Amount Required as Education Loan under SPP

[thatsnandu]

Hi everyone,

I know this question has been asked a numerous times and answers were given as detailed as possible. Still just to make sure once more am asking it again..!!

The amount of education loan required as per the SPP is
80% of first year Tuition fees + Living expense for 1 Year + Travel expense to and fro

so by taking the maximum values for everything, my case is as follows:

Tuition fees for 1 year= 13,081 cad
Living expense for 1 year = 10,000 cad
Travel Expense = 2000 cad

1)Now how would be the calculation?

2)How much loan will be required(its a 1 year program)?

3)I have paid my 1st term fees of 7221 cad from savings, so can I show the Loan amount after subtracting it?

Expecting your suggessions... Thank you..

Nandu

 

[Inam89]

Minimum loan of 14300 CAD is required as per your given figures.

 

[thatsnandu]

Minimum loan of 14300 CAD is required as per your given figures.

Thank you Inam... I was planning for around 13500 cad..anyways its a matter of 1000 cad.. also am getting a scholarship based on my Band in IELTS.. Its a 2000$ scholarship.. So do u think I can show that as well ..??

 

[Inam89]

Thank you Inam... I was planning for around 13500 cad..anyways its a matter of 1000 cad.. also am getting a scholarship based on my Band in IELTS.. Its a 2000$ scholarship.. So do u think I can show that as well ..??

Yes, you must show it because it's something positive about your profile which will strengthen your genuity

 

[thatsnandu]

Yes, you must show it because it's something positive about your profile which will strengthen your genuity

Ya certainly ... But will my required Loan amount will be reduced..??

 

[Inam89]

Ya certainly ... But will my required Loan amount will be reduced..??

If you provide the scholarship certificate/document then the loan amount will be reduced by the amount of scholarship.

 

[thatsnandu]

If you provide the scholarship certificate/document then the loan amount will be reduced by the amount of scholarship.

Thats a great relief..!! Really.. it helped a lot..!! Thanks a lot Inam..!!

 

[OCEANDRIVE]

Hi everyone,

I know this question has been asked a numerous times and answers were given as detailed as possible. Still just to make sure once more am asking it again..!!

The amount of education loan required as per the SPP is
80% of first year Tuition fees + Living expense for 1 Year + Travel expense to and fro

so by taking the maximum values for everything, my case is as follows:

Tuition fees for 1 year= 13,081 cad
Living expense for 1 year = 10,000 cad



Travel Expense = 2000 cad

1)Now how would be the calculation?

2)How much loan will be required(its a 1 year program)?

3)I have paid my 1st term fees of 7221 cad from savings, so can I show the Loan amount after subtracting it?

Expecting your suggessions... Thank you..

Nandu

Hi

you need to show 80% of (13081+10000+2000)= 20,064CADx55INR= 11,03,520INR

you cannot show any thing less than this amount even if you have paid the first semester fees from your own pocket, if you have done so then you have to request the bank to reimburse the first term fees from the loan account.

Any one can get a loan of 7.5 lakhs without any collateral The higher amount of loan shows that you are financially credible in your country according to the bank.

Minimum loan of 14300 CAD is required as per your given figures.

That figure (14300CADX 55INR= 786,500) is incorrect

sorry for the correction, hope you don't mind Inam

 

[Inam89]

Hi

you need to show 80% of (13081+10000+2000)= 20,064CADx55INR= 11,03,520INR

you cannot show any thing less than this amount even if you have paid the first semester fees from your own pocket, if you have done so then you have to request the bank to reimburse the first term fees from the loan account.

Any one can get a loan of 7.5 lakhs without any collateral The higher amount of loan shows that you are financially credible in your country according to the bank.


That figure (14300CADX 55INR= 786,500) is incorrect

sorry for the correction, hope you don't mind Inam

1st year fee - Amount already paid:
13081 - 7221 = 5860 CAD

80% of (Remaning 1st year fee + living + travel)
0.8 ( 5860 + 10000 + 2000) = 14288 CAD.

I calculated it like this because the checklist says "(normally, first year's tuition, unless already paid, plus $8000)"
if this is wrong then sorry, my bad.

