Is GIC mandatory for university category applicants?

[gibinv]

dear all, i have been offered admission in Waterloo for Jan'14 intake. (M.Eng, ECE)....................im planning to take education loan for paying my tuition fee.......................is GIC mandatory for applying to visa? and how much amount should i show in my account during visa application time? Can anybody of u please post the link of cic website which gives this information?

Thanks in advance,,,

 

[Vipul]

No....GIC isn't at all necessary under university category. Education loan works good and apart from that you need to show an extra $10-$12k in your account for covering your living expenses. You can also show bank FDs and property documents. But its always advisable to shiw decent liquidity in your running bank account apart from fixed deposits etc.

 

[saranjeet singh]

No....GIC isn't at all necessary under university category. Education loan works good and apart from that you need to show an extra $10-$12k in your account for covering your living expenses. You can also show bank FDs and property documents. But its always advisable to shiw decent liquidity in your running bank account apart from fixed deposits etc.

i think for universty catgory..we need to show liquid min 27 lakhs..can u tell me is loan of 20 lakhs + 10 lakhs liquid will work ?? pls rply

 

[Vipul]

@saranjeet: It depends on your university's tuition fee. If the 20 lakh education loan covers it..well and good. Otherwise you need to show them proofs of you having sources to pay your entire tuition fee and $10-$12K to cover your living costs depending on where you are.

So in a nutshell- tuition fee + CAD 10-12K. You can do your math now. But its always advisable to show a little more than that.

 

[saranjeet singh]

@ saranjeet: It depends on your university's tuition fee. If the 20 lakh education loan covers it..well and good. Otherwise you need to show them proofs of you having sources to pay your entire tuition fee and $10-$12K to cover your living costs depending on where you are.

So in a nutshell- tuition fee + CAD 10-12K. You can do your math now. But its always advisable to show a little more than that.

thanks for rplying..
tution fees =$25000 =Rs 16,00,00(for 2 years)
$12000= Rs 7,30,000 ( 1 year living cost)
total = Rs 23,00,000 ( Rs 20,00,000 by loan)
7 lakhs saving.. so is this ok ? or i need to alter something ??

 

[Vipul]

The loan that you have is education loan or some other loan type? Because education loans usually cover your tuition fees and not any part of your living expense. Infact the bank will issue you loan for exactly the same amount as your tuition fee unless there are other clauses. So confirm what sort of a loan is that. If you are getting the entire 20 lakhs for your disposal then its good enough otherwise you will need to show all of the CAD 12k in your account or in some sort of a bank fd or savings.

Just confim if the loan covers living expenses too. In my opinion.

 

[saranjeet singh]

The loan that you have is education loan or some other loan type? Because education loans usually cover your tuition fees and not any part of your living expense. Infact the bank will issue you loan for exactly the same amount as your tuition fee unless there are other clauses. So confirm what sort of a loan is that. If you are getting the entire 20 lakhs for your disposal then its good enough otherwise you will need to show all of the CAD 12k in your account or in some sort of a bank fd or savings.

Just confim if the loan covers living expenses too. In my opinion.

thank you. i will go with education loan. i think they will give me living expense if i choose hostel bcoz dan i will show them my expense with a proof. what u think will hostlb be beneficial ? i knw it will be more costly dan outside accomodation

 

[gibinv]

thank you all for your replies..

 

[saranjeet singh]

thank you all for your replies..

so did u apply for loan ??

 

[gibinv]

so did u apply for loan ??

not yet....im waiting for my 'official offer letter' from university...what abt u? which university/college u r planning?

 

[saranjeet singh]

not yet....im waiting for my 'official offer letter' from university...what abt u? which university/college u r planning?

m planing for may 2014 foe mengg..wat is ur profile?

 

[gibinv]

m planing for may 2014 foe mengg..wat is ur profile?

b.tech 82.2
plus two 91
10th 93.4
ielts 6.5
3+ yrs work experience in India (power sector)

 

[saranjeet singh]

b.tech 82.2
plus two 91
10th 93.4
ielts 6.5
3+ yrs work experience in India (power sector)

okk good..u have good profile..will u take loan on fd or property??

 

[gibinv]

okk good..u have good profile..will u take loan on fd or property??

on property..

 

[saranjeet singh]

on property..

i think for 20 lakhs loan ..we must show value of property nears 30 lakhs