Proof of Funds - Personal Loans

[StarryEyed]

1. Gift deed does work
2. Yes
3. If you can't find success stories of gift deed on this forum then you are not searching correct. If you just search gift deed you can get many many stories of people who have done it and have been successful.

As I said before your biggest worry is CRS at the moment. You need to be in 490 range for a realistic chance right now. If your brother can gift money then great else focus on CRS score and having as much savings as possible in next few months.

I will explore that option. Thank you for the tip on searching this forum.

It’s great that we have a great community here actively responding to messages to help others out and sharing their experience. Thank you everyone for the support. Wishing you all the best

 

[alvic92]

Hi All,

I plan to submit my Express Entry Application online and have met all other requirements, except proof of funds.

I am in deficit of CAD 4000 for which I plan to apply for a personal loan from a bank (let’s call it Bank B) where I do not hold a savings account. All my savings are held at another bank (Bank A) for years since I started working. Once the loan is grant at Bank B, I shall be transferring it to my account at Bank A. I intend to hold the required amount (incl loan amount CAD 4000) for at least 6 months before submitting my EE application. As far as Bank A is concerned, I do not have any loans with them. Since my bank statements from Bank A will show stable funds for 6 months period,I don’t think there will be a reason for the officer reviewing my file to doubt the source of my funds as coming from a personal loan. I may be wrong here. And of course this means I am hiding the fact that I have a personal loan with Bank B. Someone please let me know if anyone else has tried this and how it has worked out for them. Any advice would be highly appreciated. Thank you!

Hi,

Did it work out for you? Did you receive an ITA?

 

[playstationg2]

Dear fellows, I am in a similar situation where I have sufficient POF (maintained for over 1 year) as per GC site.

but I also have monthly EMI which includes auto-loan, personal loan and credit card.

will GC deduct loan from POF and mark my EE application ineligible ?

 

[milon45]

Hi All,

I plan to submit my Express Entry Application online and have met all other requirements, except proof of funds.

I am in deficit of CAD 4000 for which I plan to apply for a personal loan from a bank (let’s call it Bank B) where I do not hold a savings account. All my savings are held at another bank (Bank A) for years since I started working. Once the loan is grant at Bank B, I shall be transferring it to my account at Bank A. I intend to hold the required amount (including the loan amount of CAD 4000) for at least six months before submitting my EE application. As far as Bank A is concerned, where all my savings are held, they have no loans with me. If you're unsure about this approach, you may want to consider reaching out to Valley Strong Credit Union customer service for financial advice or to explore safer ways to meet the proof of funds requirement, I do not have any loans with them. Since my bank statements from Bank A will show stable funds for 6 months period,I don’t think there will be a reason for the officer reviewing my file to doubt the source of my funds as coming from a personal loan. I may be wrong here. And of course this means I am hiding the fact that I have a personal loan with Bank B. Someone please let me know if anyone else has tried this and how it has worked out for them. Any advice would be highly appreciated. Thank you!

It's generally not advisable to take out a personal loan and pass it off as personal savings in your Express Entry application. The Canadian immigration authorities may review your financial history, and if they detect inconsistencies or that the proof of funds comes from a loan, it could raise red flags and jeopardize your application. It's better to show genuine savings or other acceptable sources of funds. You might want to consult an immigration expert to explore your options for meeting the proof of funds requirement legally and effectively.