Education loan trouble ..help guys !!

[neeraj1985]

Why did you say your dream is over bro? Are you quitting on idea to move to Canada?

My family wasn't always ready like this actually, I took admission in Computer Tech Diploma in 2006 after my 12th grade was over but couldn't go as didn't have emo support back then but now my family is okay with it.

Also thanks for the suggestion bro , I will visit Axis bank today.

I have been to several banks now and an education loan is just not possible for me. About 90 percent of the banks don't finance the certificate/diploma courses and for the remaining ones (private banks) I don't have sufficient funds.

Look at the particulars below:

Personal Savings in SBI - 3.75 Lakhs
Fixed Deposits in ICICI Bank - 2.50 Lakhs
Provident Fund - 1 Lakh plus

Mother's Savings Account at Union Bank of India - 1.20 Lakhs.

Residential Property Worth 17 Lakhs (easy)

I could have mortgaged my residential property but the problem is the residential property is a leashold property..and the banks have denied to accept it as a mortgage (even for loan against property).

The only option they gave me was set up an FD account of Rs 12 Lakhs and we'll issue a loan against that....and I don't have that much money with me..

Being the eldest member of the family I am out of options and my relatives are as good as politicians (won't help you at all)...

I am just the wrong guy for education in Canada or may be right guy with wrong hopes....!!

Life's a b**tch :'( :'( :'( !!

 

[IamTheWalrus]

I have been to several banks now and an education loan is just not possible for me. About 90 percent of the banks don't finance the certificate/diploma courses and for the remaining ones (private banks) I don't have sufficient funds.

Look at the particulars below:

Personal Savings in SBI - 3.75 Lakhs
Fixed Deposits in ICICI Bank - 2.50 Lakhs
Provident Fund - 1 Lakh plus

Mother's Savings Account at Union Bank of India - 1.20 Lakhs.

Residential Property Worth 17 Lakhs (easy)

I could have mortgaged my residential property but the problem is the residential property is a leashold property..and the banks have denied to accept it as a mortgage (even for loan against property).

The only option they gave me was set up an FD account of Rs 12 Lakhs and we'll issue a loan against that....and I don't have that much money with me..

Being the eldest member of the family I am out of options and my relatives are as good as politicians (won't help you at all)...

I am just the wrong guy for education in Canada or may be right guy with wrong hopes....!!

Life's a b**tch :'( :'( :'( !!

Don't give up. Maybe you could try Central Bank. They are giving out many loans now ( Desperate for business I suppose ) They have this scheme called Cent Vidhyarthi which might be a viable option for you.

 

[neeraj1985]

Tried Central Bank of India today only...it's the leasehold property part to which they have an objection....and the branch manger said...the application is going to get rejected....

 

[ashokcan]

Hi,


I think the requirement of minimum 6 month old account is a must condition with all Public Sector Bank in India (Well, not fully sure!).

Its true Punjab National Bank, State Bank of India (may be others as well) do not entertain any application for Diploma/certificate courses. But UCO bank do accept application for Diploma (not sure of certificate course) course. And loan is issued mainly against immovable property like land/flat. UCO bank follow in-house procedure like valuation from a locally appointed lawyer and thereby issuance of 85 percent of required loan.


Refer UCO bank website.

Do we really need to take a loan ? Suppose I pay one year full tuition fee and rest of the money in personal account for living and other expenses, say CDN 15.000 to 20.000. What you had say.

 

[royalsting]

@neeraj, check PM

 

[enfield]

I have been to several banks now and an education loan is just not possible for me. About 90 percent of the banks don't finance the certificate/diploma courses and for the remaining ones (private banks) I don't have sufficient funds.

Look at the particulars below:

Personal Savings in SBI - 3.75 Lakhs
Fixed Deposits in ICICI Bank - 2.50 Lakhs
Provident Fund - 1 Lakh plus

Mother's Savings Account at Union Bank of India - 1.20 Lakhs.

Residential Property Worth 17 Lakhs (easy)

I could have mortgaged my residential property but the problem is the residential property is a leashold property..and the banks have denied to accept it as a mortgage (even for loan against property).

The only option they gave me was set up an FD account of Rs 12 Lakhs and we'll issue a loan against that....and I don't have that much money with me..

Being the eldest member of the family I am out of options and my relatives are as good as politicians (won't help you at all)...

I am just the wrong guy for education in Canada or may be right guy with wrong hopes....!!

Life's a b**tch :'( :'( :'( !!

Hi,


May I know how much possible loan you shall get over FD of Rs. 12 lacs ? I mean why only Rs. 12 lacs ? Anything specific to this figure ?

 

[enfield]

Do we really need to take a loan ? Suppose I pay one year full tuition fee and rest of the money in personal account for living and other expenses, say CDN 15.000 to 20.000. What you had say.

Hi,


I quote SPP/General Visa checklist;


“AS A PREFERRED OPTION for proof of funds: A 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). See information on the next page for the list of acceptable banks. “


Pay attention to the word “PREFERRED OPTION”. CHC added it post September 2011 only, now we can see the importance of a certified loan. Certified loan is more like a SURETY to the visa officer that an applicant has full backing of a guaranteed amount. Yes, if you hold very high monetary transaction with exceptional ITR returns couple with an impressive work history, thn of course no need to go for loan, as the same would be quite evident on paper itself. Unfortunately most of us do not fall in such category, so it’s better to play safe and opt for a loan. It doesn’t matter if you actually intend to use it or not.

