Educational Loan or GIC…How can you get it?Posted by cadadmin in CIC News, on February 27, 2019
Financial proof is a crucial part for obtaining your study permit. you must indicate financial resources as a proof, which are essentially to show that you can support yourself during the studies while you’re living in Canada. International students studying outside of Quebec are required to show a minimum amount of $10,000, whereas, In Quebec, it’s $11,000.
A typical method to showing affirmed financing that you may have known about before is by getting a $10,000 Guaranteed Investment Certificate or GIC. GICs can enable you to meet the necessary guidelines of the Citizenship and Immigration Canada and the access to these resources can help you when you come to Canada.
International Students from India have choices between two banks, Scotiabank and ICICI Bank.
Scotiabank GIC – Process
- Once you submit an application online on http://www.scotiabank.com/ca/en/0%2C%2C5698%2C00.html , you will receive a secure email within a few minutes. Follow the instructions in this email to access the Scotiabank Secure Email Service. At the same time, they will process your application instantly and send you a second secure email with your Scotiabank Investment Account number and wire transfer details.
- You can then fund your new account by wiring money to your new investment account. The money should be transferred from student’s account. You should plan for your international wire transfer to take approximately 5 business days to reach Scotiabank. Please check with your local remitting bank for a more specific time frame. Once Scotiabank receives your wire transfer, they will move the funds to your Scotiabank Investment account, this process takes up to 5 business days. Once funds are deposited into your Investment account, they will send you an email with an “Investment Directions Confirmation” which you will use to obtain your Study Permit. Also keep one copy is your handbag when you land in Canada.
- Once you have your study permit and move to Canada, make an appointment to visit a Scotiabank branch of your choice and activate your account. After confirming your identification/documentation. They will open a personal Deposit account and make an initial deposit of $2,000 CAD plus any accrued interest from your Scotia Investment Account. The remaining $8,000 CAD will be set up in a non-redeemable GIC – Guaranteed Income Optimizer (GIO) – a one year term – with fixed equal monthly payments for deposit to the Student Banking Advantage Plan account.
ICICI bank has limited number of branches in Canada. Which are outlined below, ICICI Bank has a similar process as to Scotiabank and Student who are interested and willing to go for ICICI bank can also visit the branch in person, usually all the representative has the knowledge about GIC.
International student GIC
Branches in Canada