Rushi said:
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 .