Education Loan and Car Loan impact on Proof Of Funds

[letsgo_canada]

Hi ,

I have a education loan and car loan going on from my account. Can anybody please advise if these will be deducted while calculating my eligibility in meeting the minimum criteria for PoF.

Also please advise on the timeline by which the funds should be in my account.

Thanks

 

[letsgo_canada]

Kindly respond. It is really urgent

 

[sid1987]

Hi ,

I have a education loan and car loan going on from my account. Can anybody please advise if these will be deducted while calculating my eligibility in meeting the minimum criteria for PoF.

Also please advise on the timeline by which the funds should be in my account.

Thanks

nope... when I made POF for mine from US.. I had car load.. hehe.. I had 4k credit card bills... no issues.. just show real money my frn

 

[letsgo_canada]

nope... when I made POF for mine from US.. I had car load.. hehe.. I had 4k credit card bills... no issues.. just show real money my frn

Thanks a lot.
Car loan is a secured loan as it is against an asset. However education loan is not against any particular asset which can be sold to recover immediately. That's why I had this confusion. Hope I won't face any issue.

Also can you please confirm if my spouse can transfer fund to my account as I will be the primary applicant although she will be accompanying me.

 

[Arod]

I have a car loan and was placed under Review Required because the stupid analyst deducted the amount I owe for my car from my total funds.

As a result, a pretty straightforward application was set aside for more than 4 months and is now about to reach the 6 months mark.

 

[cansha]

Thanks a lot.
Car loan is a secured loan as it is against an asset. However education loan is not against any particular asset which can be sold to recover immediately. That's why I had this confusion. Hope I won't face any issue.

Also can you please confirm if my spouse can transfer fund to my account as I will be the primary applicant although she will be accompanying me.

Yes she can transfer money to your account or you can show her account balance and take a declaration on plain paper that you will have access to her funds as and when needed.

 

[letsgo_canada]

I have a car loan and was placed under Review Required because the stupid analyst deducted the amount I owe for my car from my total funds.

As a result, a pretty straightforward application was set aside for more than 4 months and is now about to reach the 6 months mark.

Really sorry to hear this. Did u mention about this in your LoE?
Also did they listen to ur response after putting it on hold.

 

[letsgo_canada]

Yes she can transfer money to your account or you can show her account balance and take a declaration on plain paper that you will have access to her funds as and when needed.

Thanks a lot for the clarification.
Is there any particular rule which restrict the amount of FD that can be included in the PoF. I mean if one wants to keep 70-80% of PoF as FD,will there be any issue?

 

[cansha]

Thanks a lot for the clarification.
Is there any particular rule which restrict the amount of FD that can be included in the PoF. I mean if one wants to keep 70-80% of PoF as FD,

None that I'm aware of. CIC just says that funds should be readily available and FD can be broken anytime so should be okay.

 

[letsgo_canada]

None that I'm aware of. CIC just says that funds should be readily available and FD can be broken anytime so should be okay.

Thanks a lot for quick response.

 

[Arod]

Really sorry to hear this. Did u mention about this in your LoE?
Also did they listen to ur response after putting it on hold.

Yeap, I specifically mentioned in my LOE my car and mortgage loans but the analyst still put me under Review Required, probably because the loan related to my car did not include the word "car" or "auto".

I moved to IP2 at the beginning of August so there is a chance that my eligibility has been cleared already, but the fact that they put me in Review Required has delayed the application processing time significantly.

Had I only shown my bank statement and average funds letter like most people do I would have probably received PPR by now.