New college, New work and New friends

Writing this post after almost at semester end. I had planned to write long back but from the time I reached Buffalo I was so busy that I couldn't get time to write. Forgot writing I didn't get time to read FFs which was one of my basic necessity apart from books. Sometimes after studying I just used to roam around fifth floor looking at books wondering if I would get time to read all of them. 

FFs and gym were my stress buster long back in India. But here due to hectic schedule and also due to location of gym which was very far I was reluctant to go. Initially I did used to go just on fridays to gym but later due to process class it was stopped. But I don't regret because I used to go to CDS .my workplace..my stress buster.. Initially I had planned not to work, but due to Devika and Amey I had reluctantly applied to CDS with sole purpose of SSN. I had planned to somewhat work for a month to get SSN and then the resign. First day of work was so weird, I was asked to make Panini's.. every dish used to look to me same and their pronunciation was again different..it was so funny what I used to ask both Bef (union member) and customers were not able to understand and what they used to say I had to do guess work. On Sundays I had prep work which as again new for me..it was 6hrs shift ...was hoping to find good company so that I don't get bored. I was so bored that Sunday because I did not got time to interact with anyone it was hell busy schedule - following recipes ..we almost made 100+ panini that day..ohh gosh i was so tired that i was regretting my decision of working..I was motivating myself just 3 more weeks then I could quit... Next week at breadbox I was assigned to make a sandwich..here there were so many types of cheese, dressing, bread, veges it was too much on my brain to grasp all the alternate names...that day was tiring,.....I just knew wheat and white bread..but from Pistachios (as devika's fav word my dukan in Student Union) there were many pieces of bread such as gluten free, 9-grain, rye, etc. Six types of cheese I never knew  so many type existed to me all look to be same...Veges are also called different actually its simple for child bcse most are called pepper and its prefix is the color ...

I have a bad memory atleast in case of remembering directions, so with difficulty reached Ellicot to have food on 2nd Sunday. There I met Febin and Anish (Whom I Used to work with Sunday Prep) who at first didn't recognize me. In CDS even I feel I used to hide behind my cap, but it kind of gives me the freedom to talk to people freely. Because they are not going to judge me on my stupid questions. So anyway who meets me after CDS hardly recognize me. Febin and Anish became my good friends. Anish though he stopped coming to Sunday later, but whenever he used to come.. used to bring chocolates from freezer hiding from our manager James :P  Poor him he had to work with Anita(Chini cum American) and Ardina whose point of discussion was makeup and his head used to burst .. I think Anita had crush on Anish. Anita is another big discussion, whom all guys used to hate her. Febin, undergrad finance student, he is Indian by roots but born and brought up in NY. He was work freak but was one of the genuine people I met in CDS. On the last day, he even gave me meal coupon which he got a prize, I didn't use it though kept it as memory :) Anita and Febin always had cold war but both were undergrad, management, native is NY and most importantly were egoist so I have secret wish to see them together.. because they would be perfect for each other. And it would fun to watch them ..they are two opposite poles. One who almost has OCD and other is shortcut freak.

On the third Sunday, I met Maulik, he was different. He was not Sunday member but had came that Sunday. Initially on that day I didn't even notice him because I was engrossed to make the Paninis right. I don't know how we started talking at first place. I mean I don't usually socialize fast, it takes time for me to build conversation. We talked so much that day like some long lost friends. He was vegetarian so I was happy to have someone help me select vegetarian food among the available meal coupon. That time I had chaat like Mexican food which was my all time meal coupon order food for next semester. I loved mangoes, cilantro and lime combo on Mexican rice bowl. Later even Febin used to ask me to build one more rice bowl as it used to look yummy rice dish. Maulik was doing Masters in mechanical engineering but also doing 20 hours work in week. Sometimes even combining with TA work. I don't know how he used to manage it all. Though he was younger than me he used to treat me like a kid. I remember him always saying "Samay to sab ke pass hota hai bas nikalna padta hai". In my first semester I took seminar in health class. I used to crib a lot to him about presentation assignment. Because in every class, research paper or business case was given to us and we had to make presentation on case study and I used to hate that subject a lot. One day at lunch I cribbed about the same. His reply was "I know that you don't like the subject now. But now you have taken it..so give ur best shot".  I don't know why my CDS friends used to hate him, some even told me to stay away from him. Of all the people, my sister is big fan of him though she haven't met him yet. Though I tell her he is most weird people I have met.

