Personal loan to prove Sufficient funds when applying for EC

ec_applicant · Post by **ec_applicant** » Tue Sep 25, 2007 4:40 am

Hi Friends,
I have a approval from HSMP team. I am in a process of applying for EC.
One main concern i have is regarding the Funds required in Bank. I just have 2 lakhs in my Bank and as it is known one needs around 4 lakhs as an comfirtable amount to prove that you can survive on yor own.
My question is, can i take a Personal loan and show that i have enough money to survive in UK. Obviously i will be letting the BHC know that i have taken the loan.
People who have gone by the same route can you please throw some light on this ?

SYH · Post by **SYH** » Tue Sep 25, 2007 8:52 am

No loans

ec_applicant · Post by **ec_applicant** » Tue Sep 25, 2007 12:20 pm

Well all till now the people in the forrum have neen posting that personal loan is the best way out . How do you feel this is not allowed ??

SYH · Post by **SYH** » Tue Sep 25, 2007 12:25 pm

ec_applicant wrote:Well all till now the people in the forrum have neen posting that personal loan is the best way out . How do you feel this is not allowed ??

post the links

ikon1400 · Post by **ikon1400** » Wed Sep 26, 2007 12:19 pm

@SYH,

There isnt a hard n fast rule to dump the option of Personal Loans. My friend had got his EC last month by showing funds earned through a personal loan. Off course the PL option might be slightly on the lesser side compared to own assets/funds. But people got to tak some chance to do this and PL is not lesser by any means.

Cheers
ikon

SYH · Post by **SYH** » Wed Sep 26, 2007 1:11 pm

the definition of a loan is debt, you are trying to show assets and I asked the OP to show the links that stated to use loans for EC.
Show me the Money.

HSMPQueries · Post by **HSMPQueries** » Wed Sep 26, 2007 3:25 pm

I have got my HSMP approval and am looking at applying for my EC in a couple of months.

What would be the best way to show fund as I do not have the funds in my account?

I am planning to come to the UK with my spouse, so that would mean I would need to show about Rs. 8 lakhs.

The only other assets of value are my car which would be worth about Rs. 1.5 - 2 lakhs and a deposit of Rs. 1 lakh with my landlord.

Would appreciate any guidance.

ec_applicant · Post by **ec_applicant** » Wed Sep 26, 2007 3:25 pm

Thats what even ifelt .. that loan is a debt. but that is not the way the west see's it. Very few people in the west have liquid money. They live on credit mostly.

Again i am not very sure about its context to EC.
but here is one of the many links posted
http://www.immigrationboards.com/viewto ... ht=#106984

SYH ...I didnt reply as i felt your single word answers didnt look very serious .. would say post only if you know the rules pretty sure

SYH · Post by **SYH** » Wed Sep 26, 2007 6:33 pm

ec_applicant wrote:Thats what even ifelt .. that loan is a debt. but that is not the way the west see's it. Very few people in the west have liquid money. They live on credit mostly.

Again i am not very sure about its context to EC.
but here is one of the many links posted
http://www.immigrationboards.com/viewto ... ht=#106984

SYH ...I didnt reply as i felt your single word answers didnt look very serious .. would say post only if you know the rules pretty sure

Your loss

dhanubs · Post by **dhanubs** » Thu Sep 27, 2007 11:00 am

Hi all,

Getting personal loan is indeed the best and the cleanest way to prove the availability of funds. An amount equivalent to 3000 pounds is very good figure. Although, the min required is 1500 pounds. When I applied for EC i just had 1 Lakh in my account and borrowed a personal loan of 3 lakhs just 2 days before applying for EC and produced the loan sanction letter as evidence for it. One thing i would like to suggest is that 99% of the people who get the initial approval will also get EC unless you have some criminal background or hiddens some facts. I also produced only the hotel booking for 15 days to prove my accommodation in the UK. You dont really need a friend/relative to give you any letter. The best thing is to be honest about everything. Hope this helps. All the best for everything.

ec_applicant · Post by **ec_applicant** » Fri Sep 28, 2007 4:02 am

Thanks Dhanu ... That will surely help a lot of such EC applicants, that was the only bottleneck for my EC. Have around 2400 pouns and will take another 2500 loan

ikon1400 · Post by **ikon1400** » Fri Sep 28, 2007 5:00 am

@dhanubs

Precisely said. PL is one of the cleanest ways to prove that we have earned a fund in a proper way, where as assets, gift fund e,tc needs too many documentation which leads to confusion at the end.

dhanubs, after reading your post i am very confident about my EC since i had applied for it with the same logic and hope to get EC soon.

One thing i would like to suggest is that 99% of the people who get the initial approval will also get EC - If this is true or out of your experience you said this, i shal relax from today on my balcony gazing the stars...

Cheers
ikon

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Personal loan to prove Sufficient funds when applying for EC

Personal loan to prove Sufficient funds when applying for EC