Urgent Help required: Study Permit & Loan Application

[ariariari]

Recently there were some changes to the University checklist per CHC (via vfs) which states:

PREFERRED OPTION for proof of funds: Evidence of purchase of a special Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for your first year in Canada and evidence of payment for your first year’s tuition (two semesters). See information on the following page for information on how to obtain a GIC. As an alternate option, you can fulfill the financial requirement by submitting a copy of the receipt for the first year’s tuition fee (two semesters) AND a copy of an Educational Loan from an Indian Chartered Bank equivalent to $10 000 CAD. See information on the following page for the list of acceptable banks.
+
Copy of receipts for payment provided by the University (pre-payment of first year (two semesters) is strongly recommended)


I visited the biggest public bank of India (SBI) and they mentioned that they will only give me a sanction letter (as was the usual procedure for all countries) when applying for an education loan. When I mentioned the above rule to them i.e. first year tuition fees (in total) needs to be paid + GIC so that I can apply for visa, they said that we wouldn't disburse the amount to the university unless you get your visa.

So, now I do not have much time on my hand and I am stuck in a catch-22 situation as to what I should do to apply for visa as I believe the visa will be rejected unless the above conditions are met. Kindly help...Advice please?

 

[enfield]

Hi,

Recently there were some changes to the University checklist per CHC (via vfs) which states:

PREFERRED OPTION for proof of funds: Evidence of purchase of a special Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for your first year in Canada and evidence of payment for your first year's tuition (two semesters). See information on the following page for information on how to obtain a GIC. As an alternate option, you can fulfill the financial requirement by submitting a copy of the receipt for the first year's tuition fee (two semesters) AND a copy of an Educational Loan from an Indian Chartered Bank equivalent to $10 000 CAD. See information on the following page for the list of acceptable banks.
+
Copy of receipts for payment provided by the University (pre-payment of first year (two semesters) is strongly recommended)


I visited the biggest public bank of India (SBI) and they mentioned that they will only give me a sanction letter (as was the usual procedure for all countries) when applying for an education loan. When I mentioned the above rule to them i.e. first year tuition fees (in total) needs to be paid + GIC so that I can apply for visa, they said that we wouldn't disburse the amount to the university unless you get your visa.

So, now I do not have much time on my hand and I am stuck in a catch-22 situation as to what I should do to apply for visa as I believe the visa will be rejected unless the above conditions are met. Kindly help...Advice please?

1. Read again, it's only a recommendation, not a rule. Your loan letter is enough for all purpose.

 

[am84pm]

Hi,

Recently there were some changes to the University checklist per CHC (via vfs) which states:

PREFERRED OPTION for proof of funds: Evidence of purchase of a special Guaranteed Investment Certificate (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for your first year in Canada and evidence of payment for your first year's tuition (two semesters). See information on the following page for information on how to obtain a GIC. As an alternate option, you can fulfill the financial requirement by submitting a copy of the receipt for the first year's tuition fee (two semesters) AND a copy of an Educational Loan from an Indian Chartered Bank equivalent to $10 000 CAD. See information on the following page for the list of acceptable banks.
+
Copy of receipts for payment provided by the University (pre-payment of first year (two semesters) is strongly recommended)


I visited the biggest public bank of India (SBI) and they mentioned that they will only give me a sanction letter (as was the usual procedure for all countries) when applying for an education loan. When I mentioned the above rule to them i.e. first year tuition fees (in total) needs to be paid + GIC so that I can apply for visa, they said that we wouldn't disburse the amount to the university unless you get your visa.

So, now I do not have much time on my hand and I am stuck in a catch-22 situation as to what I should do to apply for visa as I believe the visa will be rejected unless the above conditions are met. Kindly help...Advice please?

Your loan letter is fare enough.

 

[ariariari]

Hi,



1. Read again, it's only a recommendation, not a rule. Your loan letter is enough for all purpose.

Hi Enfield,

Thank you so much for your reply. I appreciate a lot.
1) How much loan (as in component aspect, not figures) will suffice in application for study permit?
2) When did you submit and received your study permit application for Canada?

Best,

 

[ariariari]

Hi,Your loan letter is fare enough.

Hi am84pm - Thanks for your reply too. I appreciate it.
Do you think a CA's certificate/attestation regarding proof of funds will strengthen my application since I will only be submitting the loan letter?

 

[enfield]

Hi,

Hi Enfield,

Thank you so much for your reply. I appreciate a lot.
1) How much loan (as in component aspect, not figures) will suffice in application for study permit?
2) When did you submit and received your study permit application for Canada?

Best,

1. It should be 80% of first year tuition + CAD 10,000.
2. Any certificate from CA/Lawyer is useless (India).

 

[ariariari]

Hi,



1. It should be 80% of first year tuition + CAD 10,000.
2. Any certificate from CA/Lawyer is useless (India).

Enfield: Thank you but I believe 80% of 1st year was mentioned in a 2011 version of the Study Permit - General checklist document. The new version doesn't specify any percentage.

Also, there are 3 vfs study permit checklists:
1) Study Permit - SPP
2) Study Permit - University
3) Study Permit - General

Since i am going for a Masters program and not a language or community program, my university had specifically mentioned that i need to follow the Study Permit - University checklist. Are you absolutely sure that i can use the loan sanction letter only + CAD 1000 proof?

 

[enfield]

Hi,

Enfield: Thank you but I believe 80% of 1st year was mentioned in a 2011 version of the Study Permit - General checklist document. The new version doesn't specify any percentage.

