GIC is mandatory if I take an education loan?
- Thread starter Darvin
- Start date
Which category are you applying under? If it's SPP, GIC is a mandate. But then even with an education loan, paying tuition fee and purchasing GIC out of loan amount isn't an issue anymore as more and more banks, be it public or private are getting familiar with this new change in student visa process.Darvin said:
But then yes, some public banks still freak out when it comes to GIC. They usually have no issue paying your tuition fee but then if you can explain them how GIC works, shouldn't be a problem then. Also have you already secured a loan, coz some banks do not even sanction loan for diploma programs unless it's a PG diploma or certificate. But again all is bank to bank and branch to branch basis.
According to me if you are going for educational loan then you don't need to go for GIC. Just pay the fee for first sem and show an educational loan equelent to $10,000. but it is recommended that if your fee is $20,000 then you must show education loan of 16-18 lakhs ( including 1st sem fee ). You must consult your consultant for more details as I am also a student going to file VISA for jan 2014.
As far as I know that GIC is mandatory if you apply under SPP category and if you go through the SPP check list you see that student must purchase GIC certificate in order to complete the application for study permit. I think senior members can suggest more on this...