Showing posts with label Loans_Visa_and_Procurements_preMBA. Show all posts
Showing posts with label Loans_Visa_and_Procurements_preMBA. Show all posts

Top business schools typically run a pre-MBA program to impart basic business fundamentals to the students that don’t have prior academic training or work experience in business, economics, statistics, etc. Ivey’s pre MBA program is optional, but at least 80% of the students have taken part in the past, for the reason that they come from diverse backgrounds and this program provides an opportunity to maximize the learning from actual program. It is said that Ivey professors assume MBA students to have at least pre-Ivey level knowledge in relevant disciplines, so that class time can be spend on more advanced topics. The program also provides students a chance to get themselves acquainted with the classroom setting, homework, reading assignments and know the classmates in advance.

Program cost:

Economics Primer (3 days) $375

Quantitative Analysis Primer =$500

Accounting Primer (3 days) = $375

Total=$1312.50 (Including GST)

I’ve just registered for all the three courses.

To know more about the Ivey’s PKP, please follow http://www.ivey.uwo.ca/mba/Downloads/PKP%20Book%20Spring%202009.pdf

I’ve finally submitted my application to VFS for the Canada study permit. The application is in progress and I hope that things go smooth. I have already put down my papers at Oracle and March 2 will be my last day here.

This post is an attempt to provide a detailed outlook of how the visa application process works, for Indian candidates willing to pursue their education in Canada.

  • Technically, the student visa for Canada is termed Study Permit
  • One doesn’t typically need the help a visa representative or a consultant. The processes is fairly simple and clear
  • In India, the Canadian Immigration and Citizenship (CIC) High commission visa offices are located at New Delhi and Chandigarh. One can directly submit the application to these visa offices (or) at any of the VFS centres located at New Delhi, Chandigarh, Jalandhar, Chennai, Bangalore, Hyderabad, Mumbai, Ahmedabad and Kolkata.
  • VFS Global is a Visa outsourcing Services Company that manages the administrative and non-judgmental tasks involved in the visa application process. They, as well, have partner with the Canadian high commission and most students who couldn’t personally make it to the CIC offices at Delhi/Chandigarh, can use the VFS services. Refer to the website http://www.vfsglobal.com/ for more details.
  • Most important of all, one needs to satisfy the following in the visa application, as well as the visa officer (if an interview is required)
    • Satisfy that you will leave Canada after studies
    • Satisfy that you have sufficient funds to cover the expenses for you and those who accompany you
    • Satisfy that those who accompany you are genuine temporary residents that will leave along with you, post studies
  • Typically for study permits, there are no interviews (May be required if decided by the visa officer). However, there could be a medical examination.
  • From the moment one submits the application, it might take 2 weeks to receive an initial response (such as requests for interview/medical examination). The entire process might take 4 to 6 weeks. Make sure to apply early. One can apply up to 90 days in advance. March to June is considered the busiest period.
  • The application form, student questionnaire, checklist, representative forms (if submitted via representative), and other forms can be downloaded at http://www.vfs-canada.co.in/visaapplication.html and http://www.cic.gc.ca/english/information/applications/student.asp
  • CIC charges CAD$ 125 as application processing fee. And an add ional Rs.866 (Service charges, courier charges and payment processing charges), if you are submitting the application through VFS.
  • Once you submit the application to VFS, they will hand over the copy of your passport with their seal affixed. This must be handed over to the courier representative at the time of passport collection. VFS does provide an option to track the passport. Please note that Passport is the only original document that you need to submit.
  • Following is the checklist of documents that I had submitted along with the completed application form. Please note that not all the documents mentioned below are mandatory. Please consult the official checklist for details and its up to you to logically decide what additional documents you would submit to supplement mandatory ones.
      1. Cover letter stating name of applicant, primary contact number, visa category, date of departure from India, program of study, name of school and list of all the enclosures.
      2. VFS Consent form
      3. CIC Checklist
      4. Completed Application Form
      5. Two Passport Size Photos
      6. Completed Personal Information Form
      7. Original Passport (New)
      8. Cop of Passport (New and Old)
      9. Letter of Acceptance
      10. Information from School stating tuition. living expenses. etc and letter on anticipated start/finish dates
      11. Copy of fee receipt (Caution deposit)
      12. Student Questionnaire
      13. Degree Certificates
      14. Mark sheet Transcripts
      15. 10th/12th Certificates
      16. Statement of Purpose
      17. Auditor’s (Chartered Accountant's) Statement of net worth of assets of family
      18. Copy of GMAT score
      19. Notarized affidavit by Father stating he is ready to sponsor, etc
      20. Bank statements of my primary account for the past 24 months
      21. Bank statements of my Family’s primary account for the past 24 months
      22. Letter from Bank stating Mr.??? Is a bona fide customer since ???, etc.
      23. Passbook copies
      24. Education Loan Sanction Letter
      25. Fixed Deposits Receipts
      26. IT Returns 2007-2008 (Self)
      27. IT Returns 2008-2009 (Self)
      28. Form16s (Self)
      29. Income tax Computation statements (Self)
      30. Father's ID Card
      31. Father's Pension Pay Order
      32. Experience Certificates with previous companies (Self)
      33. Offer letter current company (Self)
      34. Provident Fund Statements (Self)
      35. Salary Slip for the past two months (Self)
  • Submit the following documents, if applicable.
      1. Use of a Representative
      2. Personal Documentation on Marriage/Children Status
      3. Letter from dependant’s company stating she/he would return to work after the period of study of the spouse

