# Student Visa and Finance-Urgent



## shashi.shines (Nov 12, 2011)

Hello Everyone,

I intend to study in Australia. I need around 74000AUD for my tuition, living, travel costs for my 1.5years Master's program. I have an offer letter from the university. I intend to take a loan worth 20lacs(40000AUD). I have collateral documents required for loan. 

Note: Australian Dollar=US Dollars=50Rupees

Australian Visa Requirement states:

1. Money deposit form from A financial institution 
- in your name or the name of another individual 
- a money deposit with a financial institution held by you, or a person supporting you, for at least three consecutive months immediately before the date of your visa application

2. A loan "in principle" is not acceptable.

3. *The loan sanction letter must be provided at the time of submitting an application and the loan disbursement letter is required before the visa is granted. We cannot grant a visa until the loan is at least partially disbursed.* If the bank does not disburse the loan before visa grant then it is open to you to use another bank (AFI) that can meet your needs.


My Questions are:
1. what is a loan "in principle"?

2. Will the bank disburse the loan partially before the VISA is issued? if so, can you mention any PSU banks other than Credila which can disburse a loan before a Visa is issued.

I have heard that students going to USA only need a sanction letter saying that loan has been sanctioned and the bank will disburse the amount to the Uni account once Visa has been issued. Have you heard of any case were the loan amount was released before the visa was issued?

Else I will be in big trouble, cos the bank will release the loan amount only once the visa is issued which is their main concern. And the Visa authorities want me to find a bank which can disburse my loan partially before an visa can be issued. GRRR what a dilemma :'(

3. Any funds should be held for a period of 3months according to them,
I have deposits of around 45000AUD.. but I intend to take an education loan worth 40000AUD for my studies.. I need to show around 74000AUD for my visa financial requirements. What are the ways to get funds? It also mentions that funds can be held by "anyone". 

*In addition, I need to pay my first semester fees around 15000AUD before my university can issue an Electronic Confirmation of Enrollment which is a must before I can go ahead and apply for my Visa. *

Many Thanks and Regards if you can help me out.


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## krsreddy (Jun 23, 2011)

shashi.shines said:


> .....
> 
> Note: Australian Dollar=US Dollars=50Rupees


Correction: Its 46/- now, you may refer to it here:
www india embassy gov au/ndli/vm_exrate html (replace the space with a dot to get the linky!!!

*NOTE* to mods: please excuse for the above discrepancy. The link I gave is not my personal link!!!

_It was 41/- till recently!!_



> My Questions are:
> ..
> 2. Will the bank disburse the loan partially before the VISA is issued? if so, can you mention any PSU banks other than Credila which can disburse a loan before a Visa is issued.


SBH and SBI does disburse if you pay the margin amount, thats 15% to 20%. Normally its going to be 1st semester/term fess plus the OSHC for the entire course thats around AUD850.

Point to be noted(as mentioned by our agent): if you are including a loan as part of your total funding, then a part of the first payment to the university should include a component/a part of the loan!!




> Have you heard of any case were the loan amount was released before the visa was issued?


I dont know about USA but for Australia, my wife got it!!!




> 3. Any funds should be held for a period of 3months according to them,
> I have deposits of around 45000AUD.. but I intend to take an education loan worth 40000AUD for my studies..


So you have a total of more than AUD 85,000/-. So what are you worried about?? or is it that the AUD45,000 you are mentioning is inclusive of the loan amount???



> I need to show around 74000AUD for my visa financial requirements. What are the ways to get funds? It also mentions that funds can be held by "anyone".


Be careful with the anyone thingy!!! Its better that anyone is your blood relative!! Like your parents or grand parents or siblings!!! And do remember the funds should be already held for 3 months at the time of applying. And do remember they might check anytime before they take any decision on your visa!!



> In addition, I need to pay my first semester fees around *15000AUD* before my university can issue an Electronic Confirmation of Enrollment which is a must before I can go ahead and apply for my Visa.


That appears absurdly high for a semester fee!!! Are you sure its AUD15,000 and not AUD7,500??


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## shashi.shines (Nov 12, 2011)

> krsreddy said:
> 
> 
> > Correction: Its 46/- now, you may refer to it here:
> ...


I am doing a Master's course.. I have checked all the universities fee structure for international PG students.. its all the same.. they subsidize oz students and charge us so much.. injustice..
:ranger:


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## krsreddy (Jun 23, 2011)

shashi.shines said:


> Mr.Reddy AUD has crossed 50 Rupees in October.


Thats the price in the market but for "financial considerations" the Australian government takes 46/- as conversion rate as the rate keeps fluctuating. It was 41/- till recently.


> I am doing a Master's course.. I have checked all the universities fee structure for international PG students.. its all the same.. they subsidize oz students and charge us so much.. injustice..
> :ranger:


Thats the fee for a year. Please send me a private message of the link to the fees of your university!!


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