Banks to choose for Loan - please help

[canadahelp7]

Hello Everyone,

I was planning to go for fixed deposit to get an educational loan from the FD - do you have any suggestions? It will be valuable and much appreciated.
In btwn, I am looking for banks in India.

 

[enfield]

Hello Everyone,

I was planning to go for fixed deposit to get an educational loan from the FD - do you have any suggestions? It will be valuable and much appreciated.
In btwn, I am looking for banks in India.

Hi,


Yes, it’s a much better choice to have an educational loan (at least in India)


I quote General/SPP visa checklist;

“AS A PREFERRED OPTION for proof of funds: A copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year (normally, first year’s tuition, unless already paid, plus $8000). See information on the next page for the list of acceptable banks.”

Pay attention to the word “PREFERRED OPTION”, even CHC prefer certified loan as the same is conclusive and verifiable.


Yes, you can get loan against FD (Maximum 85 percent of your total demand, rest 15 percent comes from your pocket). In case of ‘any difficulty’, I would suggest you to apply for loans in a lower level “Public Sector Banks” like UCO Bank, Dena Bank, Indian Overseas Bank etc, etc… as they are (or might be) lenient with loan rules, for example Punjab National Bank do not provide loans for any Diploma led courses, whereas UCO bank welcome such cases, I hope you understand my point.

 

[canadahelp7]

Thanks Enfield.
Almost all banks I approached, are ready to give the loan against a FD but I found them unsteady in confirming if they can provide it on a property as guarentee inspite of providing all docs.

As the first term fees are to be paid before we file the visa, I was looking for help on a question. Is it possible to make the payment via two methods so the total fees can be covered . Eg: Via a credit card (80%) + certified cheque/bank transfer (20%)

Please help !

 

[enfield]

Thanks Enfield.
Almost all banks I approached, are ready to give the loan against a FD but I found them unsteady in confirming if they can provide it on a property as guarentee inspite of providing all docs.

As the first term fees are to be paid before we file the visa, I was looking for help on a question. Is it possible to make the payment via two methods so the total fees can be covered . Eg: Via a credit card (80%) + certified cheque/bank transfer (20%)

Please help !

Hi,


All public sector banks in India issue educational loan against property. They follow in-house procedure, like valuation of property by a locally appointed lawyer. They TRUST whatever lawyer mention (now it's upto you how you 'manage' the lawyer!)


Credit card payment ? Do not take such a step as you might get into a fix situation. CHC wants your 'financial capacity' NOT credit card history ! How is it possible to prove your financial capacity by credit card usage ! Its 'very risky'.
Pre payment doesn't mean visa approval. You can pay your fees by combination of two methods (but avoid credit card).

 

[canadahelp7]

Hi,


All public sector banks in India issue educational loan against property. They follow in-house procedure, like valuation of property by a locally appointed lawyer. They TRUST whatever lawyer mention (now it's upto you how you 'manage' the lawyer!)


Credit card payment ? Do not take such a step as you might get into a fix situation. CHC wants your 'financial capacity' NOT credit card history ! How is it possible to prove your financial capacity by credit card usage ! Its 'very risky'.
Pre payment doesn't mean visa approval. You can pay your fees by combination of two methods (but avoid credit card).

Thankyou again
In the method of payment, the college has approved the use of credit card - this is only to make a payment for the first term fees since it is a mandate. Will the visa guys have a problem when it is one of the suggested mode of payment ? The remaining fees + living expense will be shown as a bank loan.

 

[enfield]

Thankyou again
In the method of payment, the college has approved the use of credit card - this is only to make a payment for the first term fees since it is a mandate. Will the visa guys have a problem when it is one of the suggested mode of payment ? The remaining fees + living expense will be shown as a bank loan.

Hi,


I think you misunderstood my point on credit card usage. I was talking more about ease. Why end up paying higher interest rate on credit card when you can do the same thing by way bank wire transfer which holds less interest rate of around 11.75 % (in India)!


Yes, you can pay by credit card and its a recognized way to pay as such. But for an international student the normal and easy way is to pay by way of Bank Wire Transfer. It's safe and much better thn anything else. Infact, you (and your bank) will be paying your tuition from loan only by way of bank wire transfer.


Anyway, no issue if you want to pay by way of credit card but keep in mind, bank wire transfer is also a recognized and a most common way to pay fees.

 

[canadahelp7]

Hi,


I think you misunderstood my point on credit card usage. I was talking more about ease. Why end up paying higher interest rate on credit card when you can do the same thing by way bank wire transfer which holds less interest rate of around 11.75 % (in India)!


Yes, you can pay by credit card and its a recognized way to pay as such. But for an international student the normal and easy way is to pay by way of Bank Wire Transfer. It's safe and much better thn anything else. Infact, you (and your bank) will be paying your tuition from loan only by way of bank wire transfer.


Anyway, no issue if you want to pay by way of credit card but keep in mind, bank wire transfer is also a recognized and a most common way to pay fees.

Enfield , understand your point.
I decided to do this way as the remaining fees after paying the first team tuition via credit card will help to get a loan from a FD (based on my savings) - else I have to take the route of using a collateral. Almost all banks I approached were reluctant to provide a loan as they quoted examples of past students who did not pay , applied to an unrecognised college/uni , had no clue what a PG diploma is as they think Mba, Msc is the norm . I must say, I did not have a clue it will be this difficult when you provide all the documents they need.

Thankyou for being prompt .