Hello Guys,
I am very confused between to opt for GIC or education loan. I've paid initial tuition now looking to get GIC but my bank (BOM) only allows to reimburse 2 Lakhs rupees against initial 10K$ tuition deposit( deducting margin money of 15%) Now I need to arrange 3 Lakh from my own source. As an alternative, I want to know whether education loan sanction letter of approx 20 Lakhs is suffice instead of GIC?
VIMP: Do I need to show that my education sanction letter must show 10000$ against living expenses(which probably bank will not issue as I will be leaving off campus).
Also for this alternate option for GIC i.e. education loan, only sanction letter is required or any other savings, FD's and liquid cash need to show along with sanction letter? Please guide
Aditya
I am very confused between to opt for GIC or education loan. I've paid initial tuition now looking to get GIC but my bank (BOM) only allows to reimburse 2 Lakhs rupees against initial 10K$ tuition deposit( deducting margin money of 15%) Now I need to arrange 3 Lakh from my own source. As an alternative, I want to know whether education loan sanction letter of approx 20 Lakhs is suffice instead of GIC?
VIMP: Do I need to show that my education sanction letter must show 10000$ against living expenses(which probably bank will not issue as I will be leaving off campus).
Also for this alternate option for GIC i.e. education loan, only sanction letter is required or any other savings, FD's and liquid cash need to show along with sanction letter? Please guide
Aditya