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快穿系统女主深吻hEducation Loan for Studying in Canada: Everything You Need to Know

Education Loan for Studying in Canada: Everything You Need to Know

Updated on Apr 10, 2020
Piyush Kohli
Piyush Kohli

Study Abroad Expert

65.5K Views
CONTENT ID: 1345

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. 

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Process for applying for an 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:

  • Interest rate
  • Processing fee
  • Expenses covered under the education loan
  • Loan processing time
  • Prepayment terms and duration

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 .

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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:

  • Admission letter from university/institution (Proof of admission)
  • Loan application form
  • Passport size photographs
  • Academic documents (certificates and mark sheets)
  • Documents of qualifying exams (like , )
  • Resident proof of the student and the guarantor
  • Statements of borrowers bank accounts (last one year)
  • Income proof of the guarantor

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.

Apply for Education Loan through Shiksha

快穿系统女主深吻hShiksha has partnered with India’s topmost and trusted loan providers who will assist you in getting an education loan. 

Courses for which banks provide a loan to study in Canada?

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.

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Eligibility criteria to apply for an education loan to study in Canada

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:

  • The loan applicant must be an Indian citizen.
  • The applicant must have secured admission in a recognized foreign university/institution.
  • The loan applicant must be above the age of 18 years or his/her parents will have to apply for the loan. 
  • The applicant must have secured admission in a professional course.

Repayment

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.

Expenses covered under Education Loan

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:

  • Tuition fee
  • Travel expenses
  • Cost of buying books and other study material
  • Laboratory fee
  • Hostel fee
  • Purchase of a laptop (If required for the course)
  • Expenses for project work or study tours

Collateral Rules

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.

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Tax Benefits

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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About the Author

Piyush Kohli
Piyush Kohli

Study Abroad Expert

With a plethora of knowledge of the education domain, Piyush Kohli has been involved with study abroad for over 5 years and counting. He comes with prior experience on the complexities of the study abroad application...Read Full Bio

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Comments (19)

UG Aspirant2 months ago

I have scored 58% marks in 12th.
I'm planning to do btech from Canada
Will bank sanction me the loan?

PG Aspirant3 months ago

I seriously want to know that which bank provides education loan for Graduate certificate programmes.? i visited SBI they denied and told me that they sanctioned loan only for Degrees.. what should i do i want to do Certificate course..Is that come under degree or diploma category??

Piyush Kohli
Piyush Kohli
Study Abroad Expert3 months ago

Dear Sonali, banks usually provide education loans for job oriented courses. You can approach private lenders like HDFC Credila.

PG Aspirant4 months ago

快穿系统女主深吻hHow to repay the loan amount?? I mean from the first day i have to pay principle or interest or after completion of cource i have to pay interest and principle?? If i get admission in 2020 then my parents have to pay interest from 2020 or i can pay it after 2022..??

Piyush Kohli
Piyush Kohli
Study Abroad Expert4 months ago

Dear Manan, you need to repay the education loan after completion of the course. Also, the moratorium period i.e. the time period during which you need not pay anything to the bank, can vary from bank to bank. Also, once you start repaying the loan you have to pay both principal and interest in monthly installments.

PG Aspirant5 months ago

快穿系统女主深吻hhie i have done Bachelors in business administration. Now i want to do MBA in canada. So am i eligible for applying education loan.

Piyush Kohli
Piyush Kohli
Study Abroad Expert5 months ago

Dear Addan, banks offer education loan for MBA, however, they consider various factors before sanctioning the loan like your education background, how much total amount you need, what is the value of the collateral you are giving, and most important whether you have secured admission or not. You can check with any major bank with all these details how much loan amount you can get after taking all these factors into account.

5 months ago

Hello, i am manish, in the above article I have read about BBA in toronto university.. the fees structure was 28 lkh in 1st years.. but the whole bba program can be upto 3 to 4 yrs. . can anyone plz let me knw about the total cost of doing BBA from toronto university

Piyush Kohli
Piyush Kohli
Study Abroad Expert5 months ago

Dear Manish, please go through the below link and check out the complete cost of pursuing BBA:

UG Aspirant7 months ago

快穿系统女主深吻hCan i get loan for diploma in humanities field after passing 12th for canada?

Piyush Kohli
Piyush Kohli
Study Abroad Expert5 months ago

Dear Rekha, banks usually give student loans for job oriented courses, also you need to secure admission for getting a loan. Also, banks consider various factors before giving the loan like your educational background, the total amount you require etc. You can check with any major bank with all these details how much amount you can get as education loan.

PG Aspirant8 months ago

I GOT AN ADMISSION FOR IT PROJECT MANAGEMENT COURSE FROM ISI COLLEGE ,IN QUEBEC (CANADA).CAN I GET BANK LOANS?
快穿系统女主深吻h IS ALL BANKS PROVIDE ME BANK LOAN ?

Piyush Kohli
Piyush Kohli
Study Abroad Expert5 months ago

Dear Avy, banks usually provide education loans for job oriented courses, and they look for various factors before sanctioning the loan like how much loan amount you require, what is your net worth, how much collateral you have, your educational background etc. You can visit any major bank with all these details and check how much loan amount you can get.

PG Aspirant8 months ago

I'm a B.Com Computers graduate and planning for a higher education in Quebec(Canada) .Am i eligible for applying bank loan ?
Is all banks provide bank loans to Degree candidates ?

tushar
tushar
9 months ago

can I get counseling for graduate admission in Canada?

Piyush Kohli
Piyush Kohli
Study Abroad Expert8 months ago

Dear Tushar, go through this link, fill all the necessary details and register with studyabroad.eservicestar.com. Our experts will get in touch with you and guide you about our application process. You can enroll for our application services, our experts will guide you for the admission process. Our services are absolutely free.

surajpal singh
surajpal singh
9 months ago

I am applying for a graduate certificate course in canada, please tell me if I am eligible for education loan.

Piyush Kohli
Piyush Kohli
Study Abroad Expert9 months ago

Hi Suraj, banks prefer to give loans to students going for professional courses. So, your course selection is a key component in determining whether you will get the loan or not. Also, there are other factors which banks will consider before giving the loan. We suggest you to check with the banks with your complete details.