this information helps.

Best of Luck

[sam89s]

Does Oriental Bank of Commerce sanction loans for Post Grad Certificate programs?

I m having a real tough time getting loans..tried so many Banks..(PNB,SBI,IDBI...)
pls help!

[soberdeepak]

No Bank will give loan for certificate programs !!!

[Abhishek9]

Does Oriental Bank of Commerce sanction loans for Post Grad Certificate programs?

I m having a real tough time getting loans..tried so many Banks..(PNB,SBI,IDBI...)
pls help!

Try UCO bank and Punjab & Sind Bank.... for some fact on diploma/certificate course check this URL    http://www.psbindia.com/eduabroad.php
I am sharing this information as per my own research... Gud luck...

[Jitu1011]

No Bank will give loan for certificate programs !!!

I received education loan from OBC for my one year PG Cert course in george brown college. your information on this is not true.

[Jitu1011]

hello friends
                 I am currently in canada, i reached here recently for jan 2012 intake. My problem is that i took admission in project management in centennial college but upon reaching here i changed my course to comp systems technology networking. I took an education loan of RS 10 lak from ORIENTAL BANK OF COMMERCE. But now, i want to cancel my edu loan as i don't need it because i have other sources of paying my fees and also i have changed my course. But the bank manager says that i cannot cancel my loan and i have to take it. So, kindly suggest me that is it so or the bank manager is misguiding us. Please friends must reply and is there someone who took the loan from oriental bank of commerce and later on cancelled it upon reaching canada.

I dont know how this bank manager wake up after 5 months of your landing.
There are two things i.e loan approval and loan disbursal. if you only applied for loan and only an approval is done than u can simply withdraw your application of approval anytime without any hassle. (Bring this to the notice of Senior Manager or Credit underwriter at head office of your district by quoting your file number and other details)
if you have received the credit of disbursed amount in your account then probably you need to settle this for foreclosure with some little penalty, in any case no bank want a default on credit so they will settle loan closure happily.

[sam89s]

 @  Jitu1011
thanks..your reply gv me some ray of hope
I am planning to for PG cert prgm in Centennial Colg.
the bank Manager has told he will check if  the course is sanctioned by the bank. I have already been rejected loan from IDBI Bank. N i am so worried bout OBC Bank.I am so worried...I need the loan sanction letter...