Overall I met lot of people, learned lot of things and hold plethora of memories.

15. Git Commands

My friend wants to learn python, so I had suggested to go through online learning than going through books or videos. Initially I had solved plenty of questions from Hackerrank but later had stopped when I had plenty much on my plate. So in my notice period thought to again cultivate the habit of going through the online learning  to increase my knowledge.

1. Learn GitHub (2 hours coursework):




    Managing Git Hub Basic Commands:

    git commit -m "Complete the message in present tense"


    git show HEAD : more recently made commit

    git add file1 file2: add files to staging

    git checkout HEAD filename: to download original files before the changes

    git reset filename: to unstage that file from the commit

    git reset SHA:  Git enables you to rewind to the part before you made the wrong turn and create a new destiny for the project. This command works by using the first 7 characters of the SHA of a previous commit.

    git branch: to check the current branch 

    git branch <newbranch>: To create the new branch 

    git checkout <newbranch>: Switch to new branch.All the changes made in the master would be copied to the new branch. Use "git logs" to view the changes of the master in "new branch".

    git merge branch_name: Include all the changes made to the new_branch on the master branch. We can accomplish this by merging the branch into the master

             i)  git checkout master: To switch to the master branch
             ii) git merger <newbrch>: All the files from new_branch would be merged on master branch

 git branch -d <new_branch>: delete the branch

Imagine that you're a science teacher, developing some quizzes with Sally, another teacher in the school. You are using Git to manage the project.

In order to collaborate, you and Sally need:

• A complete replica of the project on your own computers
• A way to keep track of and review each other's work
• Access to a definitive project version

You can accomplish all of this by using remotes. A remote is a shared Git repository that allows multiple collaborators to work on the same Git project from different locations. Collaborators work on the project independently, and merge changes together when they are ready to do so.

Sally has created the remote repository, science-quizzes in the directory curriculum, which teachers on the school's shared network have access to. In order to get your own replica of science-quizzes, you'll need to clone it with:

 git clone remote_location clone_name

You can see a list of a Git project's remotes with the command: git remote -v

After you cloned science-quizzes, you had to run off to teach a class. Now that you're back at your computer, there's a problem: what if, while you were teaching, Sally changed the science-quizzes Git project in some way. If so, your clone will no longer be up-to-date.

An easy way to see if changes have been made to the remote and bring the changes down to your local copy is with:

 git fetch

Even though Sally's new commits have been fetched to your local copy of the Git project, those commits are on the origin/masterbranch. Your local master branch has not been updated yet, so you can't view or make changes to any of the work she has added.

In Lesson III, Git Branching we learned how to merge braches. Now we'll use the git merge command to integrate origin/master into your local masterbranch. The command:

git merge origin master 

git pull :  does a git fetch followed by a git merge.

git push origin <branch_name>: To push the work to the remote server

   
  

  



   
   

XIII) Cash and Forex Cards

After Visa approval and booking flight ticket now one need to look for US currency. One need to convert rupees to dollars before going to the US. Though there is the facility at the airport to convert rupees but its costly. So its better that if we convert the rupees beforehand.

Multiple ways are there to convert rupees to dollars. There are several banks and third party agents which convert the rupees to the dollars. And also there are multiple ways in which one can convert currencies - Notes, Traveller's cheque , Card (Preloaded Card)

Things to Note:
1. When to apply: Max 60 days before the date of travel
2. Max Documents Needed: Passport (1st & last page), VISA, Pan Card, i20/admission letter, Travel ticket
3. Min Documents Needed: Passport (1st & last page), VISA, travel ticket

How to select the best among all the forex:

1. Currency and traveller's cheque: Go for off course the cheapest one. Found that third party offers much cheaper rates than the bank due to the bidding.

