Study Loan in India- Few Queries

[GS_Stud]

@ GS

hmm... I am confused now.
tudy permit + 1 year
So how much loan and savings do I show in general category. and what docs are required to file under the general category ? CAn u gimme the link ?

i mean is 7.5 lacs of laon + 1 lac of savings enuff?

And do I still get 1 year of study + 1 year of work permit in general category?

You are applying for a study permit of 1 year. You only have to show funds for that. Work permit is a different thing, and you can apply for that in Canada once your course is complete.

Now lets talk about your study permit:

For SPP: 80% of tution fees + living expenses
For General: Tuition fees + living expenses + 2 way airfare (roughly 1000-1500 CAD)

If you can take loan of 7.5 lakhs, then you have to show the rest of the money in bank or FD or PF etc. Check "General" and "SPP" student checklist in VFS or CHC New Delhi website and you will find the relevant information/links.


- GS

 

[Obeid_oo]

HI GS

I had query regarding my case,

I will be showing an account for future funding under my father's name, it has 5.6 lakh INR showing from last one month, this money was deposited after sale

of a plot of land owned by father .I have attached a cover letter along with the bank statement of that account.

My query is that would that be acceptable since it's liquid funds or should I show something else ?.

 

[GS_Stud]

HI GS

I had query regarding my case,

I will be showing an account for future funding under my father's name, it has 5.6 lakh INR showing from last one month, this money was deposited after sale

of a plot of land owned by father .I have attached a cover letter along with the bank statement of that account.

My query is that would that be acceptable since it's liquid funds or should I show something else ?.

Hi Obeid,

From what I've seen and observed in various forums and seminars, CHC wants to determine the financial condition of a candidate/candidate family to ensure that S/He is able to finance his/her studies.

They use a lot of mechanism to evaluate the "overall" financial condition of the candidate/sponsor. The keyword is overall.

Bank Statement, FD, PF, IT Returns, Study loan etc are few of the mechanism. They prefer study loan over all the other proofs.

In Ideal condition, they want the funds to be present in the bank account for 4 months.

However, the 4 months period is the ideal timeframe. I've seen many cases where the funds were in the account for few weeks and they still received the visa because the VO determines the "overall" financial condition.

If you have time, then the best strategy is to wait for 4 months. If you don't have that much time, go ahead and apply in confidence.

Just as there is no guarantee of getting the visa even after 4 month of having funds in the bank, there is no guarantee of rejection if you submit showing 1 month previous funds.

We don't live in an ideal world and this reflects to our visa applications as well.

However, it will help if you write a strong SOP and mention this land deal (and submit any paper related to that deal) along with your application.

Again, I'm not a visa expert and these are my assumption. You might want to consult others before making a decision.

However, seeing the processing time delays, please apply as soon as possible to get the visa in time.

-
GS

 

[ShijoK]

@GS

Hi

So lemme begin by saying I am filing under the general category not SPP (gasps) yes! I guess its not too bad, pretty much the same thing. Thanks for saving my ass.

I needed to know will I still get 1 year of work if I file under the general category.

Also, regarding funding this is what m doing : 7.45lacs loan + 1.5 lac savings + paying 1st semester fee (6000 CAD).

Can someone gimme a link for the processing time and doc checlist for a study permit - general category, i.e. NOT SPP?

Thanks,
ShijoK

 

[netchaos]

@Shijok
SPP or not you can apply for Post Grad work permit if you have completed minimum of 8 months study from a public school or government authorized private institution.
For general category application checklist, vfs-canada.co.in/images/Study%20Permit%20Checklist-General.pdf

 

[GS_Stud]

@ GS

Hi

So lemme begin by saying I am filing under the general category not SPP (gasps) yes! I guess its not too bad, pretty much the same thing. Thanks for saving my ass.

I needed to know will I still get 1 year of work if I file under the general category.

Also, regarding funding this is what m doing : 7.45lacs loan + 1.5 lac savings + paying 1st semester fee (6000 CAD).

Can someone gimme a link for the processing time and doc checlist for a study permit - general category, i.e. NOT SPP?

Thanks,
ShijoK

I think funding looks fine.

Processing time is 3 weeks for New Delhi. Link is: http://www.canadainternational.gc.ca/india-inde/visas/processing_times_tr-durees_traitement_rt.aspx?lang=eng#medi

General Checklist: vfs-canada.co.in/images/Study%20Permit%20Checklist-General.pdf

-GS

 

[ShijoK]

Thank U! So when r we filing for visa? my course begins in sep. M thinking i shud file in june.

- ShijoK

 

[GS_Stud]

Thank U! So when r we filing for visa? my course begins in sep. M thinking i shud file in june.

