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Education loan SDS requirement for Jan2021

Nottanyaverma

Hero Member
Oct 28, 2019
212
31
Okay but as I have seen cases it is very difficult to get loans from PSUs and specifically education loans. You will have actual idea after getting it approved. They may put new conditions out of box to secure your loan at some level and you will realise how small amount you will get at the end.
I had such experience with BOI for my close relative.
That's what I'm afraid of :(
 

Bhairav

Full Member
Aug 20, 2020
48
18
That's what I'm afraid of :(
I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.
 

Nottanyaverma

Hero Member
Oct 28, 2019
212
31
I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.
wow, guess I'll see in a week's time :/ Else, I'll go with a secured loan since I have enough time. Thank you for your help though!!
 

Nottanyaverma

Hero Member
Oct 28, 2019
212
31
I had clear word from very good contacts from credila that people will not get unsecured education loan for international study from banks even though their representatives assures about approval, it will get rejected with one or another reason. And suggested to never try unsecured/ partial loan from any bank.
You were RIGHT. My bank called me just now and asked to pledge my FDs against the unsecured loan??!?!?! That's so absurd, it's an UNSECURED loan for a reason, pledging my FDs against the loan would make it secure.
 

Bhairav

Full Member
Aug 20, 2020
48
18
You were RIGHT. My bank called me just now and asked to pledge my FDs against the unsecured loan??!?!?! That's so absurd, it's an UNSECURED loan for a reason, pledging my FDs against the loan would make it secure.
That's why I told you I had multiple experience with my relatives loan file.
 

Simmidas

Hero Member
Mar 19, 2019
476
163
I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.
 

Nottanyaverma

Hero Member
Oct 28, 2019
212
31
I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.
I checked with ICICI but they offered me 12% :/
 

arindam.d

Hero Member
Feb 14, 2018
456
79
NOC Code......
22221
In ICICI, if we have job experience, then we can take loan on the basis of that. We have to deposited (in the form of FD) the interest amount.
 

Nottanyaverma

Hero Member
Oct 28, 2019
212
31
I would suggest you guys to check with ICICI Bank. They offer unsecured loan for international education and it's very quick. I managed to get unsecured loan of a higher value @ 10.75%. Initially I got my loan approved from SBI @ 9% using WMS but that was secured and was of a much lesser amount. So I went ahead ICICI. Also note that there is also a huge difference in the Moratorium when taking from different banks. The benefit with PSU is that you will get a moratorium period but Private Banks will ask for simple interest payment right after the disbursement.
Did you connect with WMS for the unsecured loan at ICICI? which branch did you go to?
 

Ironclad

Champion Member
Aug 17, 2020
1,255
495
Canada
It's generally not suggested to take loans SDS or not for foreign studies. Take some time for yourself off this forum and make a proper decision.

A lot of my friends did this and are suffering in a debit trap with exorbitant interest rates.
 

Ashish786

Member
Feb 5, 2020
18
8
Hello guys
I applied canada visa in sds and show my dad and mom itr(4.5 and 3.5 lakhs) and also attached loan disbursement from bank is that enough to get visa or anything else .please reply