2. Forex prepaid card: There are multiple factors to consider here. Arranged important ones in descending order.

• Online reload
• Free ATM withdraw/ ATM withdraw cost
• Forex rate
• Reload cost
• Initial deposit
• Customer Service
• Validity

Banks preferred:

1. HDFC Forex:
Pros: For the folks who took loan from credilla, good customer service
Cons:

2. ICICI Forex:
Pros:
Cons:

3. SBI Forex:
Pros: For the folks who took loan from SBI, cheaper than other banks but not from third party.
Cons:

4. Axis bank: Have heard less but positive reviews, but not sure about authenticity of reviews.

Third Party:


1. Thomas Cook:
Pros: Online reload
Cons:

2. bookmyforex:
Pros: Online reload, has tie ups with axis bank
Cons:

3. doorstep forex:
Pros: Online reload, Free ATM withdraw (3 times)
Cons:

4. centrumforex
Pros: Online reload, Free ATM unlimited
Cons:

I did opt for centrumforex and SBI. But SBI was faster to reload.

V) UB Health Form

To register for the classes one needs to fill and submit the UB health form along with proofs.

• Health form can be downloaded from the website or u will get the copy along with the i20. In health form, one needs to fill details about the vaccine. Along with details, one also needs the sign and stamp from the health officer (can be a family doctor) with proofs of the vaccines

• Proof of vaccines: Can get is written by the family doctor that you have taken that particular vaccine on so and so date

• Mandatory vaccines for UB: 2 MMR vaccines

• For Indian folks tuberculosis test is mandatory. Basically under tuberculosis: blood test, x-ray, saliva and ppt test are carried out. But the important one is ppt or tuberculosis skin test.

• MMR vaccine: If you are not sure or don't have records, it is good to have one dose before traveling. It hardly cost around Rs.120-140.

• PPT/Skin Test: In this test, some liquid is injected on the hand whose results are verified after 24hrs 

                                                                       
                    

IV) Try Out Scholarships!

Hi,

Hope my earlier posts have been useful to at least few of you guys. So here after writing posts on financial documents, loans, and F1 visa, I am planning to write the post on scholarships which could definitely help few of aspiring students. Actually, UB as such doesn't provide scholarships to the international students for Master's program. But there are multiple sources from you could get the scholarship.

One such scholarship was "Sakal scholarship" which I thought I missed though, but through which I started searching for other external scholarships. Also, I couldn't forget to add my mother's name due to which I actually started looking and applying for scholarships. You guys might be wondering that when UB provides low tuition fees, then why should we actually search for the scholarship?
Yeah! that's what I had exactly asked my mother.
Her reply was "There is the different pride while studying with scholarship!"

And then with her one reply, I was damn satisfied, because gaining scholarship was a challenge to me. Let's see if I would get the scholarship or not.

1. Sakal scholarship:

• Forms: In Sakal newspaper, it is published about the forms in the first week of April. One needs to write the application letter and send along with the copy of i20 or/both admit letter with 10Rs stamp paper to its office. Then they would send you the application form by post or you may collect it from there office. The last date to send the application letter is 31st May and fully filled scholarship form is 15th June.
• Results: Will be declared after 15 of June
• Loan amount of sixty thousand would be received as the scholarship, which can be paid within the two years time frame.
• One of the UB aspirants did receive the scholarship this year! Read in the newspaper.

Attachment: Application for scholarship

2. Aga Khan Foundation Scholarship:

• I had emailed akf-isp@akesi.org regarding the scholarship forms. They, in turn, redirected me to mail akfispindia.2017@gmail.com The response to the mail was fast, they indeed emailed me the forms along with the dos and don'ts well addressed. Unfortunately, I didn't apply to this scholarship purely because the deadline was very close & getting hard copies of three recommendations and then sending the copies to the Delhi office was the problem due to the time constraint
• The scholarship provided by Aga Khan foundation is of type - interest-free loan amount.

