How to get the Best education loan for study in Canada ?

 Canada has dethroned USA as the number one study abroad destination. In 2010 there were approximately 10,000 students who are going to study in Canada however in 2020 we have over 200,000 students studying in Canada per year. It is imperative that education loan for Canada is widely available to the students to enable them to study in Canada.

The Canadian education system has universities such as University of Toronto, University of British Columbia, University of Waterloo etc and public and private colleges such as Humber, Seneca, etc. The universities in Canada are more expensive than colleges. A master’s degree from Canada would cost you anywhere between 20 lakhs to 50 Lakhs and a Post graduate diploma from a college will cost you anywhere between 10 lakhs to 30 lakhs.

All lenders provide a secured and unsecured loans to Canadian institutions. All banks provide you and Unsecured loans in case a student is looking to study master’s degree in universities in Canada. Lenders such as ICICI/Axis provide up to 40 lakhs of unsecured loans in case the student gets into the top 10 Canadian universities. When the student is looking at colleges he would generally be looking at secured loans from financial institutions. Study abroad loan for Canada Is also dependent on the co-signer profile. For an unsecured loan most financial institutions insist for a strong co-signer profile with a valid IT return of 2 to 3 years. In case where the security is provided the same should be more casual having clear title, Occupational  certificate, completion certificate etc.

When the student is looking to study in Canada he needs to park his living cost into an approved banking institution in Canada. Scotia bank is the most popular bank to open a GIC account. The form is available on the Scotia bank website @ http://www.scotiabank.com. The form is available under the "How to apply" tab.

A Student must submit the following documents in ONE SINGLE PDF file, in the following order:

•             Signed copy of the Scotia bank Student GIC Program Application Form

•             Copy of passport pages (photograph page and the last page with signature)

•             Copy of acceptance letter from a Canadian educational institution

All copies MUST be signed by the student

 All banks including nationalised banks support the pre-visa disbursal required by Canada. The study abroad loan in Canada hence accommodates the GIC.

The Canadian High Commissioner accepts nationalised banks such as State bank of India bank of Baroda and private banks such as ICICI and axis bank sanction letter as a proof of funds for visa purpose. However if the student could not avail funds from these institutions and looks to provide funds from NBFCs or international funds he would generally have to take the entire disbursal and park the funds in his savings account to show for visa purpose.

We at Edu loans are well aware of the intricacies involved in the Canada education loan process. Being a free platform you have nothing to lose to see guidance from us and help you get the best education loan required for your Canadian dreams. With over 15 lenders we are the most comprehensive lending platform available to an Indian student looking education loan study abroad.