Education Loan for Canada

Eligibility Criteria for Canada Education Loan

Students who desire to study in Canada can get an Education Loan from a lot of banks and NBFCs. You must meet the requirements below in order to be eligible for it.

• Applicant must be an India Citizen.
• Applicant should have at least 50% academics.
• Applicant must secure admission or have already applied to a recognized university in the Canada
• Letter of Admission or Offer Letter is not required
• The Co-Applicant must be an Indian and should have an earning source.

Documents required for Canada Study Loan

To be eligible for an education loan in India, the applicant must provide following documents. When it comes to the documentation portion, almost all financial institutions have comparable standards. The applicant's profile will determine if they ask for more documents, but the following is a common list.

UnSecured Study Loan by Indian Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant

Secured Study Loan by India Lenders

• Passport, Aadhar Card and PAN Card of Applicant
• Academic Documents
• English Language proficiency test results (e.g. IELTS, TOEFL, PTE)
• Qualifying results (e.g. GMAT, GRE) [if applicable]
• Experience Letter & Salary Slips of Applicant [if working]
• Aadhar Card and PAN Card of Co-Applicant
• Income Proof such as Salary Slips, GST Certificate, Business registration etc., of Co-Applicant.
• Bank Statements of Co-Applicant
• Collateral documents such as Property registration or Fixed Deposit receipts

Cost to Study Abroad in Canada

The Cost of studying in Canada for International students is comparable to other countries such as Australia, UK, and USA. Being environment-friendly, kind people and having world-class education standards make Canada a choice to study there. They have too many immigration programs that help international students work after their studies and settle there later.

Canadian universities are keen on distributing scholarships to International Students when joining the institution for Degree programs. But you may expect less number of scholarships in the case of Diploma courses at Colleges.

Things that an Canada Education loan covers

To Study in Canada, a student has to bear many mandatory expenses, such as

• University/College Fees (approx CAD 18,000)
• Living Expenses (approx CAD 12,000 - CAD 21,000)
• Travel Expenses (One-way flight costs about CA$ 2000)
• Other research, thesis, and project-work-related expenses (vary)

That is a lot. We are aware, but don't be concerned—a Canada education loan will pay for all costs associated with a quick visa application. Abroad Cube will assist you in obtaining 100% funding for your education expenses while studying in Canada.

Types of Canada Education Loan

Tips for Choosing the Best Education Loan for Canada

Choosing the best education loan for Study in the Canada is important to avoid stress and save on your funds. Here are some tips to ace the Education Loan journey.

• Choose the right repayment method - Make a wise decision when choosing the best applicable repayment method. A small change in repayment method can help you save more than Rs 5 Lacs.
• Go for an Indian Lender if eligible - If you have a good-earning Co-Applicant, go for an Indian Bank or NBFC instead of an International Lender to save on interest rates and processing fees.
• Cross-Check the Sanction Conditions - Before paying the processing fees, cross-check the Sanction Conditions. Some conditions include proof of funds or a fixed deposit.
• Confirm the Moratorium period - Check with the Lender Representative to confirm the Moratorium and grace period. The grace period ranges from 0 to 12 months based on the Loan Terms and Conditions.
• Apply to multiple banks/NBFCs for the best offer: Always apply to at least 2-3 banks/NBFCs to avoid last-minute rejection, and compare quotes from different lenders to choose the best one.

Why choose Abroad Cube for Canada Education Loan ?

If you are looking for an Education Loan, you are in the right place. We will help you get funds for your dream of studying in Canada from the world's best universities.