Taking educational loan against FD?

[nevillek]

Is it okay to take educational loan against FD or is it preferable to take it against something else?

Also, can non-SPP students apply for GIC?

 

[ms.mech]

Is it okay to take educational loan against FD or is it preferable to take it against something else?

Also, can non-SPP students apply for GIC?

It can be against anything.


Best of Luck.

 

[nevillek]

What about GIC?

 

[ms.mech]

What about GIC?

It depends on you how you want to pay for that. If you feel ok with saving then pay from that or use amount from loan. I would say loan is better as you will have cash as backup.

 

[nevillek]

But someone told me GIC is only for SPP category? Is that true?

 

[ms.mech]

But someone told me GIC is only for SPP category? Is that true?

Yes. GIC is mandatory only for SPP only.

For General and University category, you can either purchase GIC or show loan letter worth $10,000.

GIC is better and should go with it. But Also see whats comfortable for your parent's pockets.

 

[nevillek]

Thats what I wanted to know. Thanks!