In recent times the value of USD has gone up vis-a-vis other currencies of Asian Countries. This has also resulted in steep increase in the value of other currencies like Euro, Pound Sterling, Australian Dollars and Canadian Dollars. As of yesterday, the following are the value of CAD in terms of INR and PKR:
1 CAD = 84.16 Pakistani Rupee
1CAD = 50.83 Indian Rupee
Though this implies higher tution and cost of living fees in terms of Rupees, I am not sure about its impact on the VISA processing. Since, almost everyone on the forum takes some sort of loan for education this increase in value of CAD is going to make the INR amount loan smaller.
For Example, if somebody took a loan of 12 Lakhs from a bank:
With 1 CAD = INR 47.50, 12 Lakhs would mean CAD 25,264.00 (Approx.)
With Current Prices of 1 CAD = INR 50.83, 12 lakh would mean USD 23,609.00 (Approx.)
Since, SPP requires 80 percent of first years tuition and cost of living, people who are thinking of applying for loans now might have to keep this into consideration before going for VISA application.
P.S - Not trying to be judgemental about anyone's case on Forum but while going through Economic Times thought how this would change the way we look at out education loan requirements.
Share your thoughts as well !!!