Some Useful Templates and links:

1. Affidavit

Candidate's Name: ******

1st Sponsor's Name: ******

1st Sponsors’ relationship to candidate: Father

2nd Sponsors Name: ******

2nd Sponsors’ relationship to applicant: Mother

Sponsors’ Mailing Address: ******

We, the above mentioned individuals are financial sponsors for ******, and certify that we agree to support the education of the person named above and living expenses for the person. We are aware that the official estimate of the annual cost for an international student attending the Richard Ivey school of Business, University of Western Ontario is CAD 106500. We are also aware that these estimates are subject to change without prior notice.

We do plan to make specific contributions to the support of the prospective student. We plan to contribute Rs. 25,00,000 (CAD 59,500) for ******’s study in Canada.

1st Sponsor's signature: ________________Date signed: ___________________

2nd Sponsor's signature: _______________ Date signed: ___________________

2. Useful links

http://www.cic.gc.ca/english/study/study.asp

http://www.vfs-canada.co.in/

http://www.vfsglobal.com/

I finally have got my passport updated with the required modifications (Address change, ECR Deletion and Surname inclusion/correction). Here is some useful information if you intend to get any of the above mentioned serviced. All application forms are available online (http://passport.gov.in/cpv/Forms.htm).

  • Address change is not mandatory, however, it’s better to have the permanent address reflected in the passport. Typically, this service shouldn’t take more than a day. Required Documents:
    • Completed application form (Form2).
      • Fill up the required permanent address.
      • Mention Change of Address in the Service required column.
    • One proof of address (Ration card, bank passbooks, etc)
    • Copy of passport
  • If ECR (Emigration Check Required) is stamped in the passport, one may be restricted to travel to certain countries. North American and European countries do not fall under this category, however, it’s better to get this stamp removed from the passport. Required Documents:
    • Completed application form (Form2). Mention Deletion of ECR in the Service required column.
    • Copy of passport
    • Copy of Degree Certificate(s)
  • Address change/ECR deletion will be fulfilled by the Miscellaneous counter at passport office. Each service will cost Rs.300. One form is sufficient for both services
  • I had to separate my Father’s name from my given name in the passport and include it under surname (this was originally blank). Surname is very important in the sense that some countries (US, Canada, etc) mandate the importance of surname as how first name is important in India. One can apply for this correction at his home country or at any of the Indian Embassies abroad. The former is a better and safer option. Required Documents:
    • Completed application form (FORM1). It’s as good as applying for a new passport. This form should be filled online and printed (it gives a PDF output). Submit the form along with required attachments to the passport office. Make sure to enter the old passport number in the form1. Choose re-issue of passport in the service section
    • Original and photocopy of current passport
    • Affidavit from notary (Annexure I) stating the applicant has been residing at the mentioned address from %%% dates and that there had have been no criminal records on the applicant.
    • One can apply using Tatkaal scheme as well (typically, the service takes a month or more. If applied through tatkaal, it takes just 4-5 working days).
    • Service charge for new passport is Rs.1000 and Tatkaal charge is an extra Rs.1500.
    • For applying through tatkaal, one needs to submit two copies of three identity proofs each. I submitted Driving license, Ration Card and Bank passbook for the same.
  • Important note for change of address: If the place if issue is different from where the address-change is applied, one needs to submit the PISON (Passport Information services on net) report along with the application form. This can be obtained at the PISON counter. Typically, one must have received his passport having the both temporary and permanent addresses verified. The PISON verifies this and if this information is incomplete in the PISON report, then the change of address process is very complex (It takes at least a month or more, and there is no Tatkaal scheme for this service). One should submit two copies of personal particulars form (PP Form) discrepancies in the PISON. Police department will need to verify the new address and the applicant’s conduct. After the applcant submits the papers, the passport office sends the PP form to the district DSP (Deputy Superintendent of Police) office. The DSP office passport section sends it to the local Police station under which the applicant’s address is located. A police constable personally arrives at the address, completes the verification process. He sends the Police verification report (PVR) back to DSP office. The PVR is then sent to the Central Bureau of Investigation (CBI) for authorization. Once this is done, the report is sent back to DSP office and in turn, the passport office. The applicant can get address changed only after the PVR is received at the passport office. So it’s better to avoid the change of address, if PISON is reported with incompletion. My Parents and I had to ensure efforts in excess, at the DSP office and passport office, to get my jobs done. It took around 1.5 months to get the entire process completed.

