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Education Loans For Canada

Canada is one of the top destinations for international students to study. Often, Indian students choose this place because it is an English-speaking country and offers ample opportunities to start their careers. In the