Doubts regarding funds even after taking LOAN ( but its 85% )

[vashuman]

Hello everyone,

i have a big doubt in my mind about meeting the requirements for study permit. my course fee for the year is 18.75 lac INR ( 34,750 CAD ) + i need to show 5.4 ( 10k CAD )lac INR for my living . i approached to SBI and they approved my loan that includes the tution fee and the living expenses. But the doubt is that the bank pays 85% of the applied loan amount and 15% is the margin money. So in my case the bank will approve 20 lac loan , plus i have paid 1lac to the institute. I am really confused regarding the funds that i need to show. And problem is that i cannot show the statement having the steady funds for 6 long months .

Is the sanction letter of the loan stating approval of 85% of all the amount ( including fees + living + travel ) enough to go for the Visa? I am really confused regarding the 10K CAD funds that needs to b showed .


Please someone clear my doubts and show me a way out of it. I need to apply for the Canadian Visa.

 

[faridshariff]

as per my knowledge u just need to show reciept of fees paid & GIC to Visa officer.

 

[Manpreet_rieit]

Almost 19lacs of tuition fees for 1 year

you need to pay the 1st sem or 1st year tuition fee to the university and they will give you the recipt that you are suppose to hand over to VO along with your Visa file. Now after paying the tuition fee....you should have $CAD 10k remaning in you loan amount which you have to show for your living expenses for 1 year.

 

[vashuman]

My case falls under general category. And my seat confirmation in the institute is already done by paying 5% of the tution fee and rest of the fee is in 2 more installments. I am taking loan that includes complete fee for 1 year + living expenses. But the issue is bank gives 85% loan and 15% i have to pay as the margin money. And as i case falls under General category i dont think i need GIC.


My only concern is even after taking loan ( 85% including fee + living ) will it b sufficient to go for the visa . Do i need to have the 15% margin money there in my account to show them as the funds?

i just have 4000$ CAD funds excluding the loan that i can show.

its really pissing me off because they have not mentioned the Percentage (%) of loan that i required in the general category .

Can someone please pic up my case and guide me through..

Ask me anything else if required.

 

[amanpreet005]

you just need to have 10000$ in ur GIC acount or show loan equivalent to 10000$.
no need for doing both.. GIC is recommended..

 

[faridshariff]

yes u have to show 15% funds..u must provide proof of funds for entire tution & living + travelling (return) ..in ur case its a combination of loan and personal saving if u r not buying a GIC..better buy a GIC and show loan for tution.

 

[amanpreet005]

Is loan necessary with GIC? or either will do?

 

[faridshariff]

mate u must show funds for tution + living + airfare
for living - if u buy a GIC then it will convince VO that u'll have funds to live in canada after arrival
tution - show the bank loan...or if possible ask the bank to pay the fees and provide the reciept during application for visa..

btw which course & uni/college demands 24k per year in tution? i hope u are not applying for a 2 year course..

 

[vashuman]

its a 1 year program of Game Art and Design at Vancouver institute of media arts.

even if i arrange the remaing 15% funds..i cannot show the bank statement for 4-6months. And if i go for GIC , as i have been reading about it, it takes quite a bit of time. My course starts in september 2013, but have to pay the next installment of the fee in july. So i need to get the visa done before i pay the next installment.

it is so confusing as the general category has very few threads and information regarding loan + funds.