Can Visa be rejected under SDS category on behalf of financial insufficiency?

[rsengar3]

Hi,
I want to know even if we pay first year fees and GIC, Can my visa still be rejected because of financial insufficiency? I have not shown any proof of funds neither my father's income on SOP as it is 5 lakhs year only.

 

[ayesha_llk2]

I dont know the answer, but how are you planning to support yourself if you dont have funds beyond first year?

 

[rsengar3]

He was having funds for first year fees and GIC. Next year he will take a personal loan

 

[lolcocks]

I actually have a similar question.

I am not sure if I should show proof of funds for SDS. While I can get a upfront GIC and meet all the requirements, showing high levels of liquid assets might not be possible for me

 

[channa.jatinder@gmail.com]

He was having funds for first year fees and GIC. Next year he will take a personal loan

Better take education loan for fee and gic payment rather than spending your savings . Use your savings as proof of funds.

 

[Dreamer$04]

Hi,
I want to know even if we pay first year fees and GIC, Can my visa still be rejected because of financial insufficiency? I have not shown any proof of funds neither my father's income on SOP as it is 5 lakhs year only.

I actually have the same questions.

 

[jigzyy]

Absolutely. It can be refused for financial insufficiency under SDS as well. Like someone else mentioned here, for students that are in India, it's easy for them to get educational loan and apply using that. It acts as two things, 1- Financial sufficiency + 2- As a strong home tie because the loan has been issued against something. Instead of depleting all savings, its better to go with the loan + show savings as back up source of financial support which will then act as a stream of money for future years.

 

[Nottanyaverma]

I took a loan, paid for the first year. Paid for GIC from savings. Showed these two payments and for the second year, I showed thrice the amount that is required by attaching liquid assets' statements. Applied for the visa yesterday. Let's see how it goes.

 

[Kadimi]

I took a loan, paid for the first year. Paid for GIC from savings. Showed these two payments and for the second year, I showed thrice the amount that is required by attaching liquid assets' statements. Applied for the visa yesterday. Let's see how it goes.

Did you get it?

 

[Atchu]

Absolutely. It can be refused for financial insufficiency under SDS as well. Like someone else mentioned here, for students that are in India, it's easy for them to get educational loan and apply using that. It acts as two things, 1- Financial sufficiency + 2- As a strong home tie because the loan has been issued against something. Instead of depleting all savings, its better to go with the loan + show savings as back up source of financial support which will then act as a stream of money for future years.

@jigzyy gic and full tuition fee will be suffice if the course duration is 1 year ?
2. Also, showing Savings account with regular deposits under student name with around 7k cad as additional fund.

Share your input on this.

 

[Nottanyaverma]

Did you get it?

not yet. Still waiting for the approval

 

[Ironclad]

@Kadimi

Taking loans may weaken your application, it will only benefit if you counteract it by showing savings on your name (4 to 6 month bank statement), not on anyone else's to make it count as a tie. Bank statements represented by immediate family only counts when there is no loan sanctioned.

 

[Atchu]

@Kadimi

Taking loans may weaken your application, it will only benefit if you counteract it by showing savings on your name (4 to 6 month bank statement), not on anyone else's to make it count as a tie. Bank statements represented by immediate family only counts when there is no loan sanctioned.

The bank statement with funds mentioned in local currency is fine or I need to submit it in terms of CAD equivalency ?

 

[Ironclad]

The bank statement with funds mentioned in local currency is fine or I need to submit it in terms of CAD equivalency ?

Obviously local currency related to the nationality, the type of currency doesn't matter anyway. Doing something unusual may raise eyebrows of the VO hence it's suggested to go with the local currency.

 

[Atchu]

Okay mate