Hi,ShijoK said:
You can always apply as General candidate. Education loan is very difficult (try a Government Bank and you will echo).
You need to show (approved bank loan minus [tuition + living expense]) in your bank or FD.
GS
Study Loan in India- Few Queries
- Thread starter GS_Stud
- Start date
You can always apply as General candidate. Education loan is very difficult (try a Government Bank and you will echo).
You need to show (approved bank loan minus [tuition + living expense]) in your bank or FD.
GS
can my cousin show that he's funding me if I apply in the general category? What all documents will I need to attache with this - why he's funding my edu etc??
Also, how much tuition and living do we have to show in general category?
Shijo
Also, how much tuition and living do we have to show in general category?
Shijo
Here is my experience in procuring a loan of Rs. 10.5 lakhs. I had approached 4-5 banks.
Loans from Private banks: Private banks are consideing loan application only if the person applying for the loan or the sponsoror\guarantor is banking with the for more than 6 months (I checked with ICICI, HDFC, HSBC).
Loans for Nationalized Banks: Easy to get, but take a hell lor of paper work and and equally good number of visits to the bank. (I applied for SBI, Indian and Pubjab banks).
Best to go through the national banks, though there is some pain involved. They do not have even a flyer that lists all the documents you need for applying for the loan. And they come up with new documents every time you visit them. Ideally it should not take more than 25 days but in some cases it may take 2 months. If you are going for a higher loan amount then you need to submit the collateral (a property). The property is assessed by an independant eveluator and this will take time. Also, the property is referred to an advocate for legal openion and the report is sent to the bank directly. These two are comburesome tasks as the leagal expert will give you some nasty glitches with the property and you need to really work with the person.
I got my loan through Punjab national bank. Please try and apply with a bank \ branch where you personally know someone. This needs lot of push from you. I made atleast 25 visits to the bank, and sat endless hours, even after knowing the Deputy Manager.
Taking loan aganist FD: This is easiest way to get the loan and backs are very happy to clear this ASAP. But looks like CIC is not accepting loan aganist FD (called Demand Loan) any more. Please check this out. It is only accepting educational loans.
Once you take loan aganist FD you can break it but you will be as good as foreclosing your loan and you will be charged for this.
Loans from Private banks: Private banks are consideing loan application only if the person applying for the loan or the sponsoror\guarantor is banking with the for more than 6 months (I checked with ICICI, HDFC, HSBC).
Loans for Nationalized Banks: Easy to get, but take a hell lor of paper work and and equally good number of visits to the bank. (I applied for SBI, Indian and Pubjab banks).
Best to go through the national banks, though there is some pain involved. They do not have even a flyer that lists all the documents you need for applying for the loan. And they come up with new documents every time you visit them. Ideally it should not take more than 25 days but in some cases it may take 2 months. If you are going for a higher loan amount then you need to submit the collateral (a property). The property is assessed by an independant eveluator and this will take time. Also, the property is referred to an advocate for legal openion and the report is sent to the bank directly. These two are comburesome tasks as the leagal expert will give you some nasty glitches with the property and you need to really work with the person.
I got my loan through Punjab national bank. Please try and apply with a bank \ branch where you personally know someone. This needs lot of push from you. I made atleast 25 visits to the bank, and sat endless hours, even after knowing the Deputy Manager.
Taking loan aganist FD: This is easiest way to get the loan and backs are very happy to clear this ASAP. But looks like CIC is not accepting loan aganist FD (called Demand Loan) any more. Please check this out. It is only accepting educational loans.
Once you take loan aganist FD you can break it but you will be as good as foreclosing your loan and you will be charged for this.
You cousin can sponsor you. You need a signed letter from him stating that he will be sponsoring you.ShijoK said:can my cousin show that he's funding me if I apply in the general category? What all documents will I need to attache with this - why he's funding my edu etc??
Also, how much tuition and living do we have to show in general category?
Shijo
You need to show his bank statement, IT returns, Job offer letter, slaary payslips etc.
For Funding: You need to show 100% of first year tuition fees + Living expense + airfare.
GS
Yes, you can. It should be a good way.ShijoK said:My adm counsellor says its better if I show that my dad is retired and thats why my brother is funding and this ways there arent good chances of getting a visa, is that so ?
However, CHC confirms every single information on your application. So only write the truth and nothing else.
GS
M
mehtab.92
Guest
By the Grace of Almighty God, My file is lodged. Goodluck to you guys.
Hi Shijok
I also got admission at Seneca college (Newham Campus) for IBU, 2years.
I got sanctioned my loan from PNB of 8.5 lac.
Guys now eagerly waiting for response.
Hi Shijok
I also got admission at Seneca college (Newham Campus) for IBU, 2years.
I got sanctioned my loan from PNB of 8.5 lac.
Guys now eagerly waiting for response.
I'm going to submit my visa application by June 25th or so, filing as a general applicant, showing my cousin as a sponsor. Lets hope for the best (fingers crossed). PS. When do I get my medical done and after how long are the results sent to the CHC?
@Mehtab: R u filing under general or SPP? Figured out abt the living?
@GS: have u submitted ur application?
@Mehtab: R u filing under general or SPP? Figured out abt the living?
@GS: have u submitted ur application?
M
mehtab.92
Guest
That's great man!ShijoK said:I'm going to submit my visa application by June 25th or so, filing as a general applicant, showing my cousin as a sponsor. Lets hope for the best (fingers crossed). PS. When do I get my medical done and after how long are the results sent to the CHC?
@ Mehtab: R u filing under general or SPP? Figured out abt the living?
@ GS: have u submitted ur application?
Get your medical done atleast a week before filing. Remember, Get done with pre medical only it will fast your processing.
About me I already filed on 2nd of June under SPP.
and GS got his visa 2 days before in just 11 days. He is a general candidate.
cool!
even in general? ...huh
@GS: U said I should show 100% tuition + living, but the checklist for general on the vfs site (http://www.vfs-canada.co.in/images/Study%20Permit%20Checklist-General.pdf) reads:
A 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). See information on the next page for the list of acceptable banks.
even in general? ...huh
@GS: U said I should show 100% tuition + living, but the checklist for general on the vfs site (http://www.vfs-canada.co.in/images/Study%20Permit%20Checklist-General.pdf) reads:
A 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). See information on the next page for the list of acceptable banks.
You will not believe if I told u this, but the loan officer processing my loan has been transfered, a new one will come on monday next week!!!! But the previous one told me it shud only take a day though I feel like m screwed :/
How much shud the FD be of if I need a loan of 7.5 lacs? Also, Can my cousin make an FD in my name and can I take a loan against it?
How much shud the FD be of if I need a loan of 7.5 lacs? Also, Can my cousin make an FD in my name and can I take a loan against it?
M
mehtab.92
Guest
Bro that's bad ...Dont worry he is coming on Monday.
Yea Man I heard somewhere that Loan taken against FD called Demand Loan. But for file you need Educational Loan.
Anyways, confirm it once with any senior member.
Yea Man I heard somewhere that Loan taken against FD called Demand Loan. But for file you need Educational Loan.
Anyways, confirm it once with any senior member.
M
mehtab.92
Guest
Yes, we can.ShijoK said:can we show PF? will a statement from the employer work?
I asked this question from a VO (in a seminar conducted by CHC, New Delhi) and PF is a valid financial statement.
Even I showed my PF.
GS