confusion about GIC and loan

[shivam41]

hyy friends i got offer letter from sheridan for sept 2015 intake... but there is confusion about GIC account... i want to pay my fee through education loan.. so i also have to pay that 10,000$ in GIC or i can just show my loan papers only..?

 

[EVIL007]

Proof of funds: You MUST demonstrate the purchase of a special (GIC) from a participating Canadian financial institution, in the amount of $10,000 CAD to cover living expenses for your first year in Canada. Please consult page 2 for information on how to obtain a GIC. Official GIC document is mandatory.

So, if u r applying under SPP, gic is must

 

[shivam41]

thx ... but will my education loan cover 1year college fee+10,000$(gic) ..?

 

[EVIL007]

Sorry, I didn't understand what u r asking.
If u r asking that whether u can pay for GIc from ur loan amount, then answer is no. U can only pay tuition fee from ur loan. Bank will not allow u to use it for any other purpose.

 

[shivam41]

Thx ..

 

[kartz]

Sorry, I didn't understand what u r asking.
If u r asking that whether u can pay for GIc from ur loan amount, then answer is no. U can only pay tuition fee from ur loan. Bank will not allow u to use it for any other purpose.

No i disagree, in india.. if u take an education loan u can avail to cover for living cost, flight tickets etc. This is the info i got from my friend who took a loan to study in UK and an education consultant also confirmed it. So if u get the loan amount sanctioned u can use that money for GIC as 10k $ is part of the living cost which is covered by the loan

Please correct me if its different for canada.

From what i know, Canada does not need the source of income unlike australia which checks your assets and collaterals. So whether its your personal money or its from a loan the source doesn't make a difference.

 

[EVIL007]

Initially I went to SBI and they said ur loan amount will be transfer to ur university account directly. They said I can't use it for other purpose.

 

[kartz]

Initially I went to SBI and they said ur loan amount will be transfer to ur university account directly. They said I can't use it for other purpose.

I dont know about SBI, but my friend had taken his loan from HDFC Credila, he said the tuition fees and living cost gets split and the living cost is deposited in your indian account. Here is what i found on the Credila website

Loan Disbursement
The loan amount will be disbursed in Indian Rupees

Credila will disburse the tuition fee to the educational institute either directly or through an authorized servicer

The tuition fee will be disbursed in installment as per the requirement of the specific educational institute

The loan amount related to other expenses will be disbursed in installments spread over the duration of the study as per Credila's underwriting norms as applicable from time to time[/font][/font]

http://www.credila.com/student_loan_product.html

 

[EVIL007]

But it is unlikely that bank will give u 5 lakhs in one go for GIC.

 

[Rock0081]

According to me either you have to show gic or education loan certificate from indian bank

 

[shivam41]

i talk with SBI ..they can give loan for GIC amount also and amount will go though my account but i have to show GIC certificate or GIC papers separately ....

 

[Rock0081]

i talk with SBI ..they can give loan for GIC amount also and amount will go though my account but i have to show GIC certificate or GIC papers separately ....

That's great you have to show only GIC Certificate if you are going with gic. Best of luck for your future

 

[shivam41]

Thx .. Gud luck