Yes, GIC is made compulsory in order to qualify for a student visa to study in canada. They usually do not consider an application without GIC as GIC acts as a saving account that offers fixed returns to all eligible candidates over a period of time.
How can I get a student visa without a GIC?
There is no way you can apply for student visa without GIC. GIC is compulsory for Canadian visa application. For that, you can take up a study loan from any bank in india. Most banks provide loan once you get offer from any Canadian university or college.
Why is GIC necessary for student visa?
The Canadian government needs an assurance that once you land in Canada, you have sufficient funds (at least C$10,000) to cover your living expenses in Canada for one year, and to do so, students need to purchase a GIC (Guaranteed Investment Certificate).
Is GIC optional?
Under non-SPP application, Guaranteed Investment Certificate (GIC) is not compulsory. Savings in the bank, other investments, and education loan are all considered part of financial funds.
Can I apply for Canada student visa on my own?
Yes, you can apply yourself.
Is GIC compulsory for non SDS?
For the next 12 months after you arrive in the country, you will get approximately an amount of $667 CAD each month. Under non-SDS, the GIC is not mandatory, and you can replace it with proof of liquid funds. Tuition Fee: Under non-SDS visa requirements, you can start by depositing tuition fees for six months for DLI.
Is GIC refundable?
Student GIC Program – Refund Process
All paid fees including the processing fee are non-refundable.
How much does a GIC cost?
When you purchase a GIC, you agree to a specific term (period of time) during which your deposit will remain with the bank and, in return, the bank offers you a guaranteed interest rate. You can invest in a GIC for as little as $500, and there’s typically no fee associated with buying one.
Do GICs pay monthly?
On GICs with terms of one year or longer, interest is calculated daily on the principal amount and can either be paid monthly, annually, or compounded annually and paid at maturity.
Can I get visa in non SDS?
Non-SDS Document Requirements for Visa Application
Applicants must have a minimum of 50% or above to pursue postgraduate courses. English proficiency test scores with IELTS of minimum 6.0 for UG and overall band of 6.5 for PG. Offer letter from the colleges participating under Non-SDS.
What is GIC and non GIC?
SBI Canada Bank offers term deposits in the form of Redeemable and Non-redeemable GICs. GICs are available both in Canadian Dollar (CAD) and US Dollar (USD). Non-Redeemable GICs are available for periods ranging from 6 months to 5 years. Non-Redeemable GICs may not be redeemed before maturity.
Is GIC necessary for the 2nd year of studying in Canada?
NO. It is not compulsory . You need to explain that how will you mange Living Expenses while studying in Canada . GIC strengthens your case that you are a bonafide student .
How can I activate my GIC account?
Once funds are deposited into your Investment account, we will send you an email with an “Investment Directions Confirmation” which you will use to obtain your Study Permit. 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.
Is SOP required for Canada student visa?
Is it mandatory to prepare an SOP while applying for a Canadian Study Visa? SOP is not mandatory for pursuing higher studies in all Canadian Universities. It is up to the university to decide if they require an SOP or not. However, most reputed Canadian Universities ask the applicant to write an SOP.
Can I get a student visa in Canada with over a 6.5 band and a 5.5 in writing?
Yes, you can get your visa with overall band 6.5 and one band with 5.5. But it is good to have all band 6.0. For Undergraduate Writing with 5.5 is ok. You can proceed with your score for graduate or undergraduate programs in Canada.