Problem comes when you have, for example 15 lacs in your saving and the required expense for study stands for around 12 to 13 lacs. Now, how is it possible for the Visa officer to get sure that you are READY to spend your whole life saving on your study alone ? What about other obligations which you or your family might have ! With a certified loan, there is a surety that you have a specific sum which your bank won’t allow you to divert anywhere else.


*I may be wrong with my opinion.

 

[royalsting]

No bro, every word of what you said is 100% correct.

 

[neeraj1985]

Hi,


I quote SPP/General Visa checklist;


“AS A PREFERRED OPTION for proof of funds: A 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). See information on the next page for the list of acceptable banks. “


Pay attention to the word “PREFERRED OPTION”. CHC added it post September 2011 only, now we can see the importance of a certified loan. Certified loan is more like a SURETY to the visa officer that an applicant has full backing of a guaranteed amount. Yes, if you hold very high monetary transaction with exceptional ITR returns couple with an impressive work history, thn of course no need to go for loan, as the same would be quite evident on paper itself. Unfortunately most of us do not fall in such category, so it's better to play safe and opt for a loan. It doesn't matter if you actually intend to use it or not.

Problem comes when you have, for example 15 lacs in your saving and the required expense for study stands for around 12 to 13 lacs. Now, how is it possible for the Visa officer to get sure that you are READY to spend your whole life saving on your study alone ? What about other obligations which you or your family might have ! With a certified loan, there is a surety that you have a specific sum which your bank won't allow you to divert anywhere else.


*I may be wrong with my opinion.

Hi Enfield,

The program is of two years and the tuition fees is going to be CAD 24400.00 over the next two years.

Considering the current CAD value hovering around INR 48.00 for sometime now...the fees for four semesters is going to be INR 11,71,200.00

So, If I get the bank an FD of Rs 12 Lakhs they will only disburse Rs. 10,80,000.00 (minus 15 percent margin)....Considering that I will be working part time there..I can still make some more dollars but not muchh enough for the whole program...'

that's why the brank manager Suggested that if I get the loan on an FD of Rs 12-13 lakhs the application will be approved.

 

[canadahelp7]

Neeraj,

Sorry to hear that you are having a difficult time - I hope you will sail through this phase.
If the problem is with the collateral property & you do not have the entire sum for the FD - what about taking a loan upto 7.5 lac (this does not require a collateral but instead a guarantor) & the remaining sum can be obtained by using your savings.
This probably will put you in a difficult row as you may end up using most of the savings but worth a shot.

Good luck !

 

[vishu639]

can v shw loan of rs 7.5 lakhs with savings around 12-15 lakhs (including 5 lakhs in saving bank account/ITRs/post office saving/pf/gf) for 2 years of masters course////is it safe to take around 40-50 % loan and rest savings???

 

[Canada Help]

hello neeraj,

from your post post one gets the impression that you quite desperate to go to canada.

One small suggestion from my side.Why don't you go for loan against property.It would be sufficient to take care of your expenses and everything else.

 

[neeraj1985]

hello neeraj,

from your post post one gets the impression that you quite desperate to go to canada.

One small suggestion from my side.Why don't you go for loan against property.It would be sufficient to take care of your expenses and everything else.

I tried that bro but because the property is leasehold and freehold...banks are unwilling to give a loan against the property either...one of the most screwed up situation....

 

[Melanie86]

Hi Neeraj,

U cud try to obtain and education loan against ur property. After gettn d visa u can dcide if u want to encash dat loan. try calln harsh on 09909222266, he may help on loans.

 

[happygarcha]

Hi Everyone, I have got admission to Global Business Management at Humber college, Toronto. My payment due date is November 09, 2011.

After receiving acceptance letter, I have been facing serious trouble in getting an education loan. I have been to a lot of banks but get to hear one or the other crappy reasons for not accepting the loan. For example:

- Oriental Bank of Commerce, J & K bank, Karnataka Bank, Vijaya Bank gives education loans to people who have an account with them for at least last six months.

- Punjab National Bank, State Bank of India, IDBI Bank, Indian overseas Bank, Bank of India don't give out loan for PG Certificates or diploma for studies abroad.

About my financial standing:

Personal Savings in SBI - 3.75 Lakhs
Fixed Deposits in ICICI Bank - 2.50 Lakhs
Provident Fund - 1 Lakh plus

Mother's Savings Account at Union Bank of India - 1.20 Lakhs.

Residential Property Worth 17 Lakhs (easy)

If any of you guys have got a loan from any of the bank for PG Diploma/Certificate, who suggested me that they don't provide loans for these kind of courses - please provide me the loan sanction letter number so that I can get back to them with correct and relevant information...or email it to me at neeraj1985 @ yahoo.com.


It's now reached the urgency stage ....pls give some inputs...

Hi...
Did you approach to State Bank Of Patiala there is a scheme known as 'Gyan Jyoti'...
If not go to your nearest branch of State Bank Of Patiala and ask them for this scheme i think you should try.................

hope for best....good luck for future.........