Loan Letter Query - Its urgent. Plz reply soon

[ajnabee2]

Hi Guys,

Happy New Year to all.

I am planning to apply by this weekend under SPP for PG - Marketing Management, Humber. I have completed MBA and ISM from USA and got 7.5 bands in IELTS.

I have arranged a loan letter of Rs. 11 lac. Security is fixed deposits.

My consultant told me that out of 8 deposits, 6 deposits are only for 1 year and maturity date is july 2012 which is 1 month early than my course completion (August, 2012) so embassy may raised a query or get rejection.

I have spoke with my bank manager and he told that it is education loan with 13% interest, not loan against fixed deposit. They have approved loan of Rs. 11 lac. According to him, there is no problem in visa as they have mentioned EMI and repayment terms as well.

Plz guide me if it is fine with visa purpose or not.

Plz reply soon. I am running out of time.

Thanks for your cooperation

 

[enfield]

Hi Guys,

Happy New Year to all.

I am planning to apply by this weekend under SPP for PG - Marketing Management, Humber. I have completed MBA and ISM from USA and got 7.5 bands in IELTS.

I have arranged a loan letter of Rs. 11 lac. Security is fixed deposits.

My consultant told me that out of 8 deposits, 6 deposits are only for 1 year and maturity date is july 2012 which is 1 month early than my course completion (August, 2012) so embassy may raised a query or get rejection.

I have spoke with my bank manager and he told that it is education loan with 13% interest, not loan against fixed deposit. They have approved loan of Rs. 11 lac. According to him, there is no problem in visa as they have mentioned EMI and repayment terms as well.

Plz guide me if it is fine with visa purpose or not.

Plz reply soon. I am running out of time.

Thanks for your cooperation

Hi,

CHC (India) has nothing to do/or know the source of your sanctioned loan. All they want to know/verify if your bank is ready to finance you on the basis of a certified loan.

It should be the concern of your bank (not of CHC) to check if loan can be issued against FD of shorter duration. And there is only one loan i.e., educational loan. We cannot classify the same as ‘loan against FD/loan against property’.

 

[royalsting]

@Ajnabee which bank did you get your loan sanctioned from?

 

[ajnabee2]

Hi Guys,

Thanks for your reply. I have applied through Indian Overseas Bank.