3. J N TATA Endowment: 

• Those who secure admission in Cornell University, a scholarship given to them are in good numbers.
• For others, they provide the loan scholarship. i.e they provide the loan without interest. For few, they even give provide scholarship amount without repayment.
• Complete process to apply for the scholarship is online. All the proof documents along with the recommendation letters need to be uploaded.
• The last date to apply for the TATA scholarship is 31st March
• My bad luck, scholarship application got rejected on 11th April

4.  K.C Mahindra Scholarship:

• We need to download the Mahindra Scholarship forms from their website. Then after completing the application form, along with the proofs and recommendation letters we need to post them to the address mentioned somewhere in Mumbai.
• The last date to apply for the K.C Mahindra Scholarship was in the mid-20s of march'.

5. Narotam Sekhsaria Foundation:

• The scholarship is in form of zero interest loan. 
• This is the only scholarship where we need to pay 500 rupees before starting the scholarship application process.
•  The application form is completely online. 
• On the website, it was also mentioned about the mentors to be assigned to the scholarship holders. 
• The last date to apply for the Narotam Sekhsaria foundation scholarship is 31st March.

Thanks,
NK 

III) US VISA - Preparation and Interview

Now with SBI loan underprocess, next thing is to prepare the financial documents required for the VISA (F1) interview. Now we just can't randomly prepare the financial documents right? We need to prepare the documents as per the questions asked.

So the common questions asked in the interview are:

1. "Who would sponsor you?"

2. If you told about parents being your sponsor, they will ask, "What they do?"

A) For business, 

-"What business?".

If the business is cool, they wouldn't even look at your financial documents.

And the chances of visa getting approved would be high. 

Because they would not grill for questions related to returning back to India, which is the difficult part to convince them :(

B) For job,

-  Again if the sponsor works in state or central government at a good position, the chances of visa getting approved would be high. Because they would not much grill for questions related to returning back to India, which is the difficult part to convince them :(

It definitely doesn't mean that other students don't go for Masters to the US. The i20 is always higher than the actual amount and in reality, no one will have so many liquid funds. Mostly the people would invest in the property and the shares rather than FDs or in the savings account.

Now, let's prepare the financial documents for answering the questions asked in the VISA interview.

Who would sponsor you?

If they are parents.. would ask "What they do?" "What's their annual income?" Also, will be asked to show the passbook.
If their annual income is less than 10 lakh would grill again that it wouldn't be enough..how would u repay the loan .. future plans..if in India..? salary you would get in India ..after the degree?
If ur parents are retired then would ask "What they did before?" Sometimes they need the designation, sometimes job roles, etc

But the interview is of 3-5 min right? And you can't even explain in detail. So one must prepare the financial summary document.

So final conclusion is to prepare your financial documents depending upon the answer you would give to VI officer.


my US VISA approved @Mumbai on 18th may'2017

US VISA is divided into two procedures:

1. OFC Centre:

You need to appear at least a day before VI. Need to carry just the passport, DS 160 and appointment confirmation page. Can go before the appointment time. I had the appointment at 3. But they allowed me inside the office at 2,15 itself and to my surprise, I was out before 3.
At the OFC office, just photo and fingerprinting are carried out. Girls need to tie their hairs for the photo.

2. VISA Interview (VI):

Need to reach before an hour they allow early to enter the office. The Huge line is there near the consulate building.

Again, fingerprinting is carried out before the VI

VI (Counter no 29)
Forwarded just the passport, i20 and sevis receipt.

Questions asked to me...

1. Why UB?

(Ans) Explained the latest research going in Rosewell Park Cancer Centre in Buffalo and how it's aligning with my research in PPS..and how my course is going to help

2. Who is going to sponsor u?

(Ans) major funds from loan - SBI, personal savings
          minor: parents

3. What ur parents do?

(Ans) My mom is a teacher. My father is retired.

