important :: How to Pay GIC from Loan sanctioned amount @ India

[oswaldz]

Hello all, I'm stuck in this odd situation. I want to pay my fee through loan. And GiC also from the loan. The issue I'm facing is, bank say after paying to college, they will not disburse amount in my account. Or for living, they will pay to college only.
Anyone aware of such situation ?
However, some known to me as well as the consultant says that bank should have no problem in disbursing the amount in savings account and let you pay for GIC.

My bank is canara bank. I went to state Bank of Hyderabad, they say they will disburse amount in savings account. But to begin with, it will take 2 months approx for whole process and I don't have this much time.

Comment pls.

 

[Jasmine51]

Re: Pay GIC from Loan sanctioned amount @ India

Could i please ask what is the loan amount?

 

[oswaldz]

Re: Pay GIC from Loan sanctioned amount @ India

Could i please ask what is the loan amount?

Approx 18 lac

 

[Jasmine51]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

So why u want to transfer money for GIC?
Even after paying your one term fee u wud b left with big amount.
According to me u shud just pay the fee and show rest of the loan amount.
Is the bank going to write on loan letter that amount is for tuition only?

 

[yashpatawari]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

What documents and collateral security you provided to bank.

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

So why u want to transfer money for GIC?
Even after paying your one term fee u wud b left with big amount.
According to me u shud just pay the fee and show rest of the loan amount.
Is the bank going to write on loan letter that amount is for tuition only?

they say they will give living to college instead of transferring the amount in my savings account. Also, the loan is educational loan, so they might provide me with letter. but one thing is that we have got against our own property, then we have the right to use the sanctioned amount in any way, as we are paying interest for it.

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

What documents and collateral security you provided to bank.

3 years ITR of both parents, my academics as well as offer letter.

 

[Jasmine51]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

they say they will give living to college instead of transferring the amount in my savings account. Also, the loan is educational loan, so they might provide me with letter. but one thing is that we have got against our own property, then we have the right to use the sanctioned amount in any way, as we are paying interest for it.

I know dear but canara bank is very reserve minded in such cases. I too experienced the same situation so thats why giving u advice. Dont waste time in compelling bank to transfer money for GIC as they wont agree to that.
So u have two options, either to apply without GIC amd just show loan amount in place of GIC and other option is, if u really wanna go for GIC then pay it from ur own pocket.

Rest all d very best. But still i wud say it is very hard to convince bank officials especially if u applied for loan at bank in punjab.

One ques plz, does ur offer letter mention the living expenses?

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

I know dear but canara bank is very reserve minded in such cases. I too experienced the same situation so thats why giving u advice. Dont waste time in compelling bank to transfer money for GIC as they wont agree to that.
So u have two options, either to apply without GIC amd just show loan amount in place of GIC and other option is, if u really wanna go for GIC then pay it from ur own pocket.

Rest all d very best. But still i wud say it is very hard to convince bank officials especially if u applied for loan at bank in punjab.

One ques plz, does ur offer letter mention the living expenses?

Yeah my offer letter mentioned living expenses. The bank says they will transfer living to college but will not put money in savings to transfer in GIC. It is the matter of knowledge of Bank Manager. I went to State Bank of Hyderabad and the person over there was known of everything and even they said they will transfer the money in savings too for GIC. But to begin with them and for all process , it will take 2 months.

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

In how many days they sanctioned you loan ?

 

[deep1992]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

I would suggest you to go for AXIS Bank. They are very prompt and helpful with everything. I am going to pay GIC from Axis Bank and they also said yes to provide me all the fees through education loan without any property papers or go for CREDILA, it is a company which provides Education Loan for students going abroad. Credila is of HDFC Bank. Hope this helps. Please contact Credila as they sanction your loan in seven days. You can contact me if you want to know the documents required to apply for education loan through Credila.

 

[Jasmine51]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

Yeah my offer letter mentioned living expenses. The bank says they will transfer living to college but will not put money in savings to transfer in GIC. It is the matter of knowledge of Bank Manager. I went to State Bank of Hyderabad and the person over there was known of everything and even they said they will transfer the money in savings too for GIC. But to begin with them and for all process , it will take 2 months.

The bank didnt provide me living expenses because my offer letter doesnt mention so. And i dont think any univ's offer letter mentions living expenses. So due to bank official's stupid logic i was not given living expenses.
But if it was mentioned in my offer letter they were ready to transfer money for GIC.
So Please have a talk with the manager and try to explain him. Show him the account details of ur GIC account( if u have already opened) and also the document checklist of univ category and also take the printout of the pages explaining process of GIC. Those pages explain everything and clearly mentions, that we need to transfer amount from our personal account.
If you need the link of that pdf file i can send u.
Just give it a shot with these documents and am sure manager wud understand.

All the best

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

The bank didnt provide me living expenses because my offer letter doesnt mention so. And i dont think any univ's offer letter mentions living expenses. So due to bank official's stupid logic i was not given living expenses.
But if it was mentioned in my offer letter they were ready to transfer money for GIC.
So Please have a talk with the manager and try to explain him. Show him the account details of ur GIC account( if u have already opened) and also the document checklist of univ category and also take the printout of the pages explaining process of GIC. Those pages explain everything and clearly mentions, that we need to transfer amount from our personal account.
If you need the link of that pdf file i can send u.
Just give it a shot with these documents and am sure manager wud understand.

All the best

My offer letter shows CAD 8880 as living expenses, in GIC they wrote 10000CAD, the dumb manager will be confused over this now.

I took out the print outs of Scotia Bank GIC details. I'm trying to explain her but the she ( manager ) is not understanding and is just sticking to offer letter.

 

[Jasmine51]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

My offer letter shows CAD 8880 as living expenses, in GIC they wrote 10000CAD, the dumb manager will be confused over this now.

I took out the print outs of Scotia Bank GIC details. I'm trying to explain her but the she ( manager ) is not understanding and is just sticking to offer letter.

Is she ready to transfer $8880 in ur saving account?

 

[oswaldz]

Re: important :: How to Pay GIC from Loan sanctioned amount @ India

Is she ready to transfer $8880 in ur saving account?

Nahi yaar, just to college account they say.