Proof of funds - Outstanding Education Loan

[Rakshiruby]

Do I need to settle my loan account before submitting the proof of funds for Canadian immigration express entry? Currently I have an education loan. Should I mention about the loan on the bank letter. Please help.

 

[dotslash227]

Loan settling to apply for PR is not necessary. As long as the funds in your POF are not encumbered by your loan or attached to the account you will use for POF, no need to put it on the bank letter.

 

[Rakshiruby]

Loan settling to apply for PR is not necessary. As long as the funds in your POF are not encumbered by your loan or attached to the account you will use for POF, no need to put it on the bank letter.

Thanks for your reply. My 6 months statement shows transitions made to my edu loan account. So I assumed that I will need to mention about my outstanding loan amount on the bank letter.

 

[dotslash227]

Thanks for your reply. My 6 months statement shows transitions made to my edu loan account. So I assumed that I will need to mention about my outstanding loan amount on the bank letter.

Yes, sounds logical. Try getting a letter which says that the funds in your account are not encumbered by any loan (if that is true, which I am assuming is).

Also explain it in your LOE that you have a student loan, which is not encumbered and pay it's EMI 's through that account and how you intend to fully repay it.

 

[Rakshiruby]

Yes, sounds logical. Try getting a letter which says that the funds in your account are not encumbered by any loan (if that is true, which I am assuming is).

Also explain it in your LOE that you have a student loan, which is not encumbered and pay it's EMI 's through that account and how you intend to fully repay it.

Thanks, I will mention about it on the LOE.

 

[akh136]

Thanks, I will mention about it on the LOE.

Hello, I have a similar situation. Could you please guide what did you do finally ? Did you declare or settle the loan? would be really helpful

 

[Rakshiruby]

Hello, I have a similar situation. Could you please guide what did you do finally ? Did you declare or settle the loan? would be really helpful

Hi, could you expand upon what you need to know? I can then easily answer your questions.

 

[akh136]

I have an outstanding education loan say in Account A
I will be showing PoF in account B
and there is one salary account C

So , my doubt is
what do I do with the loan? does it need to be settled ? in which way should it be declared ?
Also. do we need bank letters for all accounts or just the account in which funds are ?

 

[akh136]

Hi, could you expand upon what you need to know? I can then easily answer your questions.

Hi waiting for your reply, it will be really helpful

 

[Rakshiruby]

Hi waiting for your reply, it will be really helpful

Hi Sorry for the delay. Happy New Year. You can show POF in Account B and your salary account. If you are not showing any funds in Acc B then no need to show anything from that account. I had a Savings account in SBI and an Edu loan account(different acc number) from the same branch. I showed both of them. I did have another account that I don't use that often and did not show it. I made sure I typed all the details on the bank's letterhead and also declared my savings acc and edu balance. You do not have to settle your edu. I had around 21L that I showed in Edu but now I only have around 7-8L.

 

[akh136]

Hi Sorry for the delay. Happy New Year. You can show POF in Account B and your salary account. If you are not showing any funds in Acc B then no need to show anything from that account. I had a Savings account in SBI and an Edu loan account(different acc number) from the same branch. I showed both of them. I did have another account that I don't use that often and did not show it. I made sure I typed all the details on the bank's letterhead and also declared my savings acc and edu balance. You do not have to settle your edu. I had around 21L that I showed in Edu but now I only have around 7-8L.

Thanks a lot ! this helps. Would you mind if I connect with you outside this forum for some more details ? if you could share you call/whatsapp contact through the personal message window. And If you are not comfortable, that is totally understandable

 

[Rakshiruby]

Hi Sorry for the delay. Happy New Year. You can show POF in Account B and your salary account. If you are not showing any funds in Acc B then no need to show anything from that account. I had a Savings account in SBI and an Edu loan account(different acc number) from the same branch. I showed both of them. I did have another account that I don't use that often and did not show it. I made sure I typed all the details on the bank's letterhead and also declared my savings acc and edu balance. You do not have to settle your edu. I had around 21L that I showed in Edu but now I only have around 7-8L.

FYI, I have cleared my edu loans. But need to update to IRCC.