Sooooooooooo confused. Kindly help me out members

[Saqib053]

I have 23 lac in own bank a.c. i got refusal due to low bank statement.

now what i have decided is to take a running finance loan for remaining amount for around 30 lac.


now what i want to ask is that will it be good to have these two thing , first the money in my own a.c and then the loan?


or should i take a loan for whole amount of money

i have almost 8 month old bank statement of 23 lac

 

[Abu Bakr]

why you are not taking a loan from a recongnized bank.

 

[stmani]

take running finance facility on top of cash amount u have....

 

[AKIF MOIN]

Let c the difference between loan and running finance.

1.RUNNING FINANCE

3million bank statement requirements.
Deposit: 3, 50,000
Markup 6% for 7 months: 105000 . 7 months because 4 months to mature it and 3 months for visa processing.
Forms Charges: 3500
Financier Charges: 45,000
Total Deposit in Bank: 4,44,000

Total Sunk Cost: 153500
Refund:350000

The above calculation is same for loan but the most important part is that we don't need to mature loan four 4 months so that that we have to pay Markup 6% for 3 months that is the time period for visa processing. According to following calculation.

2.LOAN
3million bank statement:
Deposit : 3,50,000
Markup 6% for 3 months: 45000
Forms Charges: 3500
Financier Charges: 45,000
Total Deposit in Bank: 4,44,000

Total Sunk Cost: 93377
Refund:3,50,000

I think it would be better if we go for case 2.

 

[Saqib053]

akif moin, i couldnt understand what you have written.


i just want to ask should i take loan for the remaining amount or should i go for loan for whole study tution feee.

what is the maturity in runing finance???

what i have heard in this forum is that running finance is the best at the moment