Study in Canada with Education Loan: What you need to know

 The education framework in Canada has shown a new interest lately with a more application-based and practice-situated methodology. The shift to these advanced methodologies from theory and task-based frameworks has made Indian undergraduates curious with regard to studying in Canada and acquiring capabilities from top universities across the globe.

 

As indicated by a UN Survey, Canada, known for its well-disposed, serene, and secure climate, is appraised as one of the most favored global education hubs. The nation is likewise accepted to have the most secure study climate offering an excellent quality of life and education. The best Canada immigration consultants suggest that the country is booming with opportunities for immigrant students looking to study abroad.

 

Canada is a center of a-list colleges that keep up with elevated expectations of scholastic greatness with a wide range of expert courses for undergraduate students. Our Canada immigration consultants in India act as mentors of foreign education who assist students from across the country in coming to Canada for advanced education and take enrollment in one of the 10,000 students and higher education programs, proficient degree projects, and diploma courses. These students can study in Canada and elevate their career opportunities two fold.

 

Students can also decide to seek different diplomas, endorsement programs, short training courses in specific fields, including; media communications, innovation, agribusiness, healthcare, ecological science, horticulture, business studies, fisheries, and paramedical innovation.

 

It takes time for the application to get processed. Therefore, it is important that students start acting on their foreign education dreams as quickly as possible. It would take anywhere around 4 to 8 months before students could get admission in the college of their choice. So if they want admission for the session starting in May, applications should be submitted by November or December.

 

However, applying for Canada student visa 2021 does come at a cost, which might not be feasible for everyone to pay out of pocket. There are several financial institutions that provide loans for higher studies in Canada to Indian students. The top consultants for Canada immigration connect applicants with the best financial institutes that offer loans for studying in the great white north.

 

This article will focus on everything that students need to know about Canada study visa 2021 with an education loan. It will highlight how students become eligible to apply for loans, the list of documents they need, courses that Indian banks provide loans for, and the process to apply for the loan. Let’s have a look in detail.

 

Eligibility criteria to apply for Canada education loan

 

Tuition fees in Canada can cost anywhere from CAD 13,000 per year to CAD 30,000 per year, depending on which university and course the student wants to pursue. The best consultancy for immigration to Canada recommends that taking a loan is a good option as it provides the necessary money without any hassle. The eligibility criteria for taking an education loan for studying in Canada is as follows –

 

• The student must be a citizen of India and must be above 18 years of age
• He/She must have acquired admission in one of the universities recognized by the bank as eligible for the education loan scheme
• The student should enroll in a professional or technical course as job-oriented courses are given more preference by banks than others
• The student should have a strong educational and family background for taking a loan to study in Canada

 

However, different banks have different eligibility criteria, but the above ones are the most common. Students should ensure that they meet the requirements of the bank before applying for the loan.

 

List of documents for applying for Canada education loan

 

From the most recent couple of years, the amount of Indian students going to pursue education in Canada has expanded dramatically. Therefore, the requirements for loans have likewise risen fundamentally. To endorse the loan, banks additionally check the information given by the candidates. Along these lines, there is a rundown of documents that the best Canada immigration consultants in India will provide to you. The candidate needs to submit these documents to the banks. Here is a list of the documents required while applying for a loan for higher education in Canada:

 

• Admission letter from the recognized university by the bank
• Loan application form with complete details
• Passport size photos
• Qualifying exam documents like IELTS, GMAT, GRE
• Bank statements of the borrower’s bank accounts
• Income proof of the guarantor
• Academic documents, including marksheets and certificates

 

Some banks may demand additional documents based on the course and college students are applying to. Most banks and colleges accept the score of IELTS for studying in Canada. The requirements of the loan documents may vary as per the bank requirements. Therefore, the best consultancy for Canada immigration recommends students check with the bank for all documents before applying.

 

Course in Canada for which students can get education loan

 

Those applicants who wish to apply for the undergrad, graduate, or diplomas programs in Canadian universities are financed by the banks. Banks additionally give loans to study abroad in Canada for SPP programs. Nationalized banks, for the most part, don’t offer training credits for vocational or training-based, short-term, or certificate courses. As banks consistently focus on getting the sum back from the student looking for a Canada education loan, they generally really like to dispense loans for courses that have a higher chance of providing a job to the student.

 

Some of the top Canadian universities that students can apply through education loan include –

 

• University of Toronto
• University of British Columbia
• McGill University
• University of Alberta
• University of Montreal

 

Process of applying for education loan to study in Canada

 

Getting a loan authorized isn’t just monotonous – it’s a time-consuming process.

 

Thus, to stay away from any last-minute demand, one ought to consistently begin applying for a loan as soon as the letter of admission is received from the university. Subsequent to getting the enrollment letter from the college, students find out about the complete cost of studying abroad and living in Canada.

 

Calculate the sum you need to fund and the amount you will spend from your own pocket. Do some exploration prior to applying for a loan and check which banks are giving the best deals on the education loan.

 

There are different things that students need to compare before getting a loan. These things include the interest rate, processing fee, expenses covered, processing time, prepayment duration, and repayment schemes. All of this provides a better understanding of how the loan will work once the student starts studying in Canada.

 

Conclusion

 

Canada is one of the best places to study across the globe. From access to world-class universities to the best quality of lifestyle – it offers everything. However, instead of paying money from their pocket and putting a financial burden on themselves to study in Canada, Canada immigration consultants in India suggest that students should take a loan for their higher education in Canada and eliminate the hassle of arranging money. My Foreign Education is one of the best Canada immigration consultants enabling students to get the best foreign education loans for studying in Canada. Contact us today for an online consultation.