How much bank loan is needed ??

[HBK]

BTW is there any link where I can see the checklist myself ? so that i can also show her this information ?

HI,
YES
AS A PREFERRED OPTION for proof of funds: A copy of an Educational Loan from
an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel
expenses for one academic year
http://www.vfs-canada.co.in/pdf/Study_Permit_190412.pdf

find above my quote from the link

 

[sid04]

HI,
YES
AS A PREFERRED OPTION for proof of funds: A copy of an Educational Loan from
an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel
expenses for one academic year
http://www.vfs-canada.co.in/pdf/Study_Permit_190412.pdf

find above my quote from the link

thanks man..that helps

 

[sid04]

how much of FD is required to get loan of 11 lakh?
Does hdfc provide edu loan itself or through Credila?
Which banks provide education loan at 90% of FD?
Thanks.

dont know about rest, but yes..HDFC provides through credila..which is not accepted.

 

[lovely25]

how much of FD is required to get loan of 11 lakh?
Does hdfc provide edu loan itself or through Credila?
Which banks provide education loan at 90% of FD?
Thanks.

hello Guys is the bank loan works for canada student visa or we have to show the bank statment for last 4 months

 

[thatsnandu]

Hi Sid04,

Find below the link for SPP checklist..

http://www.vfs-canada.co.in/pdf/Student_Partners_Program_(SPP)_in_india_190412.pdf

And I think ur consultant is not so sure abt the checklist and she is just playing safe telling u that u have to show 2 years tuition fees.. she obiviously will only try to minimize the risk of visa rejection. As per the checklist and many experienced candidates in this forum, u only need:
80% of 1st year tuition fees, in ur case which is C$ 13203(even if its 2 year course) and
the living expense which is mentioned on ur admission letter eventhough in the checklist it says 8000$.
Also consider around 2000$ as travel expenses.
If u r paying ur first semester fees (i guess it will be mandatory by the college) in advance and if u r paying it from ur savings, u can subtract that from the above calculation and the result will be ur loan amount... if u want to pay the first term fees from loan then u will have to take a loan amount equal to the calculation above.

I hope it clears ur confusion. If any experts can clarify the calculation, its highly appreciable..!!

Nandu

 

[eduexpert]

Hi All

As per the SPP checklist you will have to show 80% education loan of first year tuition fees + living expense ($ 8000) + Travel expense ($ 2000).

If you course is more than 1 year then you can show planning for next year also like savings, FDS, MIS etc. But if you take education loan of more than 80% (if your course duration is 2 years) then your case will be more positive.

 

[HBK]

Hi All

But if you take education loan of more than 80% (if your course duration is 2 years) then your case will be more positive.

HI,
Not positive but loan will be more than enough.
and why to bear more interest.

 

[sid04]

Thanks nandu and eduexpert..I think i am very clear on what i need to do now.

 

[deep22]

Seniors please answer,
what is the difference in actual education loan and plain loan for study abroad?
which is acceptable for spp?
Banks offer actual education loan for study abroad or plain loan for study abroad against FD/OD?
Is loan against OD from FD acceptable under spp?
Should loan against FD/OD follow all same terms and conditions of actual education loan? mean when VO verifies loan from any other bank then it must be actual education loan in bank system or only "Loan For Higher Education in Canada" written on loan letter is enough?
thanks.

 

[soberdeepak]

deep get a loan, on sanction letter get a line added, this loan is for study purpose ! thats all u need and is not a rocket science !!! Banks refrain from givin actual study loan coz there is interest free period (moratorium period) and bank doesnt get much in that !!! so they wanna give u a plain loan, jus get that and get this line that this is for study purpose !!!

 

[deep22]

Hi Soberdeepak,
so there is no need of actual education loan to apply under spp, just simple loan having written" loan for higher study in Canada" is enough.
I was thinking that simple loan against FD/OD is similar to actual edu loan, and follows all the same steps and terms-conditions.
i thought only difference is of security and program.
i am worried that when vo verifies my loan from education loan department (which have not processed my loan),then it is not actual education loan then it could cause refusal. should loan must be processed by edu. loan department and verified from them?
Is loan against OD also accepted?
thank you very much for help.
what about your process?

 

[soberdeepak]

Deep u r thinkin too much !! There is no problem in ur case loan is a Loan ! VO wants to see I u have funds and if it's a loan it is for ur education !! Keep things simple, 90% cases they don't even verify nd even if they do u got a genuine loan !! Hope this helps

 

[deep22]

Hi Soberdeepak,
Thank you very much. you helped me a lot. now i have made up my mind and would just follow that without worry what is outcome.
I am going to have loan for study abroad against FD/OD and submit my file.
You are absolutely right, but it is the situation (fear of mistake) which made me keep on thinking.
one thing more, is loan disbursement letter for one sem fee necessary to submit with file?

thank you very much.

 

[soberdeepak]

Not required !! u just need to submit Sanction letter (Most banks disburse loan after u get visa but thats in case of a pure education loan) so dont worry, jus submit original sanction letter which clearly shows all the terms and conditions of the Loan Agreement !!!!!

 

[deep22]

thank you very much soberdeepak.