4. What he did before?

(Ans) Was analyst

VI replied: Congrats ur VISA is approved!
Gave a broad smile!
Replied, "Thank you ma'am! have a nice day..."

II. Education loan by SBI

Credila is popular among the students, but due to its high interest rate and processing fees, I did some research on the nationalazied banks - SBI. I have heard from many folks that the loan process in nationalazied banks is tediuos and lengthy so thought to give some shot.

For the documents required for loan approval by Credila refer my earlier post - I.  Here, in this post would share the list of documents needed by the SBI.

<Documents required for Student Loan>

Application duly filled up (With Photograph)

Student:

1. Mark Sheets of HSC, SSC and other examinations passed by students
2. Bio-data form along with proof
3. Identity proof of student
- Copy of passport(both front and back side xerox )
- Pan card
- Adhar Card
4. Proof of admission in the course (admit letter)
5. Schedule of expenses for the course issued by the colleges (could be i20)
6. Prospectus/documents evidencing course commencement and duration (i20)
7. Reason of Gap (Gap certificate..consult advocate)
8. Proof of margin (bank statement)
9. Releiving letter from your office (if you are working) If you havent resigned yet u could submit an application

Guardian (Can add the names of both of parents)

1. Identity proof
- Aadhar card/ Pan card
2. Residence proof
- Aadhar card/Pan card
3. Recent Salary Slip
4. Employement details for last 5 years
5. Statement of Bank account where salary is credited for last 6 months
6. Form No. 16 for last 2 years/ IT return for last 2 years. OR Profit and Loss Account and Balance sheets along with computation of Income.
7. Bio-data form along with all supporting documents
8. Statement of all loan accounts if availed

Property Papers

1. Flat purchase agreement
2. Index - II and its Registration Receipt
3. If flat is still under construction then:
    i)    NA Order
    ii)   ULC Order
    iii)  NOC from the builder on Bank's Standard format
    iv)  Builder's search report
4. Approved plan
5. Commencement Certificate
6. Completion Certificate
7. Development Agreement / Conveyance deed (If society is formed)
8. Society registration certificate
9. Share certificate
10. NOC from the society on Bank's standard format

All the documents should be xerox copy with self attestation
</Documents>

For verification,
- Bring original copy of KYC documents(Aadhar/Pan card/ Passport)
- Bring Original marksheets
- Xerox should be self attested
- 2 photos of both applicant and sponsor
- cheque book (need to give cheque of 4000., which is then given to advocate,...who prepares some papers regarding property)


Tip:
- Create three files for applicant info, sponsor info and other for property papers
- Open the SBI account if not opened. It can be joined of applicant and sponsor.

Total Costing:

1. Valuator fees: 860 Rs
2. Advocate fees: 4000 Rs (This is again for some valuation document)
3. Processing fees: 10000Rs
4. SBI Life Premium (Calculated based upon tenure and loan granted amount)

Few days will be spent for valuation and for preparing adavocte reports. I had given the cheque Rs.860 to valuator and Rs.4000 to bank.

SBI gave me the contact no of both valuator and advocate. I had to personally go to the advocte and submit all of property xerox papers( all the documents in the list3) in his office.
Advocate are the lazy guys they took almost a week to prepare some report which they later submitted directly to the bank.

Main processing office for education loan is situated somewhere in swargate(PUNE). So after all the document list is complete, bank submits our file to the loan processing office. Once the file is reached, some person from the bank will visit the property after 3-4 days and ask few general questions. They would also open the loan account of your name in SBI within 15 days. Once they officially start processing the loan the sponsor receives the SMS about the same.
SBI guys would do visit the work place of your sponsor, call the employer, call your sponsor to confirm again few details if they have doubt.

Finally after 3-4 months I had visited the swargate office for my bank loan, to know till where the process has reached. After visting 2-3 times, finally sbi folks gave me the sancetion letter with 8.85% interest rate which I used as financial proof in my VISA interview.

