Student Visa Proof of Funds. HELP!

[muhammad.rumais]

I posted a similar query earlier but this is a bit detailed. So help me out here.

I am an 18 year old from Pakistan currently residing in Saudi Arabia. I have applied to colleges in Canada for my undergraduate degree for Fall 2018. I am really concerned about proof of funds. I need to show around 22000 CAD approximately. My father is an engineer who works for a private company in Saudi Arabia. The salary is good enough but not so good that we can save up huge amounts of money. So he doesn't have anything even close to 22000 CAD as of now. Good thing is that we dont have debts of any sort and our bank statements are pretty regular/normal. Classes will be starting in September and I will be applying for visa next month or in August.

We considered taking a loan. But I've heard that personal loan doesn't count. Is this true? Here in Saudi Arabia, we don't have student loans. Only personal loans are available. The banks here issue loans like "Personal - For educational purposes". I can borrow money but I don't know if that's the way to go.

There is another alternative. This happened a year or 2 before. We had 17000 CAD in savings in our bank account in Pakistan. Due to family conflicts, my father had to give away 17000 CAD to my uncle back home. There is no official documentation of that but a single transaction proof. Can I take the money from my uncle and get a document prepared NOW stating that it was borrowed and now returned? My uncle will sign it ofcourse. To specify the source of money if I am borrowing from him. I will also attach that transaction proof.

Also, I heard about something called Fixed Deposit. What is that?

PLEASE ANSWER all these queries. WILL THIS WORK?

 

[AstronomyNut]

You should do some research what sort of loan CIC will accept; I think that's your best option.

The uncle idea seems shaky. I don't think it'll work. I don't know whats Fixed Deposit.

 

[muhammad.rumais]

You should do some research what sort of loan CIC will accept; I think that's your best option.

The uncle idea seems shaky. I don't think it'll work. I don't know whats Fixed Deposit.

Yo!
Thanks for your input! Regarding the "uncle idea". Do you think I will have a better chance if I show that the money was mine in the first place? Like a 6 months statement showing the the firm amount in my account before the transaction. What do you think?

 

[captainarabiia]

Yo!
Thanks for your input! Regarding the "uncle idea". Do you think I will have a better chance if I show that the money was mine in the first place? Like a 6 months statement showing the the firm amount in my account before the transaction. What do you think?

The uncle idea won't work .
Get a loan , or a letter from the bank stating that it's for your educational purpose .

Another way , defer a semester , get the money , keep it in your account for 4 months and then show them the statement as it's your savings .

Done .

 

[captainarabiia]

I applied from Saudi Arabia , and had money in my brothers savings account as he was my sponsor .

 

[muhammad.rumais]

Thanks! I gast it. Wanna avoid deferring a semester as my course itself is already exceeding 5 years if I make it in this fall. I will consult some IDP or VFS people regarding the personal loan and continue.

 

[Manohar Rathod]

I posted a similar query earlier but this is a bit detailed. So help me out here.

I am an 18 year old from Pakistan currently residing in Saudi Arabia. I have applied to colleges in Canada for my undergraduate degree for Fall 2018. I am really concerned about proof of funds. I need to show around 22000 CAD approximately. My father is an engineer who works for a private company in Saudi Arabia. The salary is good enough but not so good that we can save up huge amounts of money. So he doesn't have anything even close to 22000 CAD as of now. Good thing is that we dont have debts of any sort and our bank statements are pretty regular/normal. Classes will be starting in September and I will be applying for visa next month or in August.

We considered taking a loan. But I've heard that personal loan doesn't count. Is this true? Here in Saudi Arabia, we don't have student loans. Only personal loans are available. The banks here issue loans like "Personal - For educational purposes". I can borrow money but I don't know if that's the way to go.

