Canadian Dollar Vs Indian Rupee/Pakistani Rupee

[neeraj1985]

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 !!!

 

[royalsting]

You have got a very valid point neeraj. But markets are so volatile, I don't think embassy will wait to check and calculate loans on conversion rates on daily/hourly basis. They must have a set average for all 3-4 months of Jan '12 intake that they might follow. I remember paying fees at $47 and now its about $50.40. But its always advisable to stay on the safer side and show above borderline funds.

 

[vark]

I will be applying for a Visa(Under SPP) on Monday, and i have taken a loan of 11,00,000 (80%) calculating @ 50 rupees(INR) / CAD,
Now CAD is almost 50.5 Rupees(INR), :-[
My consultancy said it wont make an impact on the visa application since i have
already paid first semester fee which is more than 20 % of total cost.
Hope its true... :
Hope it does not become a reason for the VO to reject the application.

Cheeers..

 

[jstar1]

i paid first sem fees of 3 lac and 7 lank loan sanction letter ( my fathers employed helped for 10 lac FDs)
loan with 14% margin so total money was only 6 lakh
I got visa
so i think its easy for you

 

[vark]

Ohh Thats Nice ;D
Hope i get it

 

[royalsting]

I will be applying for a Visa(Under SPP) on Monday, and i have taken a loan of 11,00,000 (80%) calculating @ 50 rupees(INR) / CAD,
Now CAD is almost 50.5 Rupees(INR), :-[
My consultancy said it wont make an impact on the visa application since i have
already paid first semester fee which is more than 20 % of total cost.
Hope its true... :
Hope it does not become a reason for the VO to reject the application.

Cheeers..

It shouldn't be a problem, go ahead.

Btw have you paid 1st Sem fees?

 

[vark]

@Royal,

Yes i have paid my first sem Fees.

 

[royalsting]

and what is your first year's fees?

 

[vark]

Its pretty High, :'(
Including all administration fee, etc.. etc..., its 17485 CAD (1 year),
First Sem fee is 6000 CAD. For georgian college Research Analyst Program ( 1year program).
Hope its worth-it .

 

[royalsting]

Its pretty High, :'(
Including all administration fee, etc.. etc..., its 17485 CAD (1 year),
First Sem fee is 6000 CAD. For georgian college Research Analyst Program ( 1year program).
Hope its worth-it .

Check this link: http://www.canadavisa.com/canada-immigration-discussion-board/how-much-funds-to-show-t88887.0.html

This guy has somewhat similar fees, check the calculation towards end of that page.

You are good to go with a loan of 11 lac.

 

[vark]

Thank you Royal, I guess this loan amt is good as u say ..
Bank guys say they give the loan sanction letters on Friday or Sat max,,.
Hoping to apply on monday max..

 

[royalsting]

Thank you Royal, I guess this loan amt is good as u say ..
Bank guys say they give the loan sanction letters on Friday or Sat max,,.
Hoping to apply on monday max..

All the best Vark!

 

[vark]

@ royal,
I am enclosing the following docs with my SPP applications,
1. All needed apllication forms (i guess 5 forms)
2. SOP
3. 10th, 12th, My Degree certificate and markscard, My PG markscards.
4. experience certificates
5. salary details.
6. ITR's of DAD, MOM, and Brother, (are these compulsory?)
7. Education loan docs (yet to arrive in2 days).
8. passport photocopy and photograps.
(all notarised copies),
Do they also need short Resume, recommendation letters, ?
did i leave out anything else?

 

[royalsting]

@ royal,
I am enclosing the following docs with my SPP applications,
1. All needed apllication forms (i guess 5 forms)
2. SOP
3. 10th, 12th, My Degree certificate and markscard, My PG markscards.
4. experience certificates
5. salary details.
6. ITR's of DAD, MOM, and Brother, (are these compulsory?)
7. Education loan docs (yet to arrive in2 days).
8. passport photocopy and photograps.
(all notarised copies),
Do they also need short Resume, recommendation letters, ?
did i leave out anything else?

These are additional documents, are you sure you want to add them?

Also what about IELTS result, LOA, fee payment receipt and medical examination form?

 

[vark]

Yes,
Hehe sorry i forgot to mention them,..
IELTS result, LOA, fee payment receipt and medical examination form will be submitted.

My consultancy has asked me to submit those docs too. !!!