 

[thatsnandu]

1st year fee - Amount already paid:
13081 - 7221 = 5860 CAD

80% of (Remaning 1st year fee + living + travel)
0.8 ( 5860 + 10000 + 2000) = 14288 CAD.

I calculated it like this, if this is wrong then sorry, my bad.

Hi

you need to show 80% of (13081+10000+2000)= 20,064CADx55INR= 11,03,520INR

you cannot show any thing less than this amount even if you have paid the first semester fees from your own pocket, if you have done so then you have to request the bank to reimburse the first term fees from the loan account.

Any one can get a loan of 7.5 lakhs without any collateral The higher amount of loan shows that you are financially credible in your country according to the bank.


That figure (14300CADX 55INR= 786,500) is incorrect

sorry for the correction, hope you don't mind Inam

Even I thought Inam's calculation was right..!! But @oceandrive, thanks anyways, but then I have a pretty much f***ed up situation..!!

I am basically from state of kerala, India... I have been admitted to Niagara college for sept 2012... And when I started looking for my loan, I found that there is a new regulation by RBI for kerala that banks have been given service areas, ie, each municipal ward will be having a bank specified and a person from that particular ward can only take loan from that bank...and the bank for our ward was a small local bank which is not in the list of approved banks in SPP... and rest of the banks have an excuse of service areas...

But this rule doesnt apply for loan against FD.. and that was the only choice left.. and I have almost arranged it... 7221$ was the first term fees which in any case I wanted to pay it from savings and show the rest amount in loan... if I havnt paid the first term.. then I cud have added it to FD and took a loan for the amount u said..!! But now I simply cannot arrange another 4 lakhs to increase my loan..and even for the FD banks are telling a reason of new policies and wants the FD to be intact for an year or atleast 6 months... so can I apply with 7.5 lakhs..?? Will I face a direct rejection..?? Plsss Suggest..!!


NB: Nowadays getting 7.5 lakhs,even though its minimum, is not that easy as it sounds... Yes.. U need.. I mean, u need a collateral of any form to aquire it..!!

 

[Inam89]

Please go through this thread for the answer of 'Enfield' on the same discussion. He also endorses the way I calculated.
http://www.canadavisa.com/canada-immigration-discussion-board/-t87258.0.html

 

[thatsnandu]

Please go through this thread for the answer of 'Enfield' on the same discussion. He also endorses the way I calculated.
http://www.canadavisa.com/canada-immigration-discussion-board/-t87258.0.html

Yes exactly.. When I dug the forum for the same, I have come up with the same answers, from enfield and many others... But kinda confused now..!! and I found it logically right too..!!

 

[DavidODes]

Yes, i think the calculation made by 'Inam' and 'Enfield' is perfect. My agency told me the same.

you cannot show any thing less than this amount even if you have paid the first semester fees from your own pocket, if you have done so then you have to request the bank to reimburse the first term fees from the loan account.

I am not sure what OCEANDRIVE mean by this. In my knowledge, if i pay one term or one year fees, i am attaching the fees receipt, which can be added up to the total funds.

 

[OCEANDRIVE]

Yes, i think the calculation made by 'Inam' and 'Enfield' is perfect. My agency told me the same.

I am not sure what OCEANDRIVE mean by this. In my knowledge, if i pay one term or one year fees, i am attaching the fees receipt, which can be added up to the total funds.

Hi
If you pay one year fees from your pocket you are not eligible under SPP better submit your file under general in that case, on this forum a certain Soberdeepak did the same thing and he took a loan of 4 lakhs and applied under SPP. His visa got rejected.

Read this post
http://www.canadavisa.com/canada-immigration-discussion-board/urgent-scylla-and-other-senior-members-t104442.0.html;msg1454428#msg1454428

 

[DavidODes]

Thank you OCEANDRIVE for sharing this. But in some early post as i said, i know my friend who got visa under SPP by paying one year fees direclty to college and showing loan of 5.4lakhs. May be because of reasons that we cant judge.

Anyways, i got rejected under SPP, and i have applied under General category -- and included my and my father's Form16 and Payslips. Fingers crossed!