Education Loan for SPP

[vishal21]

Hello,

I have LOA of SPP college and applied for an education loan from United Bank of India. However, this financial institute is not listed in SPP checklist. Please help what should be done should I change the bank in order to apply under SPP?

 

[vishal21]

Please help guys!!

If we are opting for GIC is it mandatory anywhere to show an education loan sanction letter for SPP Visa application?

 

[andysingh]

Hello,

I have LOA of SPP college and applied for an education loan from United Bank of India. However, this financial institute is not listed in SPP checklist. Please help what should be done should I change the bank in order to apply under SPP?

According to the SPP checklist, GIC is must. So i dont think loan will be accepted.

here's the link http://vfs-canada.co.in/pdf/study_permit_20-09-2012.pdf

 

[vishal21]

Thanks Andysingh !

 

[sabby2612]

Hello,

I have LOA of SPP college and applied for an education loan from United Bank of India. However, this financial institute is not listed in SPP checklist. Please help what should be done should I change the bank in order to apply under SPP?

There is a trick to it how it can work out for you. Follow the thread a user started about credila education loan.

 

[viperD]

According to the SPP checklist, GIC is must. So i dont think loan will be accepted.

here's the link http://vfs-canada.co.in/pdf/study_permit_20-09-2012.pdf

The link is of general check list.!!!
in which we have to show the loan from ACCEPTABLE FINANCIAL INSTITUTIONS... but as far i concern in spp sceme we jst have to show the GIC and pay the tuition fees. it does not matter from which bank we are taking loan from.. Please correct me if i am wrong.. __/\__

 

[sabby2612]

The link is of general check list.!!!
in which we have to show the loan from ACCEPTABLE FINANCIAL INSTITUTIONS... but as far i concern in spp sceme we jst have to show the GIC and pay the tuition fees. it does not matter from which bank we are taking loan from.. Please correct me if i am wrong.. __/\__

Bang on target. yes, this is the trick to it. They aren't asking you for source of funds. One needs to just purchase GIC and pay tuition fee. That's it.

 

[Rushi]

What is GIC?which bank is refer for education loan ?

 

[manubali]

What is GIC?which bank is refer for education loan ?

gic is Guaranteed Investment Certificates which u have to purchase if u r planning to go under spp program.
it is of $10,000.

this is how it works
When your application is accepted:
Scotiabank will open a GIC for a 1
year term and email you the GIC
account number within 10 business
days, along with other remittance
details, which will allow for a wire
transfer of funds from India.
You can then wire transfer $10,000
CAD (plus $100 CAD to cover
administration fees etc.) to open a
GIC.
Upon arrival in Canada, you'll be
required to visit a Scotiabank branch
to activate the GIC and open a
deposit account. Once the account is
opened, an initial amount of $2,000
CAD will be transferred to your
deposit account. The remaining
amount will be automatically
transferred in four (4) equal
installments of $2,000 CAD every
two months .

 

[manubali]

The List of Approved Banks by CHC
Canadian High Commission, India for
Education Loan purpose for 2013
intakes:
Andhra Bank
Allahabad Bank
AXIS Bank Ltd
Bank of Baroda
Bank of India
Bank of Maharashtra
Bank of Punjab Ltd
BNP Paribas
Canara Bank
Central Bank of India
Centurion Bank of Punjab Ltd
Citibank Corporation Bank
Dena Bank
Federal Bank Ltd
HDFC Bank Ltd
Hong Kong and Shanghai Banking
Corporation
IDBI Bank Ltd
Indian Overseas Bank
Indian Bank
Ing Vysya Bank Ltd
Indusind Bank Ltd
ICICI Banking
Jammu & Kashmir Bank Ltd
Karnataka Bank Ltd
Kotak Mahindra Bank
NOVA Scotia Bank
Oriental Bank of Commerce
Punjab National Bank
Punjab and Sind Bank
South Indian Bank Ltd
Standard Chartered Bank
State Bank of India
State Bank of Bikaner and Jaipur
State Bank of Hyderabad
State Bank of Indore
State Bank of Mysore
State Bank of Patiala
State Bank of Saurashtra
State Bank of Travancore
Syndicate Bank
UCO Bank
Union Bank of India
Vijaya Bank