Canada is competing with the as the most preferred destination for pursuing higher studies abroad. Cost of depends on the university, course, and duration of study and cost of living. Although there are a lot of good universities in India as well, but excellent career opportunities and high living standards drive students to opt for studying abroad. Not every aspiring student can afford to live and study in Canada. Therefore, various banks and other financial institutions are offering education loans to students wishing to pursue higher studies in Canada. Although different financial aids and scholarships are also available, but because of the fierce competition, not every student can avail them. In this article, we will inform you about each and every aspect from eligibility to loan applying process to documents required for getting an education loan to study in Canada. Apart from this, we will also inform you about what all expenses are covered under the education loan.
Getting a loan sanctioned is not only tedious but also time taking, so, in order to avoid any last-minute rush, one should always start applying for a loan early. After getting the admit letter from the university, students get an idea of the total expenditure including study and living. Calculate the amount you need to finance and how much you are going to spend from your own pocket. Do some research before applying for a loan and check which banks are giving the best deals on loans. Also, check out .
Compare the loan offers of different banks on these parameters:
After selecting the bank, fill the application form and check the requirements of the bank. The inability to show sufficient funds can also result in rejection, therefore, it is always recommended to approach at least two-three banks for loans. Contact India’s leading education loan providers through .
快穿系统女主深吻hFrom last few years, the number of Indian students going to study abroad has increased exponentially, therefore, demand for loans has also risen significantly. In order to sanction the loan, banks also verify the details given by the applicants. So, there is a list of documents which the applicant needs to submit to the banks. Here’s a list of the documents required while applying for the education loan:
Note: Requirement of documents can vary as per the banks’ own rules and regulations, so it is always advised to check the list of the documents required with the respective bank.
快穿系统女主深吻hThose students who wish to apply for the undergraduate, masters or research programs in established institutions are funded by the banks. Banks also provide loans for . Nationalized banks generally do not offer education loans for vocational, short-term or diploma courses. As banks always think about getting the amount back from the student seeking funds, they always prefer to disburse loans for job-oriented courses.
快穿系统女主深吻hBefore applying for an education loan one must check the approval. Some of the factors that are considered by all the banks are:
快穿系统女主深吻hRepayment starts after a period of one year or six months, whichever is earlier, after the completion of the course once the candidate gets the job. The loan amount has to be repaid in 5 to 10 years once the repayment starts.
Note: The repayment conditions vary according to the banks’ rules or conditions covered under the loan scheme.
快穿系统女主深吻hThis is one of the most important factors to keep in mind while applying for an education loan. As there are a lot of student loan schemes offered by banks, it is always recommended to check which scheme suits your needs the best. Different expenses are covered under different schemes, so one should always check with the bank as to what all other expenses are covered in the loan scheme apart from tuition fee. The list of expenses includes:
If the loan amount exceeds INR 7.5 lakh then tangible assets are needed as collateral security. Also, parents are required to be co-borrowers for all the education loans.
Tax benefits can be claimed on the interest paid on the entire loan amount under section 80E. Further, the tax benefits can be claimed up to seven consecutive years once the repayment starts.
快穿系统女主深吻hLoans are boon for brilliant students who can make big in life but due to rising cost are not able to gain the quality education. However, it is recommended to carefully check the conditions of the loan agreement.
Get in touch with India’s top-rated loan providers and apply for an education loan through
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