Canada is the fourth most popular destination among international students. Study in Canada is far more economical when compared to the other popular international education destinations like the US and the UK. Lenient permanent residency, simpler application processes, and opportunities after graduations are among the many reasons why students choose Canada.

Average cost across courses in Canada varies, and some students may needs the assistance of loans to meet this expense. In this blog, we will discuss how as an Indian student you can apply for loan in Canada, whilst answering some of the regular questions we get asked from students discerning Canada.

Process of applying for a loan

  1. Interest rate
  2. Processing fee
  1. Loan processing time
  2. Prepayment terms and duration

Required documents

With the number of students applying to study in Canada the process for loan application and eligibility are stringent. Mentioned is a list of documents you are required to produce to a bank-

Courses for which banks provide a loan to study in Canada?

Eligibility criteria to apply for an education loan to study in Canada


Expenses covered under Education Loan

Banks offer lucrative schemes covering varied costs covering study abroad, and this should be of utmost importance while applying for an education loan. There are multiple options available with banks but it is for you to decide and pick the scheme that best suits you.

Loan amounts exceeding 7.5 Lakhs would require you to pledge tangible collateral. A parent or guardian can be co-borrowers with the student.  Listed are the common expenses bank cover under their education loan

Tax Benefits

Loans are boon for students to reach their desired education destination but due to rising cost are not able to gain the quality education. However, it is recommended to carefully check the conditions of the loan agreement.

So, when should you start collecting funds?

We would like to assume that while deciding your country of study, you would have computed a rough cost estimate of what the living and studying in that specific country would cost. If you picked Canada amongst other countries and have no idea when to start collecting funds, here is the guide.

On being accepted to a Canadian university you would receive a letter of admission. The university will provide you with a skeleton of the estimated costs. This is the time you start preparing for funds, if you have not already.

Along with the study permit, you will be asked to share the proof of meeting your living expenses while in Canada. You will need to provide a proof of CAD 10,000 or CAD 11,000 if the study is in Quebec. Note that this cost is exclusive of your tuition fee for your course of choice.

However, university representatives attribute this cost to being higher that the mandate needed for the study permit.

Have more questions? Reach out to our international education counselors, today.

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