How the bank will distribute the loan amount taken for SPP

[dubaitotoronto]

Hi All,

Does any one has any idea about how the bank will disburse the loan amount taken for SPP.

The loan amount includes 80% of living expenses alos. What proof we can show the bank to get the money monthly?

 

[soberdeepak]

they will ony transfer the money after u get Visa, and most of the banks doesnt have facility to wire funds abroad so they gonna transfer it to ur india account or ur fathers acxcount and then u have to wire that money and show them the proof that money is used for genuine purpose !!

 

[sid04]

You won belive..but today I had to run the whole day from my bank to the zonal office of the bank just because of the same question...although mine is a slightly different problem.

My bak issued me a loan of 12 lacs....but now after the loan is sanction i am getting to know that I can use the money only for 1st and 2nd year fees and other expenditure regarding the studies and air fare..but NO LIVING EXPENSES or ACCOMODATION..can you belive that. mera toh ***d hi jal gaya BC.

I asked the manager that I have yto show that to the consulate..but she says that she can opnly give that money. Now coming to Dubaitotorontos' worry....the manager also said that he money will be sent as a reimburesment or when required with a requisition form that needs to be filled up.

so that mean everytime I need the money, my dad or someone here has to fill up a form and state the amt. and ten it will get transferred to the beneficiary and that too has to be related to studies only like tutin fees, library,course material,books etc. There is no way that I will get a monthly installment of a specified amt. of money. Now I have no option but will carry a lumpsum amount with me, so that atleast for first 6 to 8 months I can use my own money and then probably get a part time job and use that.

 

[fedail]

how you are getting loan. Can I take loan from Canada bank as I'm international student with student visa

 

[dubaitotoronto]

Thanks Soberdeepak for your reply.

What Sid04 shared is a serious problem. Does anyone know how to solve this?

The bank loan is for monthly expenses also; so if they dont give that monthly how will we live there?

 

[soberdeepak]

Buddy the thing is most of these loans are jus for name sake ! they can only help u in getting Visa thats all, Bank Managers will do all Nakhras and Nataks not to release the money, he may release in bits nd pieces and that wont be of any use !!! the way i see it is jus to get Visa and Im sure nobody actually relies on loan amount to survive in canada !!

 

[soberdeepak]

I mean I can see that ppl taking loan on FD as Collateral if u have 10 lacs and u taking 9 lac loan on that, actually it doesn't make any sense but u are doin that only to secure visa

 

[sid04]

I think in a way Soberdeepak is right. in any case we shopuldnt be dependent on the loan money..otherwise we could land in a serious problem out there.

I actrually hate this idea of loan..since I am aware of this situation now, I would say everyone who already has a good backup in terms of money and no problem in showing the tax papers, etc...please go through the normal procedure instead of SPP. In many cases people are dependednt on loan, but thats a diofferent matter but people who are not dependent on loan, should opt out of SPP..but I guess, in that case it cant be helped as the SPP automatically comes in if you are selecting an university or collge which comes under SPP list.

 

[soberdeepak]

Sid this is a very gud point u've made, nobody actually knows this I spoke to my Lawyer in Canada and he was like ppl are fools, therz no such so called Categories for u to choose, it automatically falls in that Category depending on the choices u make, like SPP College or Uni category, so whatever u do u have no control over it

 

[sid04]

^^thanks man..BTW hows your preparation going on ?? still stuck to GBC ? I didnt get the offer letter from GBC thsu selected Niagara college(NOTL). BTW keep in touch man.