Hey guys.I need some advice. I am having a problem getting an education loan of above 7.5 lakhs sanctioned.My total fee for the 1st year is 13700 $ out of which i have already deposited 7200 $ fee from my savings. I don't have enough money in form of FDR's so my only option to get an education loan is against property. Against property they demand documents like registry of the property from the previous owner and the owner before, which is not possible for me.Although they have agreed to sanction an education loan of 7.5 lakhs without any collateral security. So is it possible if I deposit another semester fee i.e 6500 $ . And attach two fee receipts of 7200 $ and 6500 $ along with an education loan of 7.5 lakhs. Wud dat serve my purpose ?..Also I am applying under SPP so will it increase the chances of my rejection ??. Is there any condition in SPP that you have to fund 80 % of your first year expense through education loan only .Kindly help plzz...I am really stressed out !! ???
Sending the total 1 year fee from savings in spp...ur opinion ? :) stressed
- Thread starter Maherd
- Start date
Maherd said:
Hi,
On SPP visa checklist, you shall find two different things;
I quote;
1. Copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year
2. normally, first year’s tuition, unless already paid, plus $8000).
With first point, you need an educational loan, but with second point, you can deduct your first term paid fee from your approved loan amount and you need to show CAD 8,000 by way of loan (at least as a minimum). Your need to show 80% of (CAD 13,700 + CAD 8,000), and that’s stands for CAD 17,360 (Rs. 8.33 lacs). You have already paid CAD 7,200 towards your first term fees. So you have two options;
1. either you take it as ‘First term paid receipt’ + Rs. 7.5 lacs educational loan. (it’s enough to meet SPP requirement, in fact it’s Rs. 10.62 lacs in total)
2. or, as you said ‘first + second term paid receipt’ + Rs. 7.5 lacs educational loan. (I am not sure if your school shall accept second term fees in advance)
I went through these very 2 points of spp checklist and they made me more confused.The first point says that u need an education loan of at least 80 %...kindly see the word ' at least' ..dat means 80 % or above.However the second point conflicts with it as it says first year's tuition fee unless already paid...so if we already pay the tuition fee how can the education loan cover 80 % of the total expense it wud rather be reduced to 40-50 %. If wud consider paying the fee from the loan itself then definitely it can be 80 % but not if we are paying from savings.What do u suggest personally your option or the second. In the first option, 7.5 lakhs is too close to the margin.And in the second option we may violate spp checklist. LOL, I think I might even confuse u also ! still what u wud have preferred if u had been in my shoes !..thnxxenfield said:
Hi,Maherd said:I went through these very 2 points of spp checklist and they made me more confused.The first point says that u need an education loan of at least 80 %...kindly see the word ' at least' ..dat means 80 % or above.However the second point conflicts with it as it says first year's tuition fee unless already paid...so if we already pay the tuition fee how can the education loan cover 80 % of the total expense it wud rather be reduced to 40-50 %. If wud consider paying the fee from the loan itself then definitely it can be 80 % but not if we are paying from savings.What do u suggest personally your option or the second. In the first option, 7.5 lakhs is too close to the margin.And in the second option we may violate spp checklist. LOL, I think I might even confuse u also ! still what u wud have preferred if u had been in my shoes !..thnxx
If you see, that second option (normally, first year’s tuition, unless already paid, plus $8000) is actually an interpretation of the first option (Copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year).
I do not know what would you like to prefer, but I would like to keep it very simple like;
1. First term paid receipt
2. Loan of Rs. 7.5 (actually you need only CAD 8,000)
3. Saving account (of at least second term fees, which you intend to pay in advance)
*It's a minimum possible requirement, of course it's good if we can show more.
deep if u hav all d old registries n 15 years fard wid u dn i knw one person who cn provide u wid nec n certified copies of registries frm suvidha centre in 2 or 3 days (if u try it on ur own it wil take around 30days) as hapnd in my case bt i was havin enough tym n u hav hardly 10days wid u..no doubt u hav 2 pay lil more money to him bt i think it wil serve ur purpose.....Maherd said:
If ur havin al doc wid u dn i think he wil help
1 mnth suvidha centre de dhake khake ina ku pta lag gya a
As quoted by CHCMaherd said:
***DO NOT PROVIDE ANY ADDITIONAL DOCUMENTS UNLESS REQUESTED TO DO SO BY A VISA
OFFICER, OR YOUR FILE WILL NOT BE GIVEN PRIORITY PROCESSING UNDER SPP.
So rather than showing any bank statement or FDRs I am going to deposit my second term's fee and attach the wire transfer receipts along with a sanction letter of Rs 7.5 lakhs. And my college accepts up to 1 year's fee in advance, so it is your choice to deposit 1 term fee or the whole year's fee in advance. U feel its fine ?..thnxx !
vini8992 said:deep if u hav all d old registries n 15 years fard wid u dn i knw one person who cn provide u wid nec n certified copies of registries frm suvidha centre in 2 or 3 days (if u try it on ur own it wil take around 30days) as hapnd in my case bt i was havin enough tym n u hav hardly 10days wid u..no doubt u hav 2 pay lil more money to him bt i think it wil serve ur purpose.....
If ur havin al doc wid u dn i think he wil help
1 mnth suvidha centre de dhake khake ina ku pta lag gya a
Hello people going through above mentioned discussionenfield said:
i would like to know that i have also got admission in centennial college in pg certificate ibm course sept 2012....as i would also be applying under spp program i'm also little bit confused in securing loan...firstly spp guidelines states that Copy of an Educational Loan from an Indian Chartered Bank equivalent to at least 80% of tuition +living + travel expenses for one academic year (normally, first year’s tuition, unless already paid, plus $8000).
As i would like to use my own funds for my tution and other expeneses which cum's arnd 27000CAD(16000dollartution+ 9300 boarding and lodging)that statnd's arnd somewhere arnd 1450000rs at current mkt prices...as spp demands a educatioa loan..my consultant says that i can pay first semester fees that is arnd 450000 INR frm own savings and rest through a education loan in simpler terms if we go through spp guidelines if i pay first semister fees frm own funds the remainder amnt doesn't fulfill the 80% criteria frm education loan it is less than 80%...then when i discussed this point with my consultant's she told me that we don't go neck to neck and another way could be i pay first semester
frm our own and secure an education loan against an FD for 7.5 lacs that would also solve our purpose as it would meet our criteria...
pls help me understand these points better as i'm still confused abt wat percentage we can pay frm our own pocket and how much we can secure loan...
i would also like to know god forbid if due to any reason visa get's rejected we need to deposit our first semester fees before applying for visa or in case of my colg we need to pay a registration deposit of 1105CAD BEFORE 30TH MAY to secure our seat will our fees be refunded if yes how much would be refunded in case visa get's rejected....
Lastly if i secure an education loan to meet spp criteria but i don't want to continue with the loan and would like to pay the fees from our own funds wats the procedure for that...
Thanks
Ankit
Re: spp september 2012
hi il also go for sept 2012 intake hopefully if i get visa.what brank did u opt for?Ankit.26 said: