Hello,

I am an Indian who is currently located in North India. I had been selected for MBA course at Richard Ivey for intake of Spring 2009. However I was falling short of finances and hence have deferred my admission by one year.

I am looking out for someone who could sign as co-signer for an amount of CAD 40k to help me gain an educational loan and fill this financial void.

I can give the person the difference in interest rates between India adn Canada. In India currently, the rate of interest on educational loans is around 13%.

In case anybody is interested, please let me know. It will be a big help for me.

Thanks in advance.

Regards,
Anubhav

How you expect the unknown person who you have not seen till now,
to sign for such a big amount?
I feel you are expecting a miracle to happen!

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BeeBee

U are ready to pay difference in interest Essential u are ready to pay 13% int but don;t want to take a loan from india..
U are a scamster..

Quote:

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Originally posted by xperience

Hello,

I am an Indian who is currently located in North India. I had been selected for MBA course at Richard Ivey for intake of Spring 2009. However I was falling short of finances and hence have deferred my admission by one year.

I am looking out for someone who could sign as co-signer for an amount of CAD 40k to help me gain an educational loan and fill this financial void.

I can give the person the difference in interest rates between India adn Canada. In India currently, the rate of interest on educational loans is around 13%.

In case anybody is interested, please let me know. It will be a big help for me.

Thanks in advance.

Regards,
Anubhav

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Hi,
Firstly, congratulations for getting through Richard Ivey's MBA program. That's a very prestigious program to have got into.

The Spring MBA costs about 72k Canadian dollars, so I assume that you have made arrangements for 32k Canadian dollars. About the remaining 40k, I doubt that having a co-signer from a public forum would help you much. --most of the banks in India require your co-signer to be a relative.

You have mentioned that you have deferred your admission by a year. In this one year, you could do the following:

1. Explore the financial help options given to international students through the links given in: http://www.ivey.uwo.ca/mba/Finances/scholarships.htm

2. You could write to Indian Multinational Companies for financial support. I know that "Tata Trust" funds education abroad. This year's funding is over, but you could now for the next year.

3. You also have several other options for funding --Just google it. For example, Inlaks is one option.

All the best.
Diamond

Beebee - Yes, maybe I am expecting a miracle to happen. I was falling short of around 15 lakhs this year (that's after taking a bank loan from India) and hence the deferral. So even if I have to arrange for that amount in next 1 year, it would be a miracle. Besides, as per my experience, if the returns are good, someone would stand as a co-signer.

dudewheresmycar - Not sure whether you are well versed with the collateral policy that Indian banks have adopted lately. They are willing to give a max loan of 20 lakhs that too if I mortgage some property. If I don;t give them a cllateral, then max they are willing to shell out 5.5 lakhs. If I was a scamster, I wouldn't be going in for an MBA by asking around for assistance, would I??

diamond_n - Thanks for the advice. That is exactly the plan of action I am going to execute. I ahd in fact emailed a few corporates but recieved no responses. Secondly, Ivey confirmed my admission in late Feb'09 and by that time the last date for Tata scholarship was already over. I have already got in touch with Inlaks and two more similar organizations but due to current economic scenario, they have stopped offering loans at least for 2009 (that's the email I revieved from them). Hence, had no choice but to come here asking for help. But yes, thanks for the advice and the direction. greatly appreciate your help.

PS: In case anyone knows someone who could help me with this please let me know. I have got in touch with RBC and they say that a co-signer need not be a blood relative, even a friend or an acquaintance would do. Only condition is that either he should be a permanent resident or hold an immigration status. Have a friend there in Barrie but he is still studying and hence cannot stand as co-signer

Regards,
Anubhav

Anubhav

The problem is that a co-signer will assume the loan liability if you are unable/unwilling to pay the loan. Even if your intentions are good there are too many uncertainties in life. A way that you can mitigate the fears of a co-signer is to take out a life insurance for th eloan amount and nominate the co-signer as a beneficiary.

Hope this helps.

I guess u dont understand what cosigner means here..

People work for years to build a credit history.. What it means is easy getting all kinds of loans , credit cards and even a good place rent.

All it takes is a default of 100$ to screw it up for 7 years.


Here cosigning means if u dont pay the person cosinging is responsible and will either have to repay or screw up his credit history.

This is so unlike india where cosigning means only an introduction.

i would cosign only my close blood relatives and extremely close friends..
This would be true for everybody on the board.

Now u tell me who will cosign for u..


As far as deferring ur education it is a better idea.. if u cant afford something dont buy it... This is called prudent financial management..

In india there is a drive to collect meaningless degree.. If u cannot afford it right now may be it is not the right degree for u.

When u come and post such requests here u decision making seems suspect..


Again i will tell u "Nobody will cosign for u on this board" because there is too much at stake.. even if ur intentions may be honorable..

Quote:

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Originally posted by xperience

Beebee - Yes, maybe I am expecting a miracle to happen. I was falling short of around 15 lakhs this year (that's after taking a bank loan from India) and hence the deferral. So even if I have to arrange for that amount in next 1 year, it would be a miracle. Besides, as per my experience, if the returns are good, someone would stand as a co-signer.

dudewheresmycar - Not sure whether you are well versed with the collateral policy that Indian banks have adopted lately. They are willing to give a max loan of 20 lakhs that too if I mortgage some property. If I don;t give them a cllateral, then max they are willing to shell out 5.5 lakhs. If I was a scamster, I wouldn't be going in for an MBA by asking around for assistance, would I??

diamond_n - Thanks for the advice. That is exactly the plan of action I am going to execute. I ahd in fact emailed a few corporates but recieved no responses. Secondly, Ivey confirmed my admission in late Feb'09 and by that time the last date for Tata scholarship was already over. I have already got in touch with Inlaks and two more similar organizations but due to current economic scenario, they have stopped offering loans at least for 2009 (that's the email I revieved from them). Hence, had no choice but to come here asking for help. But yes, thanks for the advice and the direction. greatly appreciate your help.

PS: In case anyone knows someone who could help me with this please let me know. I have got in touch with RBC and they say that a co-signer need not be a blood relative, even a friend or an acquaintance would do. Only condition is that either he should be a permanent resident or hold an immigration status. Have a friend there in Barrie but he is still studying and hence cannot stand as co-signer

Regards,
Anubhav

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