Is it a problem if we show two loans??

[amarecharla]

Hi All,
I am planning to produce documents for 2 loans that I have.

1) For 12.15lacs against FD (SBH)
2) For 4 lcs (without any collateral)

total 16.15 lacs.

Is this OK and advisable??

-Abhi.

 

[royalsting]

Hi All,
I am planning to produce documents for 2 loans that I have.

1) For 12.15lacs against FD (SBH)
2) For 4 lcs (without any collateral)

total 16.15 lacs.

Is this OK and advisable??

-Abhi.

I doubt if 2 loans would be required. The first one should suffice. Which course are you applying for and how many sems and whats the fees? Have you paid the fees for first term already?

 

[amarecharla]

Hi,
The course is Masters in Electronics System Engg in Sask.
Fees is $16,797/12months including tuition fees,food,hostel,travel,etc.
The actual tuition fees is $5900/2 semesters.

As per the university norms, I did not pay the first semester fees.

Regards,
Abhi.

 

[royalsting]

Hi,
The course is Masters in Electronics System Engg in Sask.
Fees is $16,797/12months including tuition fees,food,hostel,travel,etc.
The actual tuition fees is $5900/2 semesters.

As per the university norms, I did not pay the first semester fees.

Regards,
Abhi.

You need to show around 7 lacs, but you are showing 12.15 lacs. In that case the first loan is sufficient. (even with first sem fees not paid)

I am not that much acquainted with rules for General Applicants. So I am not sure which additional documents you can show for the same, but as per SPP or even General basic fund requirement you are showing sufficient funds even by showing Loan number one itself.

PS. So far I have not seen anyone showing 2 loans.

 

[amarecharla]

7lakhs??
As per my calculation it was more than 11 lakhs.

16797* 80/100 + 10,000 = CAD 23437.70 which is Rs:11,71,880.00

Regards,
Abhi.

 

[royalsting]

Hi,
The course is Masters in Electronics System Engg in Sask.
Fees is $16,797/12months including tuition fees,food,hostel,travel,etc.
The actual tuition fees is $5900/2 semesters.

As per the university norms, I did not pay the first semester fees.

Regards,
Abhi.

If 1 years expenses including tution and all other expenses are $16,797, what is that $10,000 for?

 

[amarecharla]

The other $10,000 are for the second year living expenses.
I approached a consultant and as I am applying under university category, he asked me show another ten thousand dollars!!

 

[royalsting]

The other $10,000 are for the second year living expenses.
I approached a consultant and as I am applying under university category, he asked me show another ten thousand dollars!!

Thats strange, as I said I am not much aware about General Application but yet I didn't see any such person adding that . If he was asking you to show additional funds to portray you financial strength thats a different thing but yet I wonder why he chose only living expenses of second year and that too as $10000.

 

[amarecharla]

So, is it prob if I show more funds??

 

[royalsting]

So, is it prob if I show more funds??

No not at all. Its a good thing, the whole question comes down to the same question if 2 loan papers will do. I was asking for only 1st loan because loan needs to be repaid so rather than going for 2nd loan its better to show funds from savings if its allowed.

 

[khurana]

No not at all. Its a good thing, the whole question comes down to the same question if 2 loan papers will do. I was asking for only 1st loan because loan needs to be repaid so rather than going for 2nd loan its better to show funds from savings if its allowed.

+1 for royalsting!

gud saying bro!

 

[enfield]

Hi All,
I am planning to produce documents for 2 loans that I have.

1) For 12.15lacs against FD (SBH)
2) For 4 lcs (without any collateral)

total 16.15 lacs.

Is this OK and advisable??

-Abhi.

Hi,


There is NO problem/issue in showing more thn 1 loan. In fact it only verify your financial capacity as the same is considered as a reliable and conclusive instrument. Your bank statement might be manipulative (and it's a well-known fact). It’s good if you are showing a reliable source of funding.

 

[sumitkumaragg]

showing $10000 living expense under university category

my bro applying for bachelors degree and already has his university docs, basically under non spp as its a university, now i approached bank for loan and they say that the loan will be 7 lakh divided equally for 4 years though the tution fee is $5500 and hostel fees with food is $5300 (that equals $10800=6 lakhs, now i want to ask that once i pay the hostel fee, still i will have to show $10000 living expense and as the bank is providing 7 lakhs (equiv $13000) still should i show the same letter, or after paying $5300 hostel i can just declare another leftover $4700 or paid hostel fee is enough. the bank loan sanction letter will mention 7 lakh that will be disbursed equally for four years but is equal to $13000.
PL. reply this is urgent and an early reply will be appreciated. i am really confused.