CAn we Use running finance as a Bankstatament ??

[xtremist]

I knw we can use running finance for australia and but i want to canada does cic canada accepts running finance

 

[Syed 2307]

Yes it is accepetable

 

[Inam89]

What is the difference between Running finance and Bank Statement?? Please explain

 

[xtremist]

Actually I need Authentic Information Are We ?

 

[Syed 2307]

I submitted my case on the basis of running finance basically its a loan letter in which it is stated that you have been issued a running finance facility of XXXXX million and this facility can be utilized including higher studies

 

[saver1985]

GUyz bank statement is better or loan letter ........ is RF put bad impression on VO? ???

 

[xtremist]

Yeah I also need Authentic Information about running finance

 

[AKIF MOIN]

We get account maintenance certificate if we go for running finance. The account maintenance certificates may has following words. Recently in Pakistan we have two options.


1.MR XYZ is our current account holder since DATE. Today, the balance is RS........ in his account.

Here the problem is that we don't have bank statement here which is the base requirement of CHC. For this purpose we have to mature this accounts approximately four months. After the four months the following words may be appears on account maintenance certificates.

2. Mr. XYZ is our current account holder since 4 months. He is operating this account efficiently. The bank has no liability on his account and others. I as bank manager declare that whatever I state above is true and best of my knowledge and nothing mislead. The bank statement is attached.

If we go for case 2 we have to face more cost, it is because we have to mature it four months than we have to apply for visa after this process we have to wait for visa. It is approximately 7 months process. We have to pay monthly interest to bank at least 7 months.

The best option is neither the case 1 nor the case 2 but loan. We can save four months interest cost of bank if we get loan. The loan is applicable for Canada. We do not need to mature it for four months and no bank statement is required. The loan procedure is same as running finance and has the following words on certificates.

MR XYZ is our current account holder since DATE. Today, the balance is RS........ in his account. According to the rules and policies of STATE BANK OF PAKISTAN, The bank is granting loan on the base of his property that is worth Rs (Double of loan amount) as property evaluation doc attached.

The benefit of certificate is that we don't need bank statement here and not required to matured it. It is the loan on the base of property. It is another talk that how can we use this certificate as a TIE in home country that make the case strong.

 

[saver1985]

I think option 3 is not suitable.......... because we know that its not easy to get property loan easily their are 100 of formalities and headache it will also take 2 month atleast for the process

 

[saver1985]

Guyz help us out in arranging bank stat.........

 

[Syed 2307]

Guyz help us out in arranging bank stat.........

You can apply on the basis of RF

 

[AKIF MOIN]

Two types of Bank statement is available in Pakistan.

Running finance if u are applying for UK or Australia.
Loan If u are for Canada.

Their is no requirement of Mortgage for loan. Bank policy has been changed for Canada and now it offers loan on the base of 10% security deposit.
Follow this calculation:


1.RUNNING FINANCE

3million bank statement requirements.
Deposit : 3,50,000
Markup 6% for 7 months: 105000 .: 7 months because 4 months to mature it and 3 months for visa processing.
Forms Charges: 3500
Financier Charges: 45,000
Total Deposit in Bank: 4,44,000

Total Sunk Cost: 153500
Refund:350000

The above calculation is same for loan but the most important part is that we don't need to mature loan four 4 months so that that we have to pay Markup 6% for 3 months that is the time period for visa processing. C the following calculation.

2.LOAN
3million bank statemen:
Deposit : 3,50,000
Markup 6% for 3 months: 45000
Forms Charges: 3500
Financier Charges: 45,000
Total Deposit in Bank: 4,44,000

Total Sunk Cost: 93377
Refund:3,50,000

I think it would be better if we go for case 2.

 

[saver1985]

thanks for detailed answer can you tell me the name of the banks and their branches........

 

[xtremist]

this is expensive i need 50 lac how much do i have to submit ?

 

[Syed 2307]

thanks for detailed answer can you tell me the name of the banks and their branches........

Allied Bank is dealing in Running Finance