Students loan enquiry

[Maluzz]

Is it possible to get GIC amount as loan along with education loan from India.?

 

[RamSatt]

Yes. I took an education loan for the tuition amount (16 months program) + C$10,000 GIC through HDFC Credila. I'm not sure if government banks will do this, though.

 

[sarab1402]

Yes you can opt GIC + tuition fee amount from any private bank

 

[Maluzz]

Yes you can opt GIC + tuition fee amount from any private bank

What are the documents required for GIC application?

 

[Maluzz]

Yes. I took an education loan for the tuition amount (16 months program) + C$10,000 GIC through HDFC Credila. I'm not sure if government banks will do this, though.

Did you give any documents from university side for GIC. Also did GIC came to your account or directly to bank in scotia?

 

[Maluzz]

Did you give any documents from university side for GIC. Also did GIC came to your account or directly to bank in Canada?

 

[RamSatt]

Did you give any documents from university side for GIC. Also did GIC came to your account or directly to bank in scotia?

I had to provide the Letter of Acceptance from the university, an email from the university detailing information on the 1st year tuition fees. That is all. Since I took a study loan from a Non-Banking Financial Institution which covered the entire tuition and GIC (C$10,000), the financial institution, directly sent the tuition fees to the university. For GIC, they deposited the money in my account and then I sent the money to ScotiaBank from my account.

 

[RamSatt]

It's RamSatt lol. Not Datt.

Please refer to my signature for details.

 

[sarab1402]

I had to provide the Letter of Acceptance from the university, an email from the university detailing information on the 1st year tuition fees. That is all. Since I took a study loan from a Non-Banking Financial Institution which covered the entire tuition and GIC (C$10,000), the financial institution, directly sent the tuition fees to the university. For GIC, they deposited the money in my account and then I sent the money to ScotiaBank from my account.

Hey, from where you got the loan? What is your ROI?

 

[RamSatt]

Hey, from where you got the loan? What is your ROI?

HDFC Credila. 11.5%, reduced to 11% now.

 

[Ironclad]

HDFC Credila. 11.5%, reduced to 11% now.

Showing loans may weaken ties and can be a ground for refusal if the VO is not satisfied.
It's only encouraged only if the school carries a high reputation i.e Tier 1 / Tier 2 schools

 

[RamSatt]

Taking loans may weaken ties and can be a ground for refusal if the VO is not satisfied.
It's only encouraged only if your school carries a high reputation i.e Tier 1 / Tier 2 schools

My Study Permit was approved. I understand the pros and cons of a study loan, but in my case, it was unavoidable. I am merely sharing the experience I went through.