How much funds to show

[ashuabbi]

I am applying for a bank loan against FD. Total funds required to show is around CAD $ 28,500 (1st year tuition fees-CAD $17,100 + CAD$ 10,000 as living expenses and CAD$ 1,000 as travelling expenses). I have already paid my 1st semester fees CAD$ 8,555 from my father's savings. Kindly let me know for how much amount of loan should i go? as per SPP , it should be 80 % of the CAD$ 28,500.

Is SOP necessary if i apply under SPP?

 

[Jyoti Dhillon]

sop is a study plan and its ur need to attach it in your file to show your history

and yes you have to take a loan of 80%

For example

1year tution fees =$12000
1 year living cost =$10000
Total $22000

if 1st semester is being paid then just minus that amout from total

1st sem fees = $6000

$22000-$6000= $ 16000

means 8lac RS

now u can calculate as per ur case

like

 

[ashuabbi]

Hi thnx .....

Should i go for Rs. 8 lacs loan or 80 % of the Rs. 8 lacs.i.e.Rs. 6.40 lacs?

 

[vini8992]

Hi thnx .....

Should i go for Rs. 8 lacs loan or 80 % of the Rs. 8 lacs.i.e.Rs. 6.40 lacs?

u require atleast 8 lacs loan but to make ur case more safer n stronger u shaud take atleast 9-10 lac loan

 

[royalsting]

I am applying for a bank loan against FD. Total funds required to show is around CAD $ 28,500 (1st year tuition fees-CAD $17,100 + CAD$ 10,000 as living expenses and CAD$ 1,000 as travelling expenses). I have already paid my 1st semester fees CAD$ 8,555 from my father's savings. Kindly let me know for how much amount of loan should i go? as per SPP , it should be 80 % of the CAD$ 28,500.

Is SOP necessary if i apply under SPP?

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).

Hey,

80% of first years tution fees = around CAD $14,000 + living which should be around 8k as suggested by the checklist but due to inflation and volatile currency market $10k as you suggested + traveling expenses $1000

14,000 (rounded off)
- 8,555 (first semesters fee)
+10,000 (living expenses)
+ 1,000 (traveling expenses)
________
16,500 (rounded off)
x 51 (approximate current CAD to INR conversion rate on higher side)
__________
Rs. 8,50,000 (rounded off)


So take a loan of around Rs. 8.5-9 lacs but I would suggest loan of Rs. 10 lacs to be on a safer side.