Loan from Bank

[uvalue]

Hello Everybody,

All of my documents are ready for Tier 1 General but there is one thing which i am very much worried about.

I have original Bank Statement of my Current Account to show for Previous earnings.

For Maintenance Fund, I Have Saving Account which has enough funds. Both accounts are with the same bank.

I had also taken Loan from same bank where i have both Current & Saving Account. But there are not even single Loan transaction apearing at my bank statements which I will present to HO for maintenance and Previous earning because loan account is also seperate.

Although I am maintaining a very handsome amount in my saving account, which is even more than remaining Loan amount + Required maintenance Fund.

My question is ---- In Case if Home Office ring at my bank to confirm the previous earning or maintenance Fund, Would they ask about loan or credit Card balances???? If they ask it, Would it affect my case at all???


Any answer will be appreciated. I am sorry for this complex and long question.


Cheers

[ChetanOjha]

HO only worried about Maintenance Funds. Load amount/Credit balance will not affect your application.

You are good to go.

Hello Everybody,

All of my documents are ready for Tier 1 General but there is one thing which i am very much worried about.

I have original Bank Statement of my Current Account to show for Previous earnings.

For Maintenance Fund, I Have Saving Account which has enough funds. Both accounts are with the same bank.

I had also taken Loan from same bank where i have both Current & Saving Account. But there are not even single Loan transaction apearing at my bank statements which I will present to HO for maintenance and Previous earning because loan account is also seperate.

Although I am maintaining a very handsome amount in my saving account, which is even more than remaining Loan amount + Required maintenance Fund.

My question is ---- In Case if Home Office ring at my bank to confirm the previous earning or maintenance Fund, Would they ask about loan or credit Card balances???? If they ask it, Would it affect my case at all???


Any answer will be appreciated. I am sorry for this complex and long question.


Cheers

[uvalue]

Thanks for quick reply Chetan,


Actually I was thinking to clear off the remaining loan amount before submitting my application.

So thats mean even if I pay my loan amount as I am paying before (Monthly repayments), it will not affect my case at all and HO has nothing to do with that.

[push]

Thanks for quick reply Chetan,


Actually I was thinking to clear off the remaining loan amount before submitting my application.

So thats mean even if I pay my loan amount as I am paying before (Monthly repayments), it will not affect my case at all and HO has nothing to do with that.

Thats not required because the maintenance fund requirement has been introduced to ensure that the applicant has access to sufficient funds to sustain himself without recourse to public funds. You have sufficient funds- where these have come from is not an issue (its your capability to access funds which is being tested).

In lighter vein, if you have a loan from the Bank you are using Public Funds in that most of the Banks have significant Government holding now

[push]

To further allay your fears:
Page 35 of the PBS Guidance note says:

202. The evidence of maintenance must be of cash funds in the bank (this includes savings accounts and current accounts even when notice must be given), loan or official financial or government sponsorship available to the applicant. Other accounts or financial instruments such as shares, bonds, pension funds etc, regardless of notice period, are not acceptable.

[uvalue]

To further allay your fears:
Page 35 of the PBS Guidance note says:

202. The evidence of maintenance must be of cash funds in the bank (this includes savings accounts and current accounts even when notice must be given), loan or official financial or government sponsorship available to the applicant. Other accounts or financial instruments such as shares, bonds, pension funds etc, regardless of notice period, are not acceptable.

Thanks very much. It is very much clear now, That bank loan will not affect my application. Thanks Again