any fixed assets should be kept for security ????

Question

I want to study abroad i.e Canada . Details on laon process. My father retired from his job and he has kept 1000k as a fixed deposite.

97 Views

Answer 1

Hi,

You have not clearly mentioned your question but I am guessing you mean keeping asset as security for a Loan. Yes, any kind of fixed asset, be it building, land, machinery, etc. Any kind of fixed asset can be kept as a security for acquiring loan from a bank.

I hope this helps,

All the best.

Answer 2

Hi Chimmata Chaitanya,

Thanks for your query.

One of the basic elements of student visa applications is the requirement of Proof of Funds or Financial Capacity. For almost all countries (excepting very few), students are required to provide evidentiary proof that they have sufficient funds not only to pay the tuition fees but also bear the normal living expenses of the particular country. This process is exercised mostly after the admission offers are sent out and are taken to further assist in processing the visas. Irrespective who asks for the same, the fact remains that Proof of Funds refer to the evidence that the student would be able to bear the cost of studying abroad.

Apart from the other types of documents accepted under Proof of Funds, property or asset evaluation report plays a vital role. This is more common for applicants aspiring to go to Australia and New Zealand. In case a student has applied for a Student Loan and the same was procured against property, the student has to attach a Property Evaluation Report alongside the Loan Approval Letter. The report is prepared by the competent authority (the bank/ financial institution in case of a student loan). The Property Evaluation Report usually includes

a. Property pictures

b. Size of the property and specifications

c. Ownership proof of the property being evaluated

Hope it helps!

Best wishes.