Does a loan have to be an educational loan or can it be another personal loan?

[Fabiog]

Hi,

My bank cant give me an educational loan because I am not doing a degree but I might be able to get a personal loan.
If I get the loan and get a bank statement that the loan belongs to me is it fine or must the bank letter state that its an educational loan?

 

[2b.or.not.2b]

The VO is looking for your financial ability to fund your study. As long as you have the necessary funds it does not matter whether it is an educational loan or a personal loan.
But IMO personal loan might go against you as the EMI repayment begins in the very next month of disbursement so you have to also provide details of how you will be able to pay this loan without working in Canada.

 

[Fabiog]

The VO is looking for your financial ability to fund your study. As long as you have the necessary funds it does not matter whether it is an educational loan or a personal loan.
But IMO personal loan might go against you as the EMI repayment begins in the very next month of disbursement so you have to also provide details of how you will be able to pay this loan without working in Canada.

I see what you mean about the disbursement part,ill need a cosigner to write a letter, thanks for replying

 

[Raghav Vermani]

Hi,

My bank cant give me an educational loan because I am not doing a degree but I might be able to get a personal loan.
If I get the loan and get a bank statement that the loan belongs to me is it fine or must the bank letter state that its an educational loan?

Hey bro that happened to me too , you should comtact other banks or try to get a person who knows bank manager and through that they will easily give u loan

 

[2b.or.not.2b]

Hey bro that happened to me too , you should comtact other banks or try to get a person who knows bank manager and through that they will easily give u loan

Courses for which banks provide a loan to study in Canada?
Those students who wish to apply for the undergraduate, masters or research programs in established institutions are funded by the banks. Banks also provide loans for SPP programs. Nationalized banks generally do not offer education loans for vocational, short-term or diploma courses. As banks always think about getting the amount back from the student seeking funds, they always prefer to disburse loans for job-oriented courses.
Source:
https://studyabroad.shiksha.com/education-loan-applycontent61319
Always cross check your facts before you comment people rely on forums such as these for informed advice. No bank will give you loans in contravention of set rules and regulations.

 

[Fabiog]

I am going to do a certificate course and the bank wont give me a loan for that.