- ShijoK

Hi Shijok,

If you have all the documents ready, you should apply asap and should not wait for the next month.

In the coming months, CHC New Delhi will start getting maximum number of applications which will delay the process significantly. Now is the lean time for them to process applications fast (both General and SPP).

In addition, airplane tickets will be much cheaper if you book them well in advance.

- GS

 

[kavya]

GS,
If u can help me with the following queries:

a) whats the defference with general application and SSP?
b) If i get offer letter by July, is it still possible to get visa by sep'2011?
c) About proof of fund: will that matter if we show just right amount of money or as more u add it can benifit us?
d) Is it possible that we apply visa with a university offer letter which we may wish to change later on if we get another offer?
e) how many pages we need for SOP. I mean I have two very strong reasons as home ties issues: I got family(husband) and I stayed on student visa for five years at UK and came back to home country. So, Do I need any other points to convince them or these can be more than enough?


Many thanks in advance

Kavya

 

[ShijoK]

Did u guys know that banks are trying to lynch me with the rate of interest being as high as 14.7 friggin% :O

Can anyone gimme the names of banks with a lower Rate of interest?

@Kavya -
I can help with some of ur queries -
An SOP shud ideally be 2 - 3 pages. One can start with an introduction about oneself, moving onto you education , then career, then why did u choose the college, then why did u choose the course and finally concluding with how will u contribute to the college/uni.

 

[GS_Stud]

Kavya,

Please find my answers inline.

a) whats the defference with general application and SSP?

SPP is a fast track application program. It is:
1. Only available in India and China
2. Requires a bank loan of 80% of first year tuition fees + living expenses. No other financial document like bank statement, IT returns, FD etc is required.
3. Requires minimum overall score of 6.0 in IELTS
4. You college must be in the approve SPP college list
5. You can do and submit a pre-medial test result with the application

SPP checklist is available at http://www.vfs-canada.co.in/SPP%20CHECKLIST%20May%202010.pdf.

Benefit of SPP:
1. Approval rate is high (above 95%)
2. Processing is fast (Usually less than two weeks)

In General Application:
1. You need to submit proof of funds like IT return, Bank Statement, FD, Salary slips etc
2. You cannot do a pre-medical
3. Processing is long (3 weeks for medical call, 2-3 more weeks for final decision)
4. Rejection rate is high.

b) If i get offer letter by July, is it still possible to get visa by sep'2011?

If you apply by end of July under SPP, you might be able to get it in time. With general application, you have very less chances.

If you apply in first week of July even as general applicant, chances are good.

See the actual and estimated timelines for SPP and General application processing in India:
http://www.canadainternational.gc.ca/india-inde/visas/processing_times_tr-durees_traitement_rt.aspx?lang=eng#medi

c) About proof of fund: will that matter if we show just right amount of money or as more u add it can benifit us?

More is better. Just enough is fine. If possible, funds should be in Bank account for over 4 months.

d) Is it possible that we apply visa with a university offer letter which we may wish to change later on if we get another offer?
e) how many pages we need for SOP. I mean I have two very strong reasons as home ties issues: I got family(husband) and I stayed on student visa for five years at UK and came back to home country. So, Do I need any other points to convince them or these can be more than enough?

Yes, it is possible. Once you get Visa, then it does not matters which Uni you join.

e) how many pages we need for SOP. I mean I have two very strong reasons as home ties issues: I got family(husband) and I stayed on student visa for five years at UK and came back to home country. So, Do I need any other points to convince them or these can be more than enough?

How long is debatable. There is no right number. Usually, 1-2 pages is good enough to explain your intentions to VO.

Hope this helps.

- GS

 

[kavya]

Thanks GS,

This is good one

 

[ShijoK]

Hello again,

Any bank suggestions?

Looks like, I will be filing for visa by 1 st week of July only :/ for a september program - what are my chances of getting thru now huh !

 

[GS_Stud]

Hello again,

Any bank suggestions?

Looks like, I will be filing for visa by 1 st week of July only :/ for a september program - what are my chances of getting thru now huh !

Loan processing takes more than a month and it it not easy to get Edu loan in India (at least that's what my experience has been). SPP/General checklist has a list of bank from which you can apply for a loan.

If possible, go for a Government bank rather than private players.

GS

 

[ShijoK]

Hi

My loan hasnt been sanctioned for the amount required :/

I am in big trouble , I ws going thru HDFC :/

what do I do now? any suggestions ? which bank will process my loan the fastest? the trouble is some banks dont process loans for diplomas. Please help, I am in trouble way over my head !