There is another alternative. This happened a year or 2 before. We had 17000 CAD in savings in our bank account in Pakistan. Due to family conflicts, my father had to give away 17000 CAD to my uncle back home. There is no official documentation of that but a single transaction proof. Can I take the money from my uncle and get a document prepared NOW stating that it was borrowed and now returned? My uncle will sign it ofcourse. To specify the source of money if I am borrowing from him. I will also attach that transaction proof.

Also, I heard about something called Fixed Deposit. What is that?

PLEASE ANSWER all these queries. WILL THIS WORK?

Hi Muhammad !!
Why don’t you add your uncle as a sponsor because even if you take back your dad’s money it’s of no use now as you need to show amount in the account atleast for 3-4 months consistently.
The other option as you mentioned that you can avail personal loan in Saudi Arab - go for it .. not an issue.
but brother you are very late now..
And also get a balance certificate from bank where you have an account having the funds and that should be on banks letter head , duly signed and stamped.
Show your dad & uncle as your sponsors..
Collect docs from both -
1. Payslips for 4 months or any
other income proof
2. Bank statement for 4 months
3. ITR ( if taxpayer ) or FORM - 16
4. Passport copies
5. Affidavit of support on a stamp paper duly notarised.
6. Balance certificate
And also don’t forget to check the checklist if I missed out something.

Coming to “Fixed Deposits”-
It’s an investment which will fetch you an interest from bank . You have to deposit desired amount and make it fixed and in return you will get FDR ( fixed deposit receipt ), copy of which you can attach along with your visa application.
That amount will be blocked , you can’t withdraw it for the term it’s deposited. It should be 3 months old for the purpose of visa application.
Hope this info is useful to you !!
All the best

 

[melecia]

I am in a similar situation where i am using my stepfather and mother as sponsor, should they both do a different sponsor letter. my mother is also getting an education loan along with her savings.

 

[muhammad.rumais]

Hi Muhammad !!
Why don’t you add your uncle as a sponsor because even if you take back your dad’s money it’s of no use now as you need to show amount in the account atleast for 3-4 months consistently.
The other option as you mentioned that you can avail personal loan in Saudi Arab - go for it .. not an issue.
but brother you are very late now..
And also get a balance certificate from bank where you have an account having the funds and that should be on banks letter head , duly signed and stamped.
Show your dad & uncle as your sponsors..
Collect docs from both -
1. Payslips for 4 months or any
other income proof
2. Bank statement for 4 months
3. ITR ( if taxpayer ) or FORM - 16
4. Passport copies
5. Affidavit of support on a stamp paper duly notarised.
6. Balance certificate
And also don’t forget to check the checklist if I missed out something.

Coming to “Fixed Deposits”-
It’s an investment which will fetch you an interest from bank . You have to deposit desired amount and make it fixed and in return you will get FDR ( fixed deposit receipt ), copy of which you can attach along with your visa application.
That amount will be blocked , you can’t withdraw it for the term it’s deposited. It should be 3 months old for the purpose of visa application.
Hope this info is useful to you !!
All the best

Cant thank you enough for this! This "but brother you are very late now". Do you mean it towards getting a personal loan? Why is it late?
Furthermore, I am thinking of deferring the admission to January. I will borrow some money this month and keep it in my bank account until Nov/Dec for when I apply for visa. By then I will a have a 4/5 months statement with the required amount. What do you think?

 

[dbss]

Another option can be to avail an education loan from Pakistan if possible. I think the loan should suffice although it says Personal but it also says educational.

 

[muhammad.rumais]

Another option can be to avail an education loan from Pakistan if possible. I think the loan should suffice although it says Personal but it also says educational.

If it is a personal loan anyway, I will take it from Saudi Arabia. Low interest rates etc...
But do you think if I take a loan from Pakistan, it can show as a strong tie to the home country?

 

[muhammad.rumais]

By the way, I will be applying from Saudi Arabia even if the loan is from Pakistan. So thats why I asked about the tie thing.

