All you need to know about education loan for study in Canada

Canada is one of the most popular destinations for international education. The cost of studying in Canada depends on various factors such as university, course, duration of study and cost of living. However, many students find it beyond their means to study in Canada. For such students, banks are offering loans, which help them fulfill their dream of studying in Canada.

Canada education loan: How to apply?

Applying for an education loan to study in Canada is a time-consuming process. So it is ideal to start early. Once a student receives an offer letter from a Canadian university, they will get a clear idea about the total cost of education. Based on that, they may apply for a loan. But before accepting a loan offer, the student needs to consider the deals of at least three or four banks to choose the best deal. Your application will be rejected if you fail to demonstrate sufficient funds to complete education in Canada. So, the best thing to do is to start preparations without delay.

Documents required

To apply for an education loan to study in Canada, you need the following documents:

• Application form for the loan
• Passport size photos
• Academic documents such as certificates and mark sheets
• Document proofs of qualifying exams such as IELTS, GMAT etc.
• Bank statement(one year)
• Proof of income of the guarantor

Usually, banks provide loans to study undergraduate, masters and research programs in Canada. However, banks give priority to those who chose professional job-oriented courses because they get placed without much delay and start repaying the loans. If the loan amount is more than Rs 7.5 lakh, collateral security is required and parents are required to be co-borrowers.

When to repay Canada’s education loan?

The repayment of the loan must start after one year or six months after the student completes the course in Canada and get placed. The repayment must be completed in a period of 5 to 10 years.

Expenses covered

• Tuition fee
• Cost of buying books and study materials
• Travel expenses
• Lab fee
• Accommodation expenses
• Purchase of laptop(if required)
• Expenses for project work or study tour

Do you wish to study in Canada? Learn more about your options from ImmiLaw Global, the best overseas education consultants in Kerala. Contact us now!

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