proof of funds

[nishant94]

Hello guys
I recently received ITA and I have queries regarding proof of funds :
1) I have arranged 13500 CAD in my Indian bank account which fulfills the requirement but I have two other bank accounts as well on minimum balance. Do I need to show their information? Does that affect judgment or negatively affect anything if I only show the account which fulfills the requirement?
2) In 2018 I took an education loan for my masters which was completed this year in March but the loan amount is equal to the requirement for proof of funds. I am confused now whether to show the loan and how to justify it?
Any help would be deeply appreciated
Thanks

 

[ssejpal]

Hello guys
I recently received ITA and I have queries regarding proof of funds :
1) I have arranged 13500 CAD in my Indian bank account which fulfills the requirement but I have two other bank accounts as well on minimum balance. Do I need to show their information? Does that affect judgment or negatively affect anything if I only show the account which fulfills the requirement?
2) In 2018 I took an education loan for my masters which was completed this year in March but the loan amount is equal to the requirement for proof of funds. I am confused now whether to show the loan and how to justify it?
Any help would be deeply appreciated
Thanks

As per the POF requirement, you need to show that you have enough money to support you/your family.

If we consider your scenario then you have POF as like below....

Money in Account : Balance
1) POF of 13500 CAD in one account + 2 account with Minimum Balance (Hopefully Rs. 10000 / 5000 in Indian Rupee or INR) = 13700 CAD Around.

Borrowing : Liability
1) Education Loan - It is Equal to your POF.
[If it is active Loan then it is Liability on You. But if you have fully paid this loan then It is not a Liability.]

Now let's calculate POF.

POF = Balance - Liability
= 13700 CAD - Education Loan [Equal to your POF - If active]
= 0 CAD

This is how officer will calculate and Education Loan will nullify your POF. You might have the chances for rejection also.

But before coming to the conclusion I request you to take Expert Opinion.

Hope this will help.

 

[nishant94]

As per the POF requirement, you need to show that you have enough money to support you/your family.

If we consider your scenario then you have POF as like below....

Money in Account : Balance
1) POF of 13500 CAD in one account + 2 account with Minimum Balance (Hopefully Rs. 10000 / 5000 in Indian Rupee or INR) = 13700 CAD Around.

Borrowing : Liability
1) Education Loan - It is Equal to your POF.
[If it is active Loan then it is Liability on You. But if you have fully paid this loan then It is not a Liability.]

Now let's calculate POF.

POF = Balance - Liability
= 13700 CAD - Education Loan [Equal to your POF - If active]
= 0 CAD

This is how officer will calculate and Education Loan will nullify your POF. You might have the chance for rejection also.

But before coming to the conclusion I request you to take Expert Opinion.

Hope this will help.

Thank you for your comment.
Actually, In my case, I have 12960 CAD in my personal account and have 13000 CAD education loans for the term of 15 years starting from next year. If I deposit approx 5500 CAD towards my education loan and show that in the letter of explanation getting signed from the bank. Will that work ? or do I need to fully pay back my loan first ?? Or is there any better way out that anyone can suggest ? Indian banks are not very good in cooperating with any letters so I am confused to what to do ?
Any advice would be appreciated and will be helpful
Thanks