Student Loan by Pledging FD

[netchaos]

Hi,
As education loan is a must for visa under SPP category I'm thinking of taking an FD with the money I have arranged for my studies and pledge that to avail the loan. (I have around 13 Lakhs Indian Rupees and from that I will take a 10 Lakhs FD to avail a 9 Lakhs education Loan.)
I request some insight about the same from guys who have used similar methods to avail loans.

1. How hard is it to get a student loan against FD.
2. As the funds I am using to take the FD is the money that I need for my expenses once I reach Canada, will I be able to cancel the loan and FD once my Visa is granted ?

Thank You

 

[srirampv84]

Hi @ above

Most of us have done the same. I had taken 9 lakhs of loan by pledging my 10 lacs of FD. Sure shot your loan will get processed. Btw, closing the loan after ur visa purely depends on ur relationship with the bank manager. I was not able to do that because i took the loan from SBT and the guidelines over there didnot allow me to close. I had to keep it atleast for an year.

Dont worry abt the loan, u will sureshot get it.

IN which bank you have the FD?

 

[netchaos]

@srirampv84

thanks for replying.

I haven't yet taken the FD, but I'm planing to go for HDFC or ICICI Bank. (I'm aiming for May or September intake).

After getting visa if I'm not able to close the FD, I'll be in a tight situation when it comes to expenses after reaching Canada, or I have to utilize the loan amount but will have to pay high interests on that.

 

[elheese007]

how you get this loan?