Hi, I took a personal loan of rs 50000 in Jan 2020 and since I have not yet paid the 12 emi I am not able to close it. Is there any issue with this much minimum loan amount in my bank confirmation letter. I already talked to bank and they told me that pre closure is impossible as I haven't yet paid the 12 EMIs. Kindly suggest is there any way.
Doubts with personal loan
- Thread starter iqra2291
- Start date
No problem at all when it comes to immigration. Canada doesn’t consider default loans or unpaid EMIs as criminal conviction. Hence, you’ll be fine.
Default loan means, failure to repay a debt including interest or principal on a loan or security. Which means even if you don’t pay your loan back at all, you wouldn’t have any problems for Canadian Immigration though, you might have issues in the future for taking any more loans from the bank/country as you’ll have bad credit or the bank consider you as a high risk borrower.
You are not listening, once again, it doesn’t matter what you were doing or what you will be doing with your loan. IRCC won’t give a damn about your loan in your home country. Paying back your loan or not comes down to your personal circumstances or preferences. Hence, you can do what ever you wanna to do with your loan, to reiterate again, when it comes to immigration your unpaid EMIs won’t matter to them at all. Hope it helps!
Then yes, IRCC just want to see the settlement fund available in your account.
And no, you don’t have to show minimum monthly balance transactions. But make sure you have funds in cash or FD accommodated with proper documents. Lastly, you must disclose outstanding debts such as credit card and loans. All liabilities must be disclosed not that it’s gonna cause issues to your application down the road but it is better to be safe than sorry.
Yes, it should be sufficient but make sure you get gift deed letter affidavit from you father saying he had gifted you the money.
Like I said, your loan amount of 50000 is not substantial and it won’t have any negative impact on your application, that’s why I suggested you to disclose everything to them. It’s better to truthful throughout your application.
Bringing the topic forward. I am in process to apply. I have personal loan of around 8 lakh (loan is in good standing, no defaults till date). The savings i am going to show is saved in X bank and my loan is from Y bank. Do i need to furnish all the loans and credit card details ? If i have existing personal loans will it impact my application ?
As long as you have the settle fund (POF) either as cash or FD you won’t have any problem with your application. Make sure you show the source of your POF or settlement fund. It’s always better to disclose all the outstanding debts when you apply to avoid any future negative impacts on your application, but make sure you write a LOE stating your personal loan situation and reiterate it won’t cause any hindrance with your settlement fund in any way.
Last edited: