Canada offers a variety of educational courses. This is why Indian students occupy a significant chunk of Canada’s international educational sector. Since 2014, the educational sector in Canada has seen a 350% rise in demand from international students. Besides the regular master’s and bachelor’s degrees, Canada offers multiple UG Diploma Courses. Let’s help you understand the financing part of this course by making you aware of the education loan options available for UG Diploma in Canada.
Cost Of Studying UG Diploma In Canada
It may be cheaper to pursue an undergraduate diploma in Canada, but it still costs a great deal. International students are, therefore, required to receive financial aid to fund their higher education in Canada. Given below are the fees of the best UG diploma courses in Canada:
| Programme | Time duration | Tuition fee |
| Diploma in Computer System Technician | 2 years | CAD 13,000 to 17,000 |
| Diploma in Hospitality – Hotel Operations Management | 2 years | CAD 14,000 to 17,000 |
| Diploma in Biotechnology Technician | 2 years | CAD 12,000 to 14,500 |
| Diploma in Business – Finance | 2 years | CAD 14,000 to 16,000 |
| Diploma in Dental Hygiene | 2 years | CAD 13,500 to 16,000 |
| Diploma in Animation | 2 years | CAD 12,000 to 14,500 |
Education Loan Options For UG Diploma In Canada
There are two types of education loans: collateralised loans and unsecured loans. This type of loan is offered by private banks, public banks, and NBFCs (non-banking financial corporations). NBFCs and banks offer different loan amounts, so specific requirements and documents must be submitted. Given below are some of the banks that provide the best education loan options for UG diplomas in Canada:
| Education Loans For A Diploma In Canada From Top Banks -Overview | |||
| Bank Name | Loan Amount | Interest Rates | Processing Fees |
| Union Bank Education Loan | INR 1.5 Cr. | 9.5-10.5% | 1-2% of the loan amount |
| ICICI Bank Education Loan | INR 1.5 Cr. | 10-12.5% | 2% + GST |
| Axis Bank Education Loan | INR 2.5 Cr. | 9.9-12% | 0.75% on sanctioned loan amount |
| IDFC First Bank Education Loan | INR 1.5 Cr | 9.5-12.75% | Up to 1.5% of the loan amount. |
| Education Loans For A Diploma In Canada From Top NBFCs-Overview | |||
| NBFC Name | Loan Amount | Interest Rates | Processing Fees |
| HDFC Credila | INR 2 Cr. | 9.75-12% | 0.75-1% to 1% GST |
| Avanse | INR 1.5 Cr. | 10.50-13% | 1-2% of the loan amount |
| InCred Education Loan | INR 25 Lakhs | 11.5-13% | – |
Note: All of the banks mentioned above need collateral security to pledge and the interest rates vary accordingly. We have given a broader interest rate in the table.
Which Banks Offer Study Loan For Canada Without Collateral?
Unsecured loans do not require students to pledge property or other assets as collateral. Co-applicant’s credit history and income will determine whether the loan is approved. A student can’t get an unsecured loan for more than INR 7.5 lakh for a UG diploma in Canada with an Indian lender. At such times, UniCreds offers dollar loans that do not require collateral, from leading NBFCs like Prodigy Finance, and MPower Financing. Let’s look at their loan amounts here:
| NBFC Name | Loan Amount | Interest Rates |
| Prodigy Finance | $1 Lakh-1.25 Lakhs | 10-13% |
| MPower Financing | $50,000 | 12.99% |
What Documents Are Required For Study Loans For UG Diploma Courses In Canada?
You must submit a set of documents to take study loans in Canada. The exact set of documents may vary according to the lender. However, you can review the following list to gather commonly required documents from all banks and NBFCs.
| Document Required | Description |
| Application Form | Complete application form for the education loan. |
| Offer Letter from Canadian Institution | Admission offer letter from the recognised Canadian educational institution. |
| KYC Documents | Proof of identity (passport, Aadhaar card, or PAN card) and address proof (utility bill, etc.). |
| Academic Documents | Mark sheets and certificates of qualifying examinations (10th, 12th, and bachelor’s degree). |
| Collateral Documents | Title deed of property, fixed deposit receipts, or other collateral documents. |
| Income Proof | Income tax returns, salary slips, or bank statements to verify repayment capacity. |
| Solvency Certificate | Bank-issued certificate demonstrating the financial stability of supporting the loan. |
| Co-Applicant’s Documents | KYC and income proof of the co-applicant (usually parents or guardians). |
| Passport-size Photographs | Recent passport-sized photographs of the applicant and co-applicant. |
| Course Details | Brochure or course details outlining the programme’s duration, fees, and curriculum. |
| Visa Documents | Copy of student visa for Canada (if obtained). |
Eligibility Criteria For Educational Loan Options for UG Diploma in Canada
The common eligibility criteria mandate the students to be over 18 years of age, hold an Indian citizenship and have good grades. Apart from these, there’s more to it:
- The applicant must have secured admission to a recognised educational institution in Canada for an undergraduate diploma course.
- A suitable collateral, such as property, fixed deposits, or other assets, is required to secure the loan amount. The value of the collateral should meet the lender’s specified criteria.
- A co-applicant, typically a parent or guardian, must demonstrate stable income and financial capability to support the loan repayment along with the primary applicant.
Educational Loan For UG Diploma Course In Canada Application Process Through UniCreds
All banks offer competitive loan terms, as shown by the above information. Choosing a loan can be confusing, and you may also miss out on some amazing benefits. UniCreds has partnered with a lot of top banks, like the Bank of Baroda, Axis Bank, Union Bank, and many more! Get the best loan terms tailored to your needs. Here’s what you need to do:
- Step 1: On the UniCreds website, enter your basic contact information in the form provided.
- Step 2: We’ll get in touch with you soon to figure out your loan eligibility, collateral type, and loan requirement.
- Step 3: Once we have a clear understanding of your loan needs, we will negotiate the most favourable loan terms with the financial institutions.
- Step 4: Secure the lender, submit your documents, and wait worry-free for the loan to be approved!
How To Choose The Best Educational Loan Options for UG Diploma in Canada?
We understand that choosing from a large pool of banks can sometimes be difficult. So, you can first list your needs and budget and then compare them with the interest rates, moratorium period, loan amount, etc. You should also consider the cost of living in Canada and the tuition fees.
Otherwise, you can get help from UniCreds! We are your one-stop partner for abroad education loans. We offer expert advice, secure loans at the best rates, and provide quick sanctions. Contact us now.
FAQs
Can I get the Best Educational Loan Options for UG Diploma in Canada?
Yes, many banks and NBFCs in India are giving an education loan for diploma in Canada, at varying interest rates and loan amounts.
How to get an education loan for diploma students?
You can get an education loan from various banks and NBFCs. You just need to choose your lender, gather documents, submit applications and wait for the approvals.
How much student loan can I get to study in Canada?
You can get a maximum of INR 1.5 Cr. student loan to study in Canada.
Can I get a loan for an undergraduate degree?
Yes, you can get a secured and unsecured loan for an undergraduate degree.
Is there any loan for diploma students?
There are a lot of loan options available for diploma students offering loan amounts up to INR 1.5 Cr, and interest rates ranging 9-15%.
Which bank gives a loan for a diploma?
Many governments, private banks, and NBFCs give loans for diploma courses in India. Some top names include- SBI Bank, Bank of Baroda, HDFC Credila, IDFC First Bank, Avanse, etc.
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