MS in US....After you get the admits from Universities, you need to submit financial documents in order to release I-20 documents from the college. You need I-20 document for bank loan and VISA interview. Financial documents should be equivalent to I-20 amount. I-20 amount usually covers your tuition fee and other expenses. Financial documents can be - a bank statement, a bank loan approved letter, solvency certificate from bank (liquid + fixed asset), eligible for bank loan letter etc.
Here is my struggle to get the financial documents ready.
Story till now: On Public demand ;)
1. SBT (State bank of Travancore): Tried to convince the manager for half an hour in order to get solvency certificate. He made me listen to his crap fundas. At one point he asked me, ‘From where did you get the information on Banks issuing solvency certificate’? When I told him about Internet & forums, he compared you guys with those who spam mailboxes with 'Won Million Dollar lucky draw' mails and asked me to not to believe you. Phew!!!
I showed him the solvency certificate template and pointed out the statement, which says, ‘However, the certificate does not amount to a commitment on our part of release of exchange from India and does not constitute statement of liability on the part of the bank.’ He said, 'Even a cigarette packet comes with ‘Warning’ message, but that doesn’t mean that cigarette companies are not liable for the harmful effect on human body'.
PS: If you are trying to make out any sense here, I would suggest - Just leave it and continue reading.
2. ICICI Bank: Really liked the way they treated an old customer. They tried their best. At one point they even said, ‘Oh!! You folks only designed Finacle. Don’t you have any menu option for Solvency certificate’. I gave a sheepish smile.
Crux: ICICI won't give solvency certificate. They said they could give something similar to a bank statement.
3. I went to HDFC to enquire about bank loan, so that I can at least get a letter from them saying 'XYZ is eligible for educational loan for USDXXX, if he gets admission from university in US'. But that was in vain.
Stupid Kerala govt. policy - One can get educational loan only from banks in his/her ‘ward’. And there is only one State Bank of Travancore (SBT) in my ward. And no prizes for guessing which is that 'my precious' SBT…
Yes!!! You read it right… No other banks – Public or Pvt. can give me loan.
4. Went back to SBT (same place... same manager… same chair... same table.. err.. Wait a minute… Yeah-New Fundas!!!)
Hold on to your seats as this is going to be a long ride….
A summary of our conversation:
Me (with a smiling face under stress, something your learn while working at client location): I am not here for solvency certificate Sir. I heard about the Kerala Govt. policy: Ward – Bank mapping, and it seems only this SBT can issue educational loan to the ward where I live.
Manager: Ok
Me: I am looking for a loan of Rs.20 Lakh for higher studies in US
Manager: But the maximum limit is 10 Lakh
Me: Sir, I enquired with HDFC and Federal bank, they said their maximum limit is 20 Lakh for abroad education. I don't know why it Rs. 10 Lakh for State Bank.
Manager: Rubbish!! All the banks follow same RBI rules. It is 10 Lakh.
Me: Can you please check? As far as I know HDFC and Federal bank's upper limit is 20 Lakh.
Manager types something on his computer system for 5 minutes. He then looks at me and smirks, ‘I guess you would have already checked State Bank Loan limit on Internet’.
I don’t know whether that was a pun, poking old wound or not. But I didn’t mind it. I just let it go.
Still keeping my WTH CRR2!!! smiling face, ’No sir, I didn’t check State bank’s rate on internet’.
The manager leaves his desk and checks with his assistant, and comes back to confirms that I was right, ‘I think the policy changed in last couple of months. It is Rs.20 Lakhs now’.
Me: Oh, that’s great (my ‘WTH On The SPOT Award’ Pseudo Surprised/excited face). Can you give me an eligibility letter, stating, ‘I am eligible for Rs.20 Lakh bank loan if I get admission from university in US’.
Manager: I can’t do that straight away. First you need to submit an application for educational loan. I need to check your collateral (fair point). If you are keeping your property as collateral, then you need to give me the plan/sketches of your land and house, your land papers, details of the university where you are applying, the fees structure and many such things. We will then send it to regional office, as we don’t verify these documents here. Someone from regional office will come and visit you to verify the details. A lawyer will be appointed to check the validity of your papers. And if they find any smudge, then they will reject your educational loan application.
So NO WAY!! I can say you are eligible for educational loan now!!!
Me: Sir, you said with the application I need to submit college admission documents and fees structure of the course. But I will get those documents only after I submit the financial documents to the university. For which I need the eligibility letter.
Manager: Sorry I can’t give you that.
*After a while
Manager: Don’t we have good colleges offering MIS course in India.
Me (with expression similar to the one which you settles into, when after two hours of marathon WTH-WTF conversation with your teammates in a meeting, your PM gets up and starts talking bullshit. And you need to show that you are really interested) I guess we do. But most colleges cover the topics under MBA curriculum.
*I understand some of you might disagree with me here. But I am more interested in the functional/management topics of MIS.
Manager : Ahh!! There is one good college in Bangalore.. I don’t remember the name..
Me : IIM?
Manager : No no.. this one is famous
Me : IISc
Manager : Naah… Chris…..
Me: Chris* **llege?
Manager: Yeah.. That’s the one. Heard they have 5 rounds of selection itself. My relative’s son got admission there.
Me : Oh ok. Even my (retard) cousin got admission there. Heard all they need is a huge donation/fees ..around 8 lakhs Rs…
Anyway, there was no point in talking to him further. And no point in showing my frustration as ‘that is the only BANK in Kerala which can give me educational Loan. And I will have to meet him a thousand times, before I get a penny!!!’
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PS: HDFC Credilla (outside Kerala) is willing to give Education loan without any collateral. The amount depends on the college. It is easy to get 'Loan Sanction Letter' from them and you can show that to get I-20.
