• Education Loans
Student Education Loan to Study in Canada - Eligibility, Documents Required, How to Apply
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- Applying to study in Canada is undoubtedly a great leap for the career of any international student.
- However, the cost involved in the process sometimes makes it difficult for some to apply.
- To help students realize their dream of studying abroad and to reduce their financial burden, many banks offer education loans.
- Read the blog to learn about different loan options available to students, including the documents required to apply.
Table of Contents
- • What's the Cost of Studying in Canada?
- • Types of Education Loans
- • Requirements for Education Loan to Study in Canada
- • Documents Required for Education Loan
- • Expenses Covered Under Education Loans
- • Courses Covered under an Educational Loan
- • How to Choose the Best Educational Loan Option?
- • Tips for a Successful Student Loan Application
What's the Cost of Studying in Canada?
Program Name | Cost Per Year (approximate) |
Undergraduate Diploma | 10,000 CAD - 17,000 CAD |
Bachelor’s Degree | 25,000 CAD - 35,000 CAD |
Postgraduate Diploma | 15,000 CAD - 25,000 CAD |
Master’s Degree | 30,000 CAD - 40,000 CAD |
Note: The figures are approximate, and students must contact a study abroad consultant to know the actual program fees.
Types of Education Loans
Secured Education Loans | In secured education loans, an applicant has to provide collateral or security, including property, fixed assets, or insurance policies to the bank. The advantage of this loan is that it offers lower interest rates, higher loan amounts, and extended repayment periods. Some of the banks which provide secured education loans are ICICI Bank, Avanse and HDFC Credila. |
Unsecured Education Loans | Another type of education loan for Canada is an unsecured education loan in which applicants don’t have to provide any collateral. Several private banks, international lenders, and NBFCs offer loans without collateral. Some of the banks which provide unsecured education loans are Avanse and Yes Bank. |
Requirements for Education Loan to Study in Canada
- Applicant must be an Indian citizen.
- The admission letter from the university is mandatory.
- The applicant must be more than 18 years old.
- However, if the applicant is a minor, parents must apply for the loan.
Documents Required for Education Loan
To apply for an education loan to study in Canada, students are required to submit various documents required by the bank. Following is the list of documents required by the bank:
- Proof of admission (admission letter from the Canadian university)
- Passport size photograph
- Qualification exam scores proof
- Copy of previous school/college mark sheets
- Bank statement of the last year
- Income proof
- Proof of residence
- Collaterals (if needed)
Expenses Covered Under Education Loans
Before exploring education loans to study abroad, students must check the expenses covered under it. Only after that should they move forward and apply for the loan. Here is a list of the expenses covered under most education loans to study in Canada:- Tuition fee
- Travel expenses
- Cost of books and other study materials
- Laboratory fee
- Hostel fee
- Purchase of a laptop (if required for the course)
- Expenses related to project work or study tours.
Courses Covered under an Educational Loan
All bodies, such as public banks, private banks, financial companies, and international funding institutes, provide education loans for full-time courses in Canada. Generally, students can get student loans to study in Canada for the following courses:- Undergraduate courses
- Post-graduate courses
- Post-graduate diploma programs
- Doctorate courses
How to Choose the Best Educational Loan Option?
Repayment
Application Process
Step 1 | Check eligibility for an education loan. |
Step 2 | Contact an expert to gather information about the application process and guidance regarding lenders. |
Step 3 | After choosing the lender, check their document requirements and collect documents. |
Step 4 | Submit all the documents as per the instructions and wait for verification. The verification process usually takes 1-15 days after all the necessary documents are submitted. |
Step 5 | Once the application is approved, the applicant can sign the agreement letter and wait for disbursement. |
Step 6 | The amount disbursed will be deposited directly into the student’s account or to the university according to the agreement. |
Students might think it’s easier said than done, but here’s the thing: they do not need to handle the entire process alone. They can connect with Canam experts who will guide them regarding education loans for Canada.
Tips for a Successful Student Loan Application
Applying for an education loan is a critical step in the journey of studying abroad, so students must ensure they submit an error-free application. The following are tips students can use to apply for study loans successfully.Start Early | Students must begin their study loan process early to avoid last-minute stress. They must research different loan options, know the requirements, and plan finance accordingly. |
Research | Students must explore different study loans for Canada. They should compare all study loans based on repayment terms, interest rates, and other additional benefits. |
Maintain a good credit score | A good CIBIL score can impact the success of a study loan application. They must ensure that they are paying bills on time. |
Get all documents | Students must collect all documents required to apply for an education loan to study in Canada. Standard documents required for a study loan application are an admission letter from a Canadian university, a financial statement, and a study plan. |
Consider Collateral or Co-Applicant Options | If students find it challenging to get an unsecured study loan in Canada, they can consider adding a co-applicant or offering collateral to improve the chances of approval. |
Explore Scholarship and Grant Opportunities | Students can reduce their dependency on loans to study in Canada by exploring other financial aid options, such as scholarships. |
Understand the Terms and Conditions | The applicant must read all the terms and conditions associated with the study loan. They must pay attention to repayment schedules, interest rates, or additional fees. |
Seek Professional Guidance | Students may find the study loan application process complex, so they can consider seeking assistance from an education consultant or financial advisor. |
Conclusion
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