GIC and College fee payment from loan

[singh-ak]

Hi Guys,

I am an Indian student trying hard to get into canada as a student.
I will be going to Humber college for IT solutions program.
Now i have applied for loan and the bank is not ready to disburse the amount in my account in fact they say they will be sending the amount to a Canadian account directly be it for college fee or GIC.

So now the only thing that is giving me sleepless night is if in case my visa gets rejected then the amount will be refunded in my account or bank's account.

Thanks in advance for your valuable inputs.

 

[singh-ak]

please reply

 

[dbss]

It will be given back to the Bank's account by default as far as I know....

 

[meagan99]

Hi Guys,

I am an Indian student trying hard to get into canada as a student.
I will be going to Humber college for IT solutions program.
Now i have applied for loan and the bank is not ready to disburse the amount in my account in fact they say they will be sending the amount to a Canadian account directly be it for college fee or GIC.

So now the only thing that is giving me sleepless night is if in case my visa gets rejected then the amount will be refunded in my account or bank's account.

Thanks in advance for your valuable inputs.

yes, every bank does that dont worry, they come to know the the name of the person whose amount is refunded.

 

[Sourav220]

Hi Guys,

I am an Indian student trying hard to get into canada as a student.
I will be going to Humber college for IT solutions program.
Now i have applied for loan and the bank is not ready to disburse the amount in my account in fact they say they will be sending the amount to a Canadian account directly be it for college fee or GIC.

So now the only thing that is giving me sleepless night is if in case my visa gets rejected then the amount will be refunded in my account or bank's account.

Thanks in advance for your valuable inputs.

It will come to ur joint account in your bank from which u have taken loan.. When u will send gic and fees they will give you a form to fill in which you will write your joint saving account no. So in case money refunded it will come to ur joint saving account..

 

[singh-ak]

Thanks a lot for the reply guys.

But my agent says that if my visa gets rejected in that case Scotia Bank transfers the amount back only in student's account and not in any other account.
In other words she is asking me to get the disbursement in my account and then transfer the money for GIC.

Please let me know how to overcome this vicious cycle?

 

[meagan99]

Thanks a lot for the reply guys.

But my agent says that if my visa gets rejected in that case Scotia Bank transfers the amount back only in student's account and not in any other account.
In other words she is asking me to get the disbursement in my account and then transfer the money for GIC.

Please let me know how to overcome this vicious cycle?

if you are showing education loan then it can be used in place of GIC.
but still if u transfer the money to GIC they will refund the amount to account from which they received it.

 

[singh-ak]

if you are showing education loan then it can be used in place of GIC.
but still if u transfer the money to GIC they will refund the amount to account from which they received it.

For SPP GIC is mandatory i guess.
Ok so is it mandatory to transfer the GIC amount via student's account only?

 

[meagan99]

For SPP GIC is mandatory i guess.
Ok so is it mandatory to transfer the GIC amount via student's account only?

as per program guide of scotia bank, it is mandatory that money is transferred from students account only.

why has bank agreed to pay GIC for you, because GIC money is not going to tuition fee or residence fee. GIC money is the money which will be given to you in monthly installments after you land in Canada.

 

[singh-ak]

as per program guide of scotia bank, it is mandatory that money is transferred from students account only.

why has bank agreed to pay GIC for you, because GIC money is not going to tuition fee or residence fee. GIC money is the money which will be given to you in monthly installments after you land in Canada.

I dont know why the bank has agreed to pay the GIC amount.. anyways its better if they are paying

so now please let me know what can be done now... a way in which there wont be an issue if my visa gets rejected :-/

 

[meagan99]

I dont know why the bank has agreed to pay the GIC amount.. anyways its better if they are paying

so now please let me know what can be done now... a way in which there wont be an issue if my visa gets rejected :-/

sorry i dont know if scotia bank will accept money from bank account. but lovedeep, a forum member has gives his case as evidence that scotia bank will accept the money from any account, just include your name,etc. in reference section.

the only option you have is to transfer money from banks account. bank will not agree to transfer it through your account, but you can try,

 

[lovedeepsingh]

Hi Guys,

I am an Indian student trying hard to get into canada as a student.
I will be going to Humber college for IT solutions program.
Now i have applied for loan and the bank is not ready to disburse the amount in my account in fact they say they will be sending the amount to a Canadian account directly be it for college fee or GIC.

So now the only thing that is giving me sleepless night is if in case my visa gets rejected then the amount will be refunded in my account or bank's account.

Thanks in advance for your valuable inputs.

Bank is not transferring the loan amount in your account?How come that? My friend took the loan and that money is in his account only.And then from his account he paid GIC.I am not sure about GIC refund so i cant comment on this because I have not experienced a refusal.
For transferring the money its not necessary to use your account only.Just mention your name,pp num in reference.
And think positive dude..from the starting you are thinking of refusal.
you need to talk with a student who has got refusal and refund.
More likely scotia bank will refund the money to the source account i.e from where in will be /was funded.

 

[singh-ak]

Bank is not transferring the loan amount in your account?How come that? My friend took the loan and that money is in his account only.And then from his account he paid GIC.I am not sure about GIC refund so i cant comment on this because I have not experienced a refusal.
For transferring the money its not necessary to use your account only.Just mention your name,pp num in reference.
And think positive dude..from the starting you are thinking of refusal.
you need to talk with a student who has got refusal and refund.
More likely scotia bank will refund the money to the source account i.e from where in will be /was funded.

I am not being negative buddy this is what my counselor has made me aware of..

You may transfer funds from any bank in India where you hold your account. The bank account must be in the name of the
student (joint account with parents is acceptable).

I got the above statement from this link - http://www.scotiabank.com/startright/common/pdf/ssgp-application-form.pdf

 

[lovedeepsingh]

I am not being negative buddy this is what my counselor has made me aware of..

You may transfer funds from any bank in India where you hold your account. The bank account must be in the name of the
student (joint account with parents is acceptable).

I got the above statement from this link - http://www.scotiabank.com/startright/common/pdf/ssgp-application-form.pdf

I transferred the money from my dad's account.My two friends transferred money from Western union

 

[Gargm532]

I applied education loan in sbi on 25 february. I go to canada foray intake. So i have very less time to apply for visa. So i think, if i fill GIC from my own fund. Then sbi reimburse the amount of gic at the time of loan sanction or not???