Meera said:
Dear All,
I want to know regarding this new rule called GIC.
Can I get a loan from Indian Nationalized bank for GIC amount as i got an answer from almost all the banks that there is no provision as such and GIC doesn't fall into educational loan bracket also it is not mentioned on the offer letter as well.
Has anybody got the loan for GIC? if yes, then which bank and what are the documents required?
This is really urgent as I am stuck with my loan processing
Thanks a lot in advance!
Regards,
Meera
Hi,
As a citizen of India, you have 3 options to apply for a Canadian study permit (visa) -
SPP (only once you can apply, when you have a offer letter from any of the educational institute participating under SPP),
University (if you are applying for a course in University) or
Generic (general category, repeat applicants who earlier applied under SPP or general category).
Here's the official list of Canadian educational institutes, participating under SPP program (India):
http://www.canadainternational.gc.ca/india-inde/visas/spp-ppe.aspx?lang=eng
GIC is Guaranteed Investment Scheme, a certificate, you have to purchase from a Canadian financial institution participating in this program in India, for amount of 10,000$ as a proof of living expenses for 1 year, as directed by the CHC. At present, Scotiabank is the only participating Canadian financial institution.
However, GIC is ONLY compulsory for those first time applying for Canadian visa, under SPP. Rest both categories, can show a bank loan for amount equivalent to 10,000$ instead of a GIC.
To know more, see the offical checklists of things required to apply under specific categories:
SPP:
http://www.vfs-canada.co.in/pdf/Student_Partners_Program_09022013.pdf
University:
http://www.vfs-canada.co.in/pdf/Delhi_study_permit_eng.pdf
Generic:
http://www.vfs-canada.co.in/pdf/study_permit_20-09-2012.pdf
If you are applying under SPP, then GIC is compulsory and so, you may either pay for the living expenses i.e GIC (10,000$) directly from your own pocket (and may choose to take loan ONLY for tuition fees), or take an overall bank loan for tuition fees+ living expenses, and then ask the bank to wire transfer a part of that loan amount i.e $10,000 CAD (plus $100 CAD to cover administration fees etc.) to open a GIC in Scotia bank.
To know more about GIC, visit the official site:
http://www.scotiabank.com/ca/en/0,,5698,00.html
Hope it helps.
***All opinions expressed are purely personal, and pieces of information mentioned are to the best of my knowledge... You should consult other sources too.