Wish you all a very happy and prosperous New Year!!!

To me, 2009 is expected to be a year of experiences, emotions, expenses, efforts, emails, early mornings, economics, endurance and enthuse, for the reason that Ivey MBA is all set to embark upon me, this May.

The first good news is that, my education loan is officially approved and am now eligible to claim INR 20,00,000 for the MBA. Change of address for my passport is still underway and, the delay seems to be frustrating. I expect this process to complete in a couple of weeks from now and I could apply for my student Visa at least by the end of January.

It has been a while since I wrote here.

I’d just finished my 2-week vacation and perhaps, this happens to be the most productive. I’ve completed the paperwork for the education loan and the change of address (in passport).

For international students, it’s almost impossible to find a loan in Canada, presently. One needs to posses a permanent resident-ship status, or at least have a Canadian Citizen willing to cosign the loan. Ivey does recommend international students to arrange for the funds in their home countries.

Having thoroughly researched various processes of banks, and compared the rates of interest and the guarantor requirements, I’ve decided to avail the loan from Corporation Bank of India. These Interest rates are decided by the Banks themselves, based on various factors recommended by Reserve Bank of India such as the Cash Reserve Ratio. Each Bank has its own prime lending rate (technically they call it BPLR or Benchmark Prime Lending rate) and the interest rate is arrived at using the BPLR(+ or -), which changes from time to time. At present, Canara Bank offers for the least interest rate (11% p.a.). However, they do need a guarantor who can cosign the loan, in addition to pledging a collateral security. Guarantor is required to be a working member and some banks do insist that guarantor be creditworthy (at least equal to the loan amount). On the other hand, Corporation Bank offers at 11.5% p.a. and there is no guarantor requirement. As long as one can manage the collateral, he is eligible to apply for the education loan. In my case, I’ve decided to pledge my Father’s house that is expected to have a value at least twice as that of the loan amount. He would also act as the guarantor.

Submitting the application papers was not as easy as I had originally expected. It took me almost 2.5 hours to fill in just the application form. Found things tough when gathering support documentation, especially the ones that involved Government Officials for documents such as the certificate of encumbrance. Managed to complete my part (paper work) within 2 working days. Thanks to my Father who had been organizing and archiving all sorts of papers from land documents to electricity bills. Bank authorities were more than helpful and patient enough to answer my concerns and queries.


Typically, the following documents are required to apply for an education loan in India:

1. Completed Loan Application Form
2. Address proof (Ration Card, Bank statements, Telephone Bills should do)
3. Proof of Date of Birth.
4. Degree certificates, transcripts and mark sheets (Class X, Class XII, Graduate Degree)
5. Proof of occupation of Parent/ pension certificates; Guarantor’s proof of income (salary slip or pension statements if retired)
6. Copy of passport and driving license
7. Passport sized photos
8. GMAT score report
9. Admission letter from University
10. Cost of Study/living expenses. Preferably an official letter.
11. Proof of funds for the remainder of expenses requirement (the amount that is not fulfilled by the loan). This amount is termed as “Margin”. If the cost of program+ living expenses is Rs. 45 Lakhs, and the loan applied for is Rs. 20 Lakhs, then margin is Rs. 25 Lakhs. This proof may be in terms of savings, investments/bonds, loan from Family/friends/employer, etc.
12. Employment contract, if any,
13. One would also need to state the expected income/expenditure statement, post-MBA. This is essential to calculate the percentage of EMI to repayment ability.
14. Proof of collateral securities. In case of house property, following are needed:

  • Land/House documents
  • Parent document of the land/house, if possible
  • Certificate of encumbrance on property (from date of purchase till date)
  • Plan approvals by Government
  • Property tax, Water, Electricity bills/receipts
  • Re-conveyance certificate (this is required if there had been any previous loans on the same collateral)
  • Past legal opinions, if any.

The application is currently under progress. I expect receiving the sanction letter as soon as the bank receives reports from the property valuation team, and the advocate for legal opinion. Things are looking positive at this time.

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