Loan money to support studies

[deegy]

Hello,

Aside from my savings, I am taking a loan from a financial institution to pay my living costs and tuition fees. (This loan, which I stated in my SOP, will be paid by my husband)

I will really appreciate if somebody can advise me on my below inquiries:

- Can I include a loan certificate from that financial institution as proof of my funds?
- Is it better to purchase GIC amounting to CAD 10,000 to prove financial ability to support myself during my 1yr course? If so, could I be exempted from the requirement of maintaining funds on my bank for 4 months?
- Appreciate it if you could also advise me on how to explain this loan in my SOP.

Please note ... I am not a rich person who earns plenty of money. That's why I have taken the loan because my savings is not enough to support me.

 

[shah22393]

Hello,

Aside from my savings, I am taking a loan from a financial institution to pay my living costs and tuition fees. (This loan, which I stated in my SOP, will be paid by my husband)

I will really appreciate if somebody can advise me on my below inquiries:

- Can I include a loan certificate from that financial institution as proof of my funds?
- Is it better to purchase GIC amounting to CAD 10,000 to prove financial ability to support myself during my 1yr course? If so, could I be exempted from the requirement of maintaining funds on my bank for 4 months?
- Appreciate it if you could also advise me on how to explain this loan in my SOP.

Please note ... I am not a rich person who earns plenty of money. That's why I have taken the loan because my savings is not enough to support me.

I'd suggest you to try and take GIC. It is much dependable and the hassle is quite less. Plus, the visa officer, would be less doubtful and you'd have to provide less explanation. Whereas, in the other case, you'd have to explain a lot of things in the SOP.

 

[deegy]

Hi, So if I purchase GIC, then I could be exempted with the financial requirement of maintaining funds in my bank for 4 months??

 

[rogelcorral]

Hi, So if I purchase GIC, then I could be exempted with the financial requirement of maintaining funds in my bank for 4 months??

Others may comment, but... Only through SDS can the applicant be exempted from other financial documents by purchasing GIC.

 

[shah22393]

Hi, So if I purchase GIC, then I could be exempted with the financial requirement of maintaining funds in my bank for 4 months??

Yes you are exempted as you don't have to show that proof.