money0044121 said:
hello everyone plaese help me
i am applying under spp for jan 2012 intake at CHC CHD and and my course is of 2 year(diploma)
my one year fee is $13,166.00 (6,31968.00 INR)
i am applying for a loan of 10lac and my fee is paid from my education loan for 1st semester or term.
after paying my fee for first term my loan left is 7,20000.00 lac
so it is ok to apply with 7,20000.00 lac remaining in education laon?
i am also having 3,0000 lac cash in hand what should i do with that cash should i deposit whole amount in my saving account or make FDR ?
help me
thank you
Hi
Even I am facing the same very problem.Even I have applied for sheridan in Jan 2012 intake.My course in Computer Engineering Technology and fee for 1 year is 13700 $ . I have paid the first fee from my parents saving i.e. 7200 $ ( Rs 360000) and I have a loan of 7.5 lakhs sanctioned and the left fee is 6500 $ ( Rs 325000). Even I have 3 lakhs cash in hand.This was all about my situation.
Next is the solution.As quoted by the CHC under spp checklist
Copy of an Educational Loan from an Indian Chartered Bank equivalent to at
least 80% of tuition +living + travel expenses for one academic year (normally,
first year’s tuition, unless already paid, plus $8000).
They demand a loan of at least 80 % of ur first year expenses ( tution + living + travel). I did quite a lot of research talked to various consultants and even this forum's prominent members e.g enfield . Mostly the 80 % rule is not followed just for being safe we take the 100 % of the first year expenses. As mentioned by the CHC they have taken 8000 $ to be the sum of living + travel expenses but still just for being safe we take that to be 10000 $.So now the calculation in your case
Total Fee : 13,166 x 50 = Rs 658300
Total of living and travel expense = Rs 10000 x 50 = Rs 500000
Total expense = Rs 1158300
Out of which you have already paid Rs 330000 so the left amount is Rs 828300. So with a loan amount of Rs 7.2 lakhs I don't feel its safe.
Now the fact that you have 3 lakhs of cash in hand.As quoted by CHC
***DO NOT PROVIDE ANY ADDITIONAL DOCUMENTS UNLESS REQUESTED TO DO SO BY A VISA
OFFICER, OR YOUR FILE WILL NOT BE GIVEN PRIORITY PROCESSING UNDER SPP.
So keeping this fact also in mind we cannot provide them any bank statement or FDR's . The only solution I found was to pay another semester's fee in advance from your cash in hand ( I know this will make your financially tight handed as It did in my case )and attach the two semesters fee receipts along with sanction loan letter of Rs 1000000
With this your expense mentioned above will be reduced Rs 828300 to Rs 503300. With this you will quite a sufficient amount of margin and this will reduce changes of negative reply to an great extent.
Even I facing the same problem and after doing meeting a lot of persons I am giving you the solution which I found most appropriate. Still that is my opinion you can do whatever you think is right. If you could inbox me your no. I could give you a detailed explanation.Best of luck
