what should be the loan amount

[raja11]

HI, Friends.
My na me is Rajveer singh.I have a question 4 u guys.
I have paid my 1st sem fees 6440 cad from my account.My total fees of 2 semesters is 12800cad .
now i am confuse about my loan letter.
Should, I HAVE TO GET A LOAN LETTER OF 10 LAC OR 7.5 LACS.
WHICH WILL BE A BETTER OPTION.

 

[sunny581]

10 lakh (80% of total expense).
wait for other seniors pls.

 

[peep]

11 lakh

 

[harpreet470]

Hello,

As u have paid 1st sem fees from your own pocket, education loan of Rs 8.5 lakhs or more is fine.

All the best buddy

 

[theamandeep]

HI, Friends.
My na me is Rajveer singh.I have a question 4 u guys.
I have paid my 1st sem fees 6440 cad from my account.My total fees of 2 semesters is 12800cad .
now i am confuse about my loan letter.
Should, I HAVE TO GET A LOAN LETTER OF 10 LAC OR 7.5 LACS.
WHICH WILL BE A BETTER OPTION.

lets see how much it is -:

12800 fees + 10000 expense + 2000 travel exp. = 24800 $
So, 80% of 24800 =19840 $
hence,
19840 X 54 = Rs.1071360 Average must be 11 lakhs.

 

[harpreet470]

Hi amandeep,

please don't give any wrong information to anyone.

He has already paid 1st sem fees so that amount needs to be deducted before taking 80% of total amount.

I got visa in 5 days
and i paid 6501$ from my pocket and took loan of Rs 8.5 lakhs, it worked like charm.

 

[thatsnandu]

It has been a topic of discussion regarding the Prepaid Semester fees to be deducted from the loan amount required..!!

Some say that yes it can and shud be deducted..!! Some say that no it has to be exact 80% without any deduction..!! I have still have not understood the funda..!!

yes it is always good to show a little more than what is required, But I guess for most of us each penny counts which makes us difficult to afford the extra interest amount if its not really a necessity..!! Hope someone can clear it officially..!!

Nandu

 

[harpreet470]

It has been a topic of discussion regarding the Prepaid Semester fees to be deducted from the loan amount required..!!

Some say that yes it can and shud be deducted..!! Some say that no it has to be exact 80% without any deduction..!! I have still have not understood the funda..!!

yes it is always good to show a little more than what is required, But I guess for most of us each penny counts which makes us difficult to afford the extra interest amount if its not really a necessity..!! Hope someone can clear it officially..!!

Nandu

Hello Nandu,

According to SPP checklist, embassy asks for Copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year (normally, first year’s tuition, unless already paid, plus $8000).


so it is 80%, only when tuition fees is not paid, in case you have paid tuition fees then simply deduct that amount from the education loan...

and loan amount becomes

2nd sem fees + 8000 dollars which should be around Rs 8 lakhs...so loan of Rs8.5 lakhs is already more than what is required

 

[thatsnandu]

Hello Nandu,

According to SPP checklist, embassy asks for Copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year (normally, first year's tuition, unless already paid, plus $8000).


so it is 80%, only when tuition fees is not paid, in case you have paid tuition fees then simply deduct that amount from the education loan...

and loan amount becomes

2nd sem fees + 8000 dollars which should be around Rs 8 lakhs...so loan of Rs8.5 lakhs is already more than what is required

Even I had the same relief..!! and then I started reading these topics..!!

http://www.canadavisa.com/canada-immigration-discussion-board/canada-spp-visa-rejection-t111405.0.html;msg1611807#msg1611807
http://www.canadavisa.com/canada-immigration-discussion-board/visa-refused-under-spp-t110399.0.html;msg1581968#msg1581968
http://www.canadavisa.com/canada-immigration-discussion-board/canada-spp-visa-rejection-t111405.0.html;msg1610638#msg1610638

I know these are not official and purely knowledge of an individual and his experience... But just that "what if" factor confuses..!! Thats all..!! : ;D

even I started a thread on this..!! I got mixed opinions..!!
http://www.canadavisa.com/canada-immigration-discussion-board/-t110167.0.html

Nandu

 

[harpreet470]

What i think is
no need to read too many "rejection topics" if you are applying for Visa, it is only going to depress and confuse you.

Better to complete the documents, apply for VISA and keep praying all the time.

Rest is your luck

 

[thatsnandu]

Ya very well said..!! ;D it will only confuse u..!! I have decided to go ahead and apply the way I thought and just take it as it comes..!! Let "Ooperwala" decide..!!

 

[harpreet470]

Ya very well said..!! ;D it will only confuse u..!! I have decided to go ahead and apply the way I thought and just take it as it comes..!! Let "Ooperwala" decide..!!

great buddy... just pray go to god....and apply for visa


n all the best.....

 

[theamandeep]

Hi amandeep,

please don't give any wrong information to anyone.

He has already paid 1st sem fees so that amount needs to be deducted before taking 80% of total amount.

I got visa in 5 days
and i paid 6501$ from my pocket and took loan of Rs 8.5 lakhs, it worked like charm.

Dude,
I also have the same mentality before reading topics related to this issue.
In your case I can't say more then that you are lucky ,
But still everyone has his own luck as well as different profile

It doesn't effect before applying you to sanction 11 lakhs instead of 8.5 lakhs. Better then getting refusal and asking for help on this forum after rejection.
So, i must say precaution is better then cure !!!!

everyone has one chance under spp, Don't waste it with leniency.
You are confident regarding the loan because you got the visa,meanwhile you can get more then dozen applications on this forum that gone rejected on financial grounds.


check out just little highlights -:

http://www.canadavisa.com/canada-immigration-discussion-board/canada-spp-visa-rejection-t111405.0.html;msg1611807#msg1611807

http://www.canadavisa.com/canada-immigration-discussion-board/canada-spp-visa-rejection-t111405.0.html;msg1610638#msg1610638

in sumup, i can say you are write to an extend that all doesn't depend on the loan only. Whole profile matters.

and for you rajveer singh , Do what your heart says. This forum is just for sharing information,Following it or not all on you.
and lets hope for the best To Waheguru!!!!


Cheers
Amandeep Singh

 

[superseic]

HI, Friends.
My na me is Rajveer singh.I have a question 4 u guys.
I have paid my 1st sem fees 6440 cad from my account.My total fees of 2 semesters is 12800cad .
now i am confuse about my loan letter.
Should, I HAVE TO GET A LOAN LETTER OF 10 LAC OR 7.5 LACS.
WHICH WILL BE A BETTER OPTION.

I am in totally agree with Theamandeep
Look Rajveer,one of my friend also think of same and got refusal last week on the financial grounds, he has 12400$ fees of 2 semesters and sanctioned loan of 8.5 Lakhs.and paid one semester fees from pocket.

So, i suggest you to take loan of 11 lakhs before applying as you will not get another chance to rectify it.
Even i am also thinking of same manner but now changed the mind after seeing refusal of my friend.

Do not listen to anyone who says of 8 lacs or 9 lakhs. rest all on you
best wishes to you.

 

[abhi141989]

Be on safe side... Should go for 11Lakhs..

And best of luck to u...