Canada is one of the most popular and sought-after study destinations among international students with an exceptional curriculum followed by elite universities. Along with an excellent academic curriculum, the country offers exposure to research-oriented programs and dynamic student life.
If you are planning to study master’s in Canada, the cost of studying might come with a set of expenses like tuition fees, travel, accommodation, food, etc. For many international students, it becomes challenging to manage such expenses. To overcome this barrier, overseas education loans can be a great option for funding your Master’s.
In this article, we will go through the essentials of taking an overseas education loan for masters in Canada. So, stay glued and read further.
Basics of Overseas Education Loan
There are two types of loans, Secured and Unsecured loan. For a secured loan, an applicant needs to pledge security such as a house, Plot, FD, etc. to the financial lender. For an unsecured loan i.e education loan without collateral for Canada, the applicant need not provide any collateral to the financial lenders. Thus, according to your suitability, you can choose any of the education loans.
GIC: An Overview
Unlike other countries, this is a mandatory requirement for an applicant before applying for a visa to study master’s in Canada. Because a Canadian visa requires pre-visa loan disbursement, and it can only happen when a GIC account is created by the applicant who has paid the tuition fees to the Canadian educational institution. After creating the account the applicant needs to deposit CAD$ 10,000 as proof of their living expenses for their first year in Canada.
Eligibility and Necessary Documents
After getting acquainted with the types of loans and the GIC account. Let us move forward and be pre-prepared with knowing the eligibility and essential documents for an education loan to study master’s in Canada.
Eligibility Criteria
- An applicant must be a citizen of India and should have secured admission to a recognized Canadian Institution.
- The applicant must be above 18 years of age and the co-applicant (Parent/Guardian) should have stable financial conditions.
Essential Documents
- For proof of admission, the applicant should have an admission letter from a Canadian institution.
- Applicant must have a properly filled education loan application form.
- Academic Transcripts.
- Aadhar card or any other identity proof.
- Salary slips, ITR, or any other proof of income of co-applicant.
- Resident proof of the applicant and the co-applicant
- Updated Passport size photograph.
The above-mentioned are the basic documents that are required for opting for an educational loan in Canadian institutions. To have better knowledge about the lenders, let us glance over the types of financial institutions that offer education loans to study for masters in Canada.
Financial Lenders Offering Education Loans for Canada
To give you a better understanding we have listed the top financial institutions that offer education loan for students to study abroad.
Nationalised Banks
- State Bank of India
- Bank of India
- Bank of Baroda
- Union Bank of India
- Bank of Maharashtra
Private Banks
- ICICI Bank
- Axis Bank
- IDFC First Bank
NBFCs
- HDFC
- Credila
- Credenc
- Avanse
- Incred
- Auxilo,
However, there are a few international lenders as well that offer education for masters in Canada depending on the university and course you choose.
Wrapping Up
We hope that this article was helpful to you in applying for an education loan to study Master in Canada. Furthermore, there are numerous partially and fully funded scholarships in Canada for international students. You can research more about these scholarships to reduce the amount of education loan that you may require. So get started with your research, you can reach out to the top overseas education loan advisors for better guidance, good luck!