 

[Manohar Rathod]

Cant thank you enough for this! This "but brother you are very late now". Do you mean it towards getting a personal loan? Why is it late?
Furthermore, I am thinking of deferring the admission to January. I will borrow some money this month and keep it in my bank account until Nov/Dec for when I apply for visa. By then I will a have a 4/5 months statement with the required amount. What do you think?

No need of thanks.
It’s my pleasure !!
And will take my words back that you are late now..
If you are planning for jan intake then you have enough time Muhammad you can easily plan things .. Take loan keep it in the sponsors account if it’s your father and if you are working professional then you can show it in your account itself as funding yourself. One question - is your uncle your father’s real brother or just a relative ?

 

[muhammad.rumais]

No need of thanks.
It’s my pleasure !!
And will take my words back that you are late now..
If you are planning for jan intake then you have enough time Muhammad you can easily plan things .. Take loan keep it in the sponsors account if it’s your father and if you are working professional then you can show it in your account itself as funding yourself. One question - is your uncle your father’s real brother or just a relative ?

Hi there!
You sound like a well informed individual so accept my apologies as I have a few more questions.
Yes, my uncle is my fathers real brother. Not a distant relative. But, now that I have time. My father will arrange the money and I will only show him as the sponsor. To avoid family complications . I have the following queries.

1) The amount I will be borrowing will be exactly $22000. My dad's bank account will have $2000-$4000 above it which is usually there every month. Is it enough or should I show a bit more above the $22000?

2) My dad will borrow money from friends for 6 months. Its different from a loan as there is no interest involved and its more like a favor. I am willing to take a loan as long as there is some other benefit associated with it. I was thinking of ties to home country. "Do you think if I take a loan from Pakistan, it can show as a strong tie to the home country? I will be applying from Saudi Arabia even if the loan is from Pakistan."

3) Ties to home country. I have no close relatives abroad. My grandparents and almost all of them are in Pakistan. But we dont have any assets back home. No business, land, property etc...on my fathers name. My grandmother owns 2 properties though. So how do I show ties to home country?


Your input will be highly appreciated!

 

[Manohar Rathod]

Hi there!
You sound like a well informed individual so accept my apologies as I have a few more questions.
Yes, my uncle is my fathers real brother. Not a distant relative. But, now that I have time. My father will arrange the money and I will only show him as the sponsor. To avoid family complications . I have the following queries.

1) The amount I will be borrowing will be exactly $22000. My dad's bank account will have $2000-$4000 above it which is usually there every month. Is it enough or should I show a bit more above the $22000?
Yes, you have to show excess funds after covering your tuition fees and living expenses for one year. You can show 10,000 CAD more if possible in the sponsors account.
I hope you already did GIC .

2) My dad will borrow money from friends for 6 months. Its different from a loan as there is no interest involved and its more like a favor. I am willing to take a loan as long as there is some other benefit associated with it. I was thinking of ties to home country. "Do you think if I take a loan from Pakistan, it can show as a strong tie to the home country? I will be applying from Saudi Arabia even if the loan is from Pakistan."
In my opinion, loan doesn’t serve as proof for strong home ties. For that you need to prepare a strong SOP and explain VO that you will return back to your home country after completion of your course. Give some examples as you will have good opportunities in your home country upon completing that course and also mention that your whole family is here.
The place from you are applying doesn’t matter. And if you are working in Saudi then you have to mention that too and that’s the reason you are applying from here.

3) Ties to home country. I have no close relatives abroad. My grandparents and almost all of them are in Pakistan. But we dont have any assets back home. No business, land, property etc...on my fathers name. My grandmother owns 2 properties though. So how do I show ties to home country?
Refer above !!
You need not have any relative abroad to prove something.
You can also attach copy of your grandparents property docs along with the valuation doc of that property.
Chill & apply peacefully !!
All the best ..
I’m bit busy with my travel plan , so if I don’t reply at any point of time then don’t feel bad about it.. I will surely reply whenever I find time


Your input will be highly appreciated!