After week or two I received both the call and mail from the SBI to submit the original property papers and sign the documents. Our appointment was scheduled at 2.30, but the whole process got completed at around 4.30-5.00. So many forms to fill and sign took much of our time.

List of documents to be carried to the SBI office @time of signing the final legal papers:



*** Would continue the post with disbursement process and documents.

I. After admit..what next?

Hello,

In many colleges like UB the basic requirement is to showcase the financial documents for checking our financial capability before provisioning the i20.

So, what Next? WE try reading Quora, asking past students or just searching google about financial proofs.

With my initial research, though I got negative reviews about credila I still thought to give a try for credila loans. Actually I was tempted because it gave loans up to 35 lakh without collateral.

In mid of November, I filled out an online enquiry form of credila and in few minutes I got calls from 2-3 credila agents. He enquired about few details and sent me the mail regarding the list of necessary documents and asked me the convenient time to meet. I was so happy that I would be saved from going to credila office instead they were coming home at my desired time. I was feeling privileged!

The list of documents that were mentioned in the mail thread were:

<document>

Applicant: Student documents

         

1) ID proof: Passport, Pan card

2) 10,12  & Graduation all mark-sheet with certificate(Gre,Toefl score card)

3) Admission Proof –College Offer Letter (Not mandatory)

You could submit GRE/TOEFL instead

4) if having work experience-offer letter,3 months salary slips,6 month bank statement,form-16

                     

Co Borrower: If Salaried (Father or Mother or Brother or Sister or Relatives)

1) ID Proof – Adhar-card/voter-id/passport copy

2) Address Proof-Electricity bill

3) Sign Proof-pan card

4) 3 month salary slip (latest)

5) 2 year Form 16

6) 8 month bank statement(with IFSC,MICR code)

7) 1 photo

Guarantor: As a applicant mother

1) ID Proof- Adhara-card/voter-id/passport copy

2) Address Proof- Electricity bill

3) 1 photo

</document>

Smoothly I submitted all the documents and he told that the loan decision would be made in 1-2 weeks.

I was eagerly waiting for anytime of the communication from credila. In between Co borrower and guarantor received verification calls.

They asked few basic questions to my sponsor and identification question to other contact persons. At last on one of the Sunday after two weeks I got the mail that my loan of 30lakh was approved. I waited for any contact from the HDFC for further procedure. But to my dismay I didn't got any call. So after weeks of waiting, I contacted them..

The same soft and polite tone of the HDFC agent was changed to a rude one. He replied that I need to visit HDFC credila office in deccan (Pune). I enquired about all the documents that were needed for verification he told me one of the guy's name whom I need to contact for the remaining process.

Few weeks later, on Saturday I visited deccan office of credila, I could see huge rush of students in their office every officials were so busy looked like the scene in some government banks. We waited for our turn, finally after a half hour some guy attended but looked like he was in hurry. After telling about confirmation of loan, first question he asked about did you brought 10000? We were like what the hell! Then he started explaining that processing fees are 1% of the loan amount you take. But for loan sanction letter you would need to pay least amount 10000. When I inquired about the interest he was like first you pay 10k then we would discuss. Still I asked him the amount that time he told that it would be around 11-12. He was not willing to share the exact interest rate. Though I was feeling that I should give 10k and happily take loan sanction home, my father suggested to at least enquire at other banks.

In deccan itself there is one SBI office which only deals with the home and education loans. I had enquired earlier in our nearby SBI branches where I came to know that only one office is there in PUNE which deals with educational loans for masters.

The office was small but cozy, having two cubicles specifically to handle educational loan enquiries. In SBI you could imagine the rush, but I was amazed to see their speed of handling the work. By the time the education loan in charge was attending other customers, the lady at the SBI counter provided me with the document list which I would need while taking education loan. My turn came in fifteen minutes the woman in charge patiently explained me all the necessary documents and also suggested few alternatives for the documents which i didn't had. In writing she gave the processing fees and its distribution with interest rate, SBI policy which is mandatory, etc. Within an hour of enquiry she cleared all our doubts and concerns. Never did I imagined a bank like SBI would be so clear and detailed about their process and there interest rate. For SBI, the interest rate was 9.50 with 80% of i20 sanctioned as loan.

