Help me out please

Question

To oder i 20 we need to show funds ....how we can show that ...do we need to show loan sanction by bank,or the loan is only sanctioned after i20 is  issued? So we need to show them amount what we have in our savings

sukesh kumar · Answer

I don’t think what Bhargavi said is wrong either. Both the procedure is ok.

sukesh kumar · Answer

I don’t think what Bhargavi said is wrong either.

Axiom Axiom · Answer

Bhargavi don't give wrong information if you don't know the procedure. If you have applied for a collateral loan you require to show only the admit letter and the bank will issue a loan sanction letter. Based on that you can get I-20. The banks have been issuing loans for ages and they know the rules.
Even for non collateral the procedure is same.

Axiom Axiom · Answer

Stop giving wrong advice of students doing things from Telangana and AP. If you have clear documents and IT RETURNS then you get loan sanctioned. No agents or depositors are required. Who will fund actually when you want to study.???

Axiom Axiom · Answer

The education loan is sanctioned by SBI, BOB government banks on basis of collateral property and HDFC, AXIS etc by giving all documents including IT returns of the guarantor. If you give the documents the banks get it vetted by lawyers, and other third parties for necessary approval. If you get the admit letter and submit it to bank then they issue a LOAN SANCTION LETTER with which you can get I-20. After getting i-20 and visa approval the loan is disbursed by government banks to the university and HDFC etc directly to you. This is the process under which my relatives and friends got loan last year. You don't have to show outside funds to get I-20.

Akshay Gupta · Answer

This is wrong on various levels

Akshay Gupta · Answer

To show i20 funds you can use personal funds or funds from loan.
Loan doesn't need to be sanctioned but loan approved letter is enough.

You can apply to any bank and nbfc.. Prodigy gives you an approval even before an admit.. It gives a conditional approval.. For eg my friend got approval for 37000 usd for iit chicago even before applying there..

Don't listen to agents or anything.. For more info mail university.. Mike tike is right

Akshay Gupta · Answer

"Loan is sanctioned after i20, but before i20 we need to show funds like savings in your family member (sponser's) account." This statement is wrong. You can get i20 by showing only loan and 0 family savings.

Bhargavi naidu · Answer

Loan is sanctioned after i20, but before i20 we need to show funds like savings in your family member (sponser's) account. For this u need to send a document/ certificate to university, which is taken from the bank, showing that on this date the account holder has amount of about 40lacs in our bank, stating that the depositor has requested this certificate of finance for his/her son for his higher studies in USA. On that document there has to be letter head of the bank and also stamp and bank manager's signature.

Bhargavi naidu · Answer

Akshay how? I told one of the procedure, that doesn't mean I'm wrong. If u have any other procedure let him know, that would be helpful

Bhargavi naidu · Answer

I didn't give any of wrong information, may be u didn't know this procedure that doesn't mean it's wrong. U just told another procedure that's it. However any of the procedure might help him. Please know the other procedures too, and don't comment as such I don't know the procedure.

Bhargavi naidu · Answer

Again, preetham asked about loan sanction, so i told him the procedure that I mentioned. May be the process u said would be helpful to get I20, but please don't comment I'm wrong, i told him one way and u said another. Please note that I didn't give wrong information.

Bhargavi naidu · Answer

Okay the word 'need' has become a problem here, i understand. I should have used the word 'can', that this would have made u understood. As I mentioned earlier, the process I told is one of the procedure, and whatever u and Mike told are other procedures which included personal and collateral loans. What I told includes educational loan, i should have mentioned it before. The educational loan gets sanctioned only after u get i20. But before i20, u can cross check with the bank whether ur loan can be approved or not. I'm talking about 'educational' loan, the one of the procedure that I have been discussing

KOLISETTY BALA SAI MEGHANA · Answer

your own savings or some financiers deposit money in you account by taking interest after taking bank certificate you can pay to them

KOLISETTY BALA SAI MEGHANA · Answer

Nobody give money to you to study free . But some financiers deposit the money in your account by taking interest and post paid bank cheque of that amount from you. This is finance business in the society . Dear Mike Tike dont say wrong without knowing.