confusion about GIC and loan
- Thread starter shivam41
- Start date
Proof of funds: You MUST demonstrate the purchase of a special (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for your first year in Canada. Please consult page 2 for information on how to obtain a GIC. Official GIC document is mandatory.
So, if u r applying under SPP, gic is must
So, if u r applying under SPP, gic is must
Sorry, I didn't understand what u r asking.
If u r asking that whether u can pay for GIc from ur loan amount, then answer is no. U can only pay tuition fee from ur loan. Bank will not allow u to use it for any other purpose.
If u r asking that whether u can pay for GIc from ur loan amount, then answer is no. U can only pay tuition fee from ur loan. Bank will not allow u to use it for any other purpose.
No i disagree, in india.. if u take an education loan u can avail to cover for living cost, flight tickets etc. This is the info i got from my friend who took a loan to study in UK and an education consultant also confirmed it. So if u get the loan amount sanctioned u can use that money for GIC as 10k $ is part of the living cost which is covered by the loanEVIL007 said:
Please correct me if its different for canada.
From what i know, Canada does not need the source of income unlike australia which checks your assets and collaterals. So whether its your personal money or its from a loan the source doesn't make a difference.
I dont know about SBI, but my friend had taken his loan from HDFC Credila, he said the tuition fees and living cost gets split and the living cost is deposited in your indian account. Here is what i found on the Credila websiteEVIL007 said:
Loan Disbursement
The loan amount will be disbursed in Indian Rupees
Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer
The tuition fee will be disbursed in installment as per the requirement of the specific educational institute
The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per Credila's underwriting norms as applicable from time to time[/font][/font]
http://www.credila.com/student_loan_product.html