Study loan for Canada

Education loan for Canada.

Presently, a maximum number of individuals aspire to study at Canada.  There are several destinations, where students can pursue their study such as: USA, Canada, Australia, New Zealand and European countries However, Canada is most preferred destination for students. Moreover, individuals want to study Canada to pursue their further studies by opting for a bachelor’s or master’s program. Also, they want to gain international exposure along with their studies.

Furthermore, some individuals find it hard to fulfil their dream of studying Canada due to lack of funds.

Let me tell you, the best solution to this problem is a study loan for Canada.

Now, there are many frequently asked questions about study loan for Canada:

  1. How to apply for a study loan.
  2. Education loan eligibility.
  3. Documents required for study loan for Canada.
  4. How long does it take to get your Study loan approved or sanctioned?
  5. Study loan repayment.
  6. Study loan for Canada interest rate.
  7. Benefits of study loan for Canada.
  8. Study loan scheme by Government.

Further, you will get answers regarding the above-mentioned questions.

What is a study loan for Canada?

Basically, Banks and other organizations provide funds to anybody who wants to study abroad but don’t have sufficient money. They can take an education loan for aboard study from Banks.

Education loan eligibility:

Firstly, understand the eligibility criteria for an education loan. As this will provide you with a clear answer whether you can apply for an education loan or not.

  • You should be an Indian resident.
  • It is essential to acquire admission in an acknowledged university or college abroad. In simple words, it means you should have an offer letter.
  • Your English language test is important, which includes IELTS and TOFEL. Also, other competitive exams (GRE, GMAT) are considered. Additionally, you should hold a good score in these exams.
  • Impressive academic background is significant. Your academic scores should be good enough to be eligible for an education loan.
  • The age requirement is 18 – 35 years.

Documents required for study loan for Canada:

Every bank has its own documentation. You can confirm from your bank regarding required documents.

Have a look at some important documents for an education loan for Canada:

  • Student Identity proof.
  • Parents identity proof.
  • Certificate of residence – An official certificate that shows your proof of residence.
  • Passport size photographs.
  • Your English language test results.
  • Offer letter from college.

You will get to know about additional documents once you visit your bank. Moreover, you will be clear about the complete information in detail, from filling the application form to approval of an education loan for abroad. Thus, there will be no doubts anymore.


How long it takes to get your education loan approved or sanctioned:

It totally depends on whether you have chosen secured or unsecured education loan for Canada. Similarly, it is up to the bank from where you apply for your loan. As complete procedure is followed by the bank officials and only, they can assure you the exact duration.

Apart from this, I can give you an idea that it takes the time period of 1 – 2 months, to get your Study loan approved or sanctioned.

Study loan repayment:

After the completion of higher studies or courses, you get a time period of 6 months. In this time period, when you get an employment opportunity. After that, you can start repaying. There is no need to worry about repayment. As education loan is flexible and you have to pay it in Emi’s on monthly basis.


Study loan for Canada interest rate.

Every bank has their interest rate for an education loan. It depends on the total amount of education loan. I recommend you should have proper knowledge about the interest rate. You should know how much interest rate will be applied on your total payment.



Benefits of study loan for Canada:


  • Make the dream come true:

You might find insufficient funds as a full stop to your dream to study Canada. However, education loan for Canada has made it possible for you to chase your dreams rather than being worried about funds.

Therefore, education loans help you to overcome financial issues and move on your path to study Canada.

  • Repayment:

It is very helpful as education loan repayment is after the completion of studies. Moreover, you do not get any kind of stress related to loan during their entire course. Also, the overall performance will not be affected because you will not have any pressure to pay the loan.

  • Manage all the expenses:

Other than tuition fees, there are various expenses such as accommodation, flight ticket, stationery and gadget. An education loan will also provide financial assistance to cover all these expenses.

Study loan scheme by Government:

The Government has interduces Study loan scheme for students those struggles with education due to financial issues. You can check The Indian Government Official website for more details about these schemes.



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