Education loan SDS requirement for Jan2021

[yesWeCanada]

Anybody trying for education loan for Jan 22? I visited Bank of baroda and was told that the rate is likely to be 9.6% with a processing time of a month for my master's program. Anybody got a better rate than this with faster processing? Exploring public sector banks as the private ones are likely to charge upward of 12 %

Check my answer above

 

[orwell46]

I got SBI loan from SBI in Karnataka without the VISA approval since its SDS requirement including GIC. Loan amount was 25lacs with my house as collateral of course. They disbursed the entire amount for first year and GIC. There was no issue. I think the house collateral did it, I guess. 8.65% interest rate.

You got a great rate! How long did they take to process and any processing charges?
Did they disburse the amount to your account or pay directly to the uni?
Also, what is the repayment tenure and is there a prepayment penalty?
Hope you get your visa soon

 

[yesWeCanada]

You got a great rate! How long did they take to process and any processing charges?
Did they disburse the amount to your account or pay directly to the uni?
Also, what is the repayment tenure and is there a prepayment penalty?
Hope you get your visa soon

Those buggers took nearly 3 weeks to disburse the amount with me following up on them regularly.
They disbursed the amount to our joint account in SBI, from there I asked them to do an RTGS to accounts held by GIC and college in Indian banks. So it was not a big headache of sending money overseas since I had chosen rupee denomination for GIC and Loyalist college use local bank account to receive money through Flywire.
Payment tenure is 15 years, but I will finish it in the next year. I took it to show home ties and that I have finances fully secured. No prepayment penalty.

If you are doing it with Flywire and taken a loan, dont forget to ask for a refund of 4 to 5% of the tuition fees paid! I got back around 13.5K rupees as tax reduction.

Yeah visa is one big tension point, there is no transparency and cause so much anxiety. But its the price we pay for better and different experience in Canada.