Achieve Your Canadian Dream: Education Loans for Canada 2024

Canada is a top destination for international students, including over 226,000 Indian students in 2022, due to its excellent universities and diverse programs like Bachelor's, Master's, Undergraduate, and Postgraduate diplomas. However, studying in Canada can be expensive, with average tuition fees for international graduate students around CAD 21,000 per year, plus living expenses. To manage these costs, many students consider taking out loans to study in Canada.

Cost to Study in Canada

Before considering a loan to study in Canada, it's essential to understand the costs involved, primarily tuition fees and living expenses. Tuition fees vary by program, with MS programs typically more expensive than PGDM programs. Here's an overview of the average annual tuition fees for different programs:

• Bachelor’s Degree: 25,000 CAD - 35,000 CAD per year
• Undergraduate Diploma: 10,000 CAD - 17,000 CAD per year
• Postgraduate Diploma: 15,000 CAD - 25,000 CAD per year
• Master’s Degree: 30,000 CAD - 40,000 CAD per year

Now that you know the average tuition fees of different programs it is time to explore the cost of living for Canada. Now the cost of living depends on the province you live in but a general idea of living expenses is shown below:

Secured Education Loan for Canada

A secured education loan requires collateral, such as property, fixed deposits, or insurance policies. These loans typically offer lower interest rates, longer repayment periods, and higher loan amounts. Collateral provides lenders with security, making these loans more accessible. Let's now explore financial institutions offering secured education loans and their key features.

Unsecured Education Loan for Canada

If you lack collateral, options like private banks, NBFCs, and international lenders can help. private banks and NBFCs may require a co-applicant with a minimum income, while international lenders offer loans without collateral or a co-applicant. To assist in choosing an effective lender for non-collateral education loans for Canada, we’ve outlined offerings from private banks, NBFCs, and international lenders. These loans are available for Bachelor’s, Master’s, Undergraduate Diploma, or Postgraduate Diploma programs.

Eligibility for Education Loan Canada

To obtain an education loan in Canada as an international student, you must meet these eligibility criteria:

• Confirmation of acceptance from a recognized American institution for a full-time program
• Be at least 18 years old
• Have a good academic history
• Choose a course with promising career prospects
• Provide collateral (for secured loans)
• Have a financial co-applicant with minimum income (for non-collateral loans)

Documents Required for Education Loan Canada

In addition to meeting the eligibility criteria, students need to have all required documents ready before applying for an education loan in Canada. GyanDhan offers a personalized document checklist to expedite the process. Common documents needed include:

• Loan application form
• Proof of admission (admission letter)
• Fee structure from the university
• Academic transcripts (school and bachelor's)
• Standardized test scores (GMAT or GRE)
• English proficiency test score (IELTS, TOEFL, or Duolingo)
• Applicant’s KYC documents
• Passport-size photographs
• Resident proof of applicant and co-applicant
• Income proof of co-applicant (for non-collateral loans)
• Property papers (for secured loans)

Application Process for Education Loan in Canada

• Assess Eligibility: Use GyanDhan's platform to check your eligibility for a Canadian education loan.
• Expert Guidance: An education loan expert will contact you to suggest suitable lenders and guide you through the process.
• Document Checklist: Receive a customized document checklist based on the lender's requirements.
• Submit Documents: Submit the required documents in either hard copy or soft copy.
• Verification & Approval: The verification process takes 7-15 days. Once approved, sign the agreement.
• Disbursement: Initiate the disbursement process. Funds may be deposited directly into your account or sent to the university.

Before applying for a Canadian education loan, compare options from various lenders. GyanDhan simplifies this by offering free assistance. Our loan counselors assess your academic and financial profile to find the best loan options from our partner lenders, including government banks, private banks, and NBFCs. Check your loan eligibility now!