should loan be in my bank account or my fathers

[Fabiog]

hello,

I need to take a loan for $10k and its a personal loan since i'm doing a diploma.
The issue is that i must start paying the loan back the next month after I receive the loan amount.

First question:
My dad will sign a notarised form stating that he will be paying the monthly instalments while i am studying in canada now should the loan be under my name since I have a better chance of getting a loan since i earn more than him.
After the loan is approved then each month he will transfer/deposit money into my account to pay the instalments or rather the loan must be made at his bank to fall in his account?

Second question can I get the loan a month before I apply for the visa? because i have thought about keeping the loan in my account for 6 months prior to visa application but the bank statements will show the instalments being paid by my account so the idea of getting a loan before 6 months to make it look like its my savings wont work.

note: I dont live in a country with sds stream

 

[selvakk]

hello,

I need to take a loan for $10k and its a personal loan since i'm doing a diploma.
The issue is that i must start paying the loan back the next month after I receive the loan amount.

First question:
My dad will sign a notarised form stating that he will be paying the monthly instalments while i am studying in canada now should the loan be under my name since I have a better chance of getting a loan since i earn more than him.
After the loan is approved then each month he will transfer/deposit money into my account to pay the instalments or rather the loan must be made at his bank to fall in his account?

Second question can I get the loan a month before I apply for the visa? because i have thought about keeping the loan in my account for 6 months prior to visa application but the bank statements will show the instalments being paid by my account so the idea of getting a loan before 6 months to make it look like its my savings wont work.

note: I dont live in a country with sds stream

Which country are you from ? Requirements differ from country to country.

 

[Fabiog]

I am in portugal

 

[selvakk]

I am in portugal

For the Portuguese visa instructions , there seem to be only 3 options.

1) Certificate of financial capacity or transfer order ( for a specific amount each month ) if you're funding it yourself.

2) Scholarship or grant document (if applicable)

3) For 3rd party you need the same certificate of financial capacity by the 3rd party's bank. Or a letter of undertaking stating your relationship with the third party and a bank statement of the 3rd party showing required funds.

If you're applying from Portugal then you should not have an issue since they are not asking for a specific source of finds. As long as you meet their requirements you should be fine, regardless of if you have a personal or student loan.

Browse the below link for clarification.

http://www.cic.gc.ca/english/pdf/kits/forms/IMM5842E.pdf

 

[Fabiog]

For the Portuguese visa instructions , there seem to be only 3 options.

1) Certificate of financial capacity or transfer order ( for a specific amount each month ) if you're funding it yourself.

2) Scholarship or grant document (if applicable)

3) For 3rd party you need the same certificate of financial capacity by the 3rd party's bank. Or a letter of undertaking stating your relationship with the third party and a bank statement of the 3rd party showing required funds.

If you're applying from Portugal then you should not have an issue since they are not asking for a specific source of finds. As long as you meet their requirements you should be fine, regardless of if you have a personal or student loan.

Browse the below link for clarification.

http://www.cic.gc.ca/english/pdf/kits/forms/IMM5842E.pdf

Thanks for your help.
when I login to the online canada application portal I get the following required documents:

-your bank statements for the past four months
-a bank draft in convertible currency
-pay stubs
-an employment letter
-proof of assets or business
-proof of payment of tuition and accommodation fees
-tax reports, declarations or statements
-proof of a student/education loan from a financial institution
-a letter from the person or institution providing you with money
-proof of funding paid from within Canada, if you have a scholarship or are in -a Canadian-funded educational program
-proof of a Canadian bank account in your name if money has been transferred to Canada

In my case I think i will apply for a loan at my bank and my father can cosign and then do option 3 in the link you provided.
He will also write a letter of undertaking that he will be paying the monthly loan instalments when I am in Canada.
On page three there is an example of a certificate of financial capacity, I'll print it and show the bank so they can fill it in before I apply for my visa.

 

[selvakk]

Thanks for your help.
when I login to the online canada application portal I get the following required documents:

-your bank statements for the past four months
-a bank draft in convertible currency
-pay stubs
-an employment letter
-proof of assets or business
-proof of payment of tuition and accommodation fees
-tax reports, declarations or statements
-proof of a student/education loan from a financial institution
-a letter from the person or institution providing you with money
-proof of funding paid from within Canada, if you have a scholarship or are in -a Canadian-funded educational program
-proof of a Canadian bank account in your name if money has been transferred to Canada

In my case I think i will apply for a loan at my bank and my father can cosign and then do option 3 in the link you provided.
He will also write a letter of undertaking that he will be paying the monthly loan instalments when I am in Canada.
On page three there is an example of a certificate of financial capacity, I'll print it and show the bank so they can fill it in before I apply for my visa.

That would be fine, do not that the list you have got from the online portal is just a list of various proof of funds. You need to show funds and a source for the funds. Eg. If you are sourcing from your savings a bank statement will do. Since you are getting a loan from your father your will need to follow the third option along with the bank statement that shows the money deposited in your account. Therefore, they know you have the money, and the source for it. As far as Canadian govt is concerned you have money in the bank from a valid source, I'm not sure they would be bothered about the source.

The only advantage of taking an education loan, is that it can be considered as a proof of finance on its own, without having to supply bank statements etc.

 

[Fabiog]

That would be fine, do not that the list you have got from the online portal is just a list of various proof of funds. You need to show funds and a source for the funds. Eg. If you are sourcing from your savings a bank statement will do. Since you are getting a loan from your father your will need to follow the third option along with the bank statement that shows the money deposited in your account. Therefore, they know you have the money, and the source for it. As far as Canadian govt is concerned you have money in the bank from a valid source, I'm not sure they would be bothered about the source.

The only advantage of taking an education loan, is that it can be considered as a proof of finance on its own, without having to supply bank statements etc.

Thanks for your help.
Do you think it will look better if my dad gets the loan in his bank account or it shouldnt matter if I get a loan in my bank account?

 

[selvakk]

Thanks for your help.
Do you think it will look better if my dad gets the loan in his bank account or it shouldnt matter if I get a loan in my bank account?

If its a personal loan, and based on your country specific visa instructions it really doesn't matter. If you get it in your name you will have less paperwork, but that's about it. Having a loan in your name is slightly better since it eliminates the option of returning it back to the third party ( in this car your father ) or just showing it as proof and not using it.

If you can get the loan by yourself then I suggest to do that.

 

[Fabiog]

If its a personal loan, and based on your country specific visa instructions it really doesn't matter. If you get it in your name you will have less paperwork, but that's about it. Having a loan in your name is slightly better since it eliminates the option of returning it back to the third party ( in this car your father ) or just showing it as proof and not using it.

If you can get the loan by yourself then I suggest to do that.

I should get the loan without a co signer? But then the visa officer will wonder how will i pay the installments while im studying in Canada since my bank extract will show that i paid the monthly installment.
This loan i have to start paying the month after since i cant repay after my studies like education loans.

 

[selvakk]

I should get the loan without a co signer? But then the visa officer will wonder how will i pay the installments while im studying in Canada since my bank extract will show that i paid the monthly installment.
This loan i have to start paying the month after since i cant repay after my studies like education loans.

That could be a reason, although as long as you mention that in the SOP then it shouldn't be an issue. If you are allowed to take a personal loan in your name with your father as the co sign then that would be the best.

 

[Fabiog]

do you think that if father gets a loan and gives me gift deed he has to show his bank statement or only mine will be ok?

 

[selvakk]

do you think that if father gets a loan and gives me gift deed he has to show his bank statement or only mine will be ok?

With a gift deed there is no need for your father's bank statement, but you will need to submit yours.