I told her regarding my concern about showing financial documents for issuing i20 to which she agreed that it might not be possible to approve your loan before i20 because they need the exact details about tuition fees and living fees. So she suggested me to have a solvency certificate (after confirming through the seniors). Though it was not a part of her job she volunteered to give me the SBI valuator number and documents I would need for the same. I was so overwhelmed with help provided by the government folks.

Government ROCKs!

On our way back to home we decided to take the loan of SBI. But not sure about the financial documents required for verification in i20.

Now I had two options:

1.To pay 10k and get loan sanction letter 

2.To check for solvency letter.

 I decided to go for 2nd option. Because anyways I had HDFC loan sanctioned and would take just one day for official letter.

HDFC credila vs SBI (nationalized banks) educational loans

HDFC:

1. Max loan granted without collateral is 35 lakhs

2. With collateral can extend to any amount

3. Interest rates:

Collateral: around 11% Without collateral: around 12 % 

4. Processing fees: 1% loan sanctioned (for 30lakhs - 30k)

Who should prefer HDFC credila?

- Who don't want property to mortgage

- Who are able to pay the loan in short time and wouldn't be affected by higher interest rate

SBI:

1. Max loan granted without collateral is 7.5 lakhs

2. With collateral: 80% of i20 amount

3. Interest rates:

With collateral: its 10,5 %

But with some scheme discount of 0.5% so interest becomes-

10%(men)  9.5%(women)

4. Processing fees: 10000

5. Other fees 840(valuation) + 400 (advocate)

6. SBI Life insurance

Who should prefer SBI?

- Who have their personal savings and need loan of lesser amount

- SBI just sanctions 80% of i20, so one must have 20% of the remaining amount

Documents submitted as a part of financial poof:

Note: These documents are the alternative to the loan sanction letter

1. Bank conformance letter:

This letter you will get from the bank where you have your savings. It will show the bank balance in US dollars.

Prerequisite:

-Identity proof

-Request letter (account no)

Features:

Time-One day to process

Cost-Free of cost

Who should prefer Bank conformance letter?

- Those who have saving account

- Fix deposits

- Alternative to salary slip

- This is valid for both the applicant and the sponsor 

- If you have enough liquid assests then this statement itself would suffice or one would need the bank sanction letter or the solvency certificate issued from the BANK. And not from the CA.

OR/AND

2. Solvency certificate:

This is the bank letter which shows the financial capability of any person which is accepted by most of the universities and is also suggested as a part of document in VISA interview. It is kind of valuation of immobile as well as liquid assets. The solvency certificate on the request would also be issued in the dollars as well.

The prerequisites vary from bank to bank. 

For HDFC you need lots of documents: CA/valuation/college acceptance letter/index2

For SBI: valuation letter only

Which bank to take the solvency from?

If the property is named under your parents name check with the bank where your parents have their account.

Also before the solvency certificate you would need the valuation report from the valuator

Cost:

Valuation report-865Rs

CA certificate (for HDFC): 500Rs

Solvency certificate from SBI (for 2 copies) - 1300 approx

Advantages:

- We have the choice to take the loan from any bank after we get i20

- Its recommended to have in VISA interview so why not to have it now

Who should prefer solvency?

- Who are still not clear about the amount of loan might be because they have not yet finalized upon the colleges

- Who have the assets - gold/ property/ fixed deposits which could reflect their capability or in simple term total valuation on the assets

- To obtain the solvency there is absolutely no need to mortgage the property

My Tip:

Apply to credila first, get the loan sanctioned (unofficial one). Its free of cost!

Try searching for the other better options. At the end of day, if you are not satisfied with other options you always have the backup plan to pay the processing fees and get the  official sanction letter from credila. Official sanction letter would be given in one day itself so no time glitch. 

In next post would cover about the SBI loan procedure.

Thanks,

NK