How much Bank loan we need to show for 2 year program of 24000CAD during Visa?

[jay_leo21]

Hi Everyone,

How much Bank loan we need to show for 2 year program of 24000CAD during Visa process?

Is it funds for 1Year tuition fee + Living Expenses or 2 years full tuition fee + living expenses?

Look forward for your replies

Cheers

JK

 

[enfield]

Hi Everyone,

How much Bank loan we need to show for 2 year program of 24000CAD during Visa process?

Is it funds for 1Year tuition fee + Living Expenses or 2 years full tuition fee + living expenses?

Look forward for your replies

Cheers

JK

Hi,

You need to show 1 year of expenses and the same is around CAD 20,000. (CAD 12,000 + CAD 8,000). If possible, you better show little bit more of that minimum.

 

[jay_leo21]

Thanks Enfield for your reply... Below is the breakdown of the costs for the program.

Can you advise me how much bank loan I need to take please.

Tuition fees for Post secondary programs for one year are $11, 938.72 CAD.
Additional costs can include: Living accommodations (up to $725.00 / month), Transportation ($720.00 / year), Food ($1,600.00 / year) and
books and supplies ($500.00 - $2000.00 / year).
**All additional costs listed are approximate and students may spend more or less on housing and food depending on lifestyle.

Cheers

JK

 

[vini8992]

Thanks Enfield for your reply... Below is the breakdown of the costs for the program.

Can you advise me how much bank loan I need to take please.

Tuition fees for Post secondary programs for one year are $11, 938.72 CAD.
Additional costs can include: Living accommodations (up to $725.00 / month), Transportation ($720.00 / year), Food ($1,600.00 / year) and
books and supplies ($500.00 - $2000.00 / year).
**All additional costs listed are approximate and students may spend more or less on housing and food depending on lifestyle.

Cheers

JK

min of 8.5 lacs to 9 lacs...n for lil safety u cn tk loan of 10lac to else 9 is k.

 

[jay_leo21]

Thanks Mateys...That should help!

 

[enfield]

Thanks Enfield for your reply... Below is the breakdown of the costs for the program.

Can you advise me how much bank loan I need to take please.

Tuition fees for Post secondary programs for one year are $11, 938.72 CAD.
Additional costs can include: Living accommodations (up to $725.00 / month), Transportation ($720.00 / year), Food ($1,600.00 / year) and
books and supplies ($500.00 - $2000.00 / year).
**All additional costs listed are approximate and students may spend more or less on housing and food depending on lifestyle.

Cheers

JK

Hi,


You need a certified loan of around Rs. 9.50 lacs (as a minimum, it’s better if you can arrange little bit more of that)

For your visa purpose, you need ONLY CAD 11,939 + CAD 8,000 = CAD 19939 (around Rs. 9.57 lacs). You do not need to consider additional costs like living accommodation, tramsportation, food etc. If you are going to pay your first term fees in advance thn you can deduct the same amount from the required loan of Rs. 9.50 lacs.

In short;

You need either;

1. A loan of Rs. 9.50 lacs + other savings in yours/parents account.

2. A fee paid receipt of first term + loan (loan – first term paid fee) + other savings in yours/parents account.

 

[royalsting]

Whatever enfield said is 101% correct, but just my two cents: if possible in either of the case that is having paid first term fees or not try to show loan of 9-9.5 lacs to stay on the safer side.

 

[jay_leo21]

Brilliant!!! Thanks enfield,vini and royalsting. I am thinking of taking 10lk loan just to be on the safer side as you guys adviced. However, to my shock most of the banks are not offering Education loan for Diploma Courses. Can you help me by giving the list of banks that are offering loans for Diploma Courses please.

Cheers

Jay

 

[vini8992]

ONLU PUNJAB NATIONAL BANK N STATE BANK OF INDIA ARE NOT GIVING LOANS FOR DIPLOMA,,,,,ELSE ALL R GIVING..


U MUS GO FOR PUNJAB AND SINDH BANK,,OR STATE BANK OF PATIALA

 

[royalsting]

Brilliant!!! Thanks enfield,vini and royalsting. I am thinking of taking 10lk loan just to be on the safer side as you guys adviced. However, to my shock most of the banks are not offering Education loan for Diploma Courses. Can you help me by giving the list of banks that are offering loans for Diploma Courses please.

Cheers

Jay

They don't offer direct education loan for diploma or certificate programs, but you can always opt for loan against FD. You shall get loan letter that way within 4-5 days or so. I got mine from SBI, but I am from Gujarat if you are from Punjab go for "SB of Patiala" as Vini suggested, they can provide loan against FD.

Make sure there is a reference number/loan account number, FD number, amount, margin, your name and the supporting parents name, your full address, date, college name and location and ROI on the letter and all this should be on banks letterhead.

Also loan of Rs. 9 lacs should suffice, but if you can get 10 lacs even that would be good.

 

[jay_leo21]

Thanks very much vini and royalsting for the info. I'll try my luck in these banks tomorrow if not I shall try in SBI against FD as royalsting suggested. Oh BTW I am from Hyderabad applied to Georgian College.

Many Thanks

JK

 

[jay_leo21]

Just looked at state bank of patiala and they are not offering for diplomas This is what they have on their websites. May be I will try state bank of mysore they didn't specify anything on their website.

STATE BANK OF PATIALA COURSES ELIGIBLE Studies abroad:

Graduation: For job oriented professional/technical courses offered by reputed universities.
Post Graduation: MCA, MBA, MS etc.
Courses conducted by CIMA (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc

 

[royalsting]

Just looked at state bank of patiala and they are not offering for diplomas This is what they have on their websites. May be I will try state bank of mysore they didn't specify anything on their website.

STATE BANK OF PATIALA COURSES ELIGIBLE Studies abroad:

Graduation: For job oriented professional/technical courses offered by reputed universities.
Post Graduation: MCA, MBA, MS etc.
Courses conducted by CIMA (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc

Neither does SBI state it on their website. You will have to pay a few visits to various SBs and see the manager or concerned person also try UCO.

 

[jay_leo21]

Sorry I have one more question. What if I take a loan amount of 7.5LK without any collateral security and show other funds in FD's, will that be alright?

 

[royalsting]

Applying under SPP?