Proof of Fund and loans

[lincon7]

Hey there,

I was wondering if someone could help me out with a question I have. I currently have a savings account with just enough money for the proof of funds, and I also have a loan connected to a current account. I'm curious to know if the loan amount will be subtracted from the available money in my savings account. Any insights would be greatly appreciated!

 

[lincon7]

Hey there,

I was wondering if someone could help me out with a question I have. I currently have a savings account with just enough money for the proof of funds, and I also have a loan connected to a current account. I'm curious to know if the loan amount will be subtracted from the available money in my savings account tutuapp. Any insights would be greatly appreciated!

I got this,...

 

[AndyUK]

Hey there,

I was wondering if someone could help me out with a question I have. I currently have a savings account with just enough money for the proof of funds, and I also have a loan connected to a current account. I'm curious to know if the loan amount will be subtracted from the available money in my savings account. Any insights would be greatly appreciated!

I don't think there's a straight answer. Ideally you should have enough funds to cover the loan and PoF (that's the position I was in). However, an immigration lawyer told me that apparently this isn't always necessary. If the loan amount is relatively small in comparison to PoF then there should be no issue. Also, if you can show (bank statements) that you're paying your loan back from your regular income and you can easily pay it off before moving to Canada, then you should also be fine.
The immigration lawyer said that case officers look at the application as a whole - if you have regular income, make all payments on time, there's clear track that shows you will very likely pay off this loan, then you should be fine. But if you have let's say 10,000 CAD loan left and you're paying off 500 per month then it will likely be an issue because it would take you 20 months to pay off this loan, so how are you going to do this without using some of your PoF?
Hope this makes sense.