Also, there are 3 vfs study permit checklists:
1) Study Permit - SPP
2) Study Permit - University
3) Study Permit - General

Since i am going for a Masters program and not a language or community program, my university had specifically mentioned that i need to follow the Study Permit - University checklist. Are you absolutely sure that i can use the loan sanction letter only + CAD 1000 proof?

1. Once again, your loan letter is enough if it covers minimum 80 percent of (first year tuition + CAD 10,000). You are a Master student and the option of tuition prepayment is extremely unlikely, you can put off loan letter.

 

[ariariari]

Hi,



1. Once again, your loan letter is enough if it covers minimum 80 percent of (first year tuition + CAD 10,000). You are a Master student and the option of tuition prepayment is extremely unlikely, you can put off loan letter.

Thanks Enfield. Keeping my fingers crossed...hopefully my visa won't get rejected. Appreciate your help alot!

P.S.: Do you personally know people who have gone through the new process? I hope keeping a few options unchecked in the checklist (other than MUST part) won't make the authorities furious.

 

[ajosephhh]

Look, I was in the exact situation of yours.
So the best and short answer is, (I did the same, as recommended by chief manager of SBI)
Pay the First year tuition fees on your own from an SBI account using wire transfer and then get a remittance letter from the SBI branch where you made the wire transfer and submit that letter in the branch where you got loan... So as soon as you get your Visa, the Loan money will be given to your account. The advantage is that you can have proof for payment of tuition fees and Loan sanction letter too...
If you have any doubt, ask me...
Thank you

 

[ariariari]

Look, I was in the exact situation of yours.
So the best and short answer is, (I did the same, as recommended by chief manager of SBI)
Pay the First year tuition fees on your own from an SBI account using wire transfer and then get a remittance letter from the SBI branch where you made the wire transfer and submit that letter in the branch where you got loan... So as soon as you get your Visa, the Loan money will be given to your account. The advantage is that you can have proof for payment of tuition fees and Loan sanction letter too...
If you have any doubt, ask me...
Thank you

That's an amazing solution Ajosephhh! I was wondering about this possibility since a while...
A few queries around it:
1) Will the bank give me a loan specifically for the amount of CAD 10K so that I can show it in my visa application?
2) How long does it take for SBI to transfer the money back to my account after I get the visa?
3) And what if the visa is rejected? Does the University refund the whole amount?
4) Which SBI branch did you apply through?

 

[jagjit143]

Urgent Help required

hi there i got offer letter from university of fraser valley in CIM two year diploma for may 2013 intake .my total fee for per year is $14220 .and i paid first semester tution fee $ 7220. now i am preparing my file under general cat. 4 days gone since i paid my first semester tution fee but i did not get letter of acceptance from university yet.firstly i have question how long they normally take to issue letter of acceptance and secondy i have loan sanction 10lakh from punjab and sind bank.and i am showing 24 lacs liquid money .but i am confused about my dad ITR returns as my counsler is saying me that i hve to show my dad income 5 lakh per year in ITR return for last 3 years .but my dad income acc to ITR return is 266450 per year .IS it is must to show them annual income 5 lakh per year ????now i am also thinking if i will file my mum ITR return for 195000.it will make my parents income 461450.IS someone is thinking its enough income for getting visa under general cat . if i am paying my mum ITR return in this way i can show my parents income 466450 for only one year but i cant be able to show my mum ITR for last two years . IS someone have knowledge how many year return we have to show to embassy and with how many minimum income per years .please someone help me as i am stressed out bcuz of these things.response seniors plz

 

[ajosephhh]

That's an amazing solution Ajosephhh! I was wondering about this possibility since a while...
A few queries around it:
1) Will the bank give me a loan specifically for the amount of CAD 10K so that I can show it in my visa application?
2) How long does it take for SBI to transfer the money back to my account after I get the visa?
3) And what if the visa is rejected? Does the University refund the whole amount?
4) Which SBI branch did you apply through?

1. Why get specifically CAD 10K when there is a possibility of getting more, it's a big advantage for us to get more to cover the second year fees too, we can state that in Visa.... (I got 10Lakhs Loan). But if it's exactly CAD 10k, They wont provide that way...
2. Max 5 days
3. Most of the universities will charge some amount, they won't refund fully..
4. I applied through SBI RAPC branch, Coimbatore, Tamilnadu...

 

[ariariari]

1. Why get specifically CAD 10K when there is a possibility of getting more, it's a big advantage for us to get more to cover the second year fees too, we can state that in Visa.... (I got 10Lakhs Loan). But if it's exactly CAD 10k, They wont provide that way...
2. Max 5 days
3. Most of the universities will charge some amount, they won't refund fully..
4. I applied through SBI RAPC branch, Coimbatore, Tamilnadu...

Thanks again for your reply ajosephhh! Yes, that certainly makes sense. It would be great to connect and know more about each other. I don't see a way to PM you on this website. Can you try from your end or just send me your mail address here? I will revert to you accordingly.

 

[enfield]

Hi,

Look, I was in the exact situation of yours.
So the best and short answer is, (I did the same, as recommended by chief manager of SBI)
Pay the First year tuition fees on your own from an SBI account using wire transfer and then get a remittance letter from the SBI branch where you made the wire transfer and submit that letter in the branch where you got loan... So as soon as you get your Visa, the Loan money will be given to your account. The advantage is that you can have proof for payment of tuition fees and Loan sanction letter too...
If you have any doubt, ask me...
Thank you

1. You can't pay tuition "forcefully" without any requirement from your University side. First check out, if your school want you to pay first term tuition in advance (very unlikely for University Master Degree students). If there is no request, you can simply put off loan letter with your visa file.