Education Loan from Bank with FD as collateral - please help

[Family_Guy]

Hello experienced members,
One of the banks we approached for student loan in India (Punjab National Bank) is telling us that Canada Student VISA gets rejected if you take student loan with FD as collateral. Has anybody taken a student loan from bank in India with FD as collateral? Are there any issues with that?

We are trying several banks for loan; unfortunately not getting anywhere. HDFC does not accept a Canadian citizen as co-applicant and the father as co-applicant does not work as he is retired with small pension. Can you recommend any other banks?

Is student loan mandatory to get Student Visa? Are there any other ways to get the visa such as paying one full year fees + affidavit of support from sponsor from Canada etc...

You help / advise is much appreciated.

Thanks and regards

 

[champ1388]

PNB Bank is giving u wrong information. I know at least 10 people who have taken loan against their FD and have secured Canadian student visa. One of my very close friends recently took education loan against an FD and he got the visa.

 

[Family_Guy]

PNB Bank is giving u wrong information. I know at least 10 people who have taken loan against their FD and have secured Canadian student visa. One of my very close friends recently took education loan against an FD and he got the visa.

Thank you!
We really appreciate your help!

 

[soberdeepak]

So Champ that means we can take loan from any Branch as Collateral would be FD so there shouldn't be any problem rite !!! upto what % u can get on FD !!!

 

[champ1388]

So Champ that means we can take loan from any Branch as Collateral would be FD so there shouldn't be any problem rite !!! upto what % u can get on FD !!!

Yes. But if u take loan from PNB u need to go to their RAB (RETAIL AESSETS BRANCH) in your city, not any regular branch. Any government bank like SBI or PNB can easily give u the amount of loan equal to 80% of the FD amount.

 

[guri dhillon]

Hello experienced members,
One of the banks we approached for student loan in India (Punjab National Bank) is telling us that Canada Student VISA gets rejected if you take student loan with FD as collateral. Has anybody taken a student loan from bank in India with FD as collateral? Are there any issues with that?

We are trying several banks for loan; unfortunately not getting anywhere. HDFC does not accept a Canadian citizen as co-applicant and the father as co-applicant does not work as he is retired with small pension. Can you recommend any other banks?

Is student loan mandatory to get Student Visa? Are there any other ways to get the visa such as paying one full year fees + affidavit of support from sponsor from Canada etc...

You help / advise is much appreciated.

Thanks and regards

hi
many people took loan against F.D because its easy and fast to get loan against F.D..
Every bank needs regular income source and itrs of parents to get educational loan......

 

[Family_Guy]

hi
many people took loan against F.D because its easy and fast to get loan against F.D..
Every bank needs regular income source and itrs of parents to get educational loan......

Thanks Guri!
Regular income source from parent is small as father is retired and only drawing pension
Have you (or anybody on this forum) have experience taking out loan specifically from PNB. If yes, then we would like to contact you for guidance if we run into issues.

Thanks and good luck!!

 

[guri dhillon]

Thanks Guri!
Regular income source from parent is small as father is retired and only drawing pension
Have you (or anybody on this forum) have experience taking out loan specifically from PNB. If yes, then we would like to contact you for guidance if we run into issues.

Thanks and good luck!!

hi,
i will suggest you to go in the small branches and try to get loan from private banks....like OBC,HDFC;union bank of india...they really treate you well and give you correct information....
I took loan from union bank of india agianst F.D but not from PNB because they were doning very nakhre.....

 

[OCEANDRIVE]

Hey Guri did you opt for overdraft facility against FD and whom did you show as your co-borrower, did you show ITR's or salary slips of your co-borrower to the VO at the time of application, Many thanks

 

[guri dhillon]

Hey Guri did you opt for overdraft facility against FD and whom did you show as your co-borrower, did you show ITR's or salary slips of your co-borrower to the VO at the time of application, Many thanks

hi,
I took secured loan against F.D ,it is simple loan with written wording tat this loan can be use for higher studies.........

if you go for a education loan you need to show ITRS of parents but in secure loan no need to show it...

so discuss with manager and tell him that you want to take secured laon with wording that it can be used for higher studies moreover I will send you draft of my loan statement

 

[soberdeepak]

Guri congrats !! can u also send me ur loan letter copy at soberdeepak@yahoo.com

 

[guri dhillon]

Guri congrats !! can u also send me ur loan letter copy at soberdeepak @ yahoo.com

hi
i dont have scanned copy..so i will send you the draft of my loan letter is it ok..?

 

[soberdeepak]

yes that would be fine !!

 

[HBK]

Guri congrats !! can u also send me ur loan letter copy at soberdeepak @ yahoo.com

hi
i dont have scanned copy..so i will send you the draft of my loan letter is it ok..?

Hi Guri and deepak,
If you both don't mind in sending a sample of loan letter, can U send me it?
Both of you know how crucial documents it is. so please i m going through the process.

i sent you my id in both of your inbox. check it.

 

[OCEANDRIVE]

hi,
I took secured loan against F.D ,it is simple loan with written wording tat this loan can be use for higher studies.........

if you go for a education loan you need to show ITRS of parents but in secure loan no need to show it...

so discuss with manager and tell him that you want to take secured laon with wording that it can be used for higher studies moreover I will send you draft of my loan statement

Thanks guri but I didnt get the draft if possible can you mail me at ildikolive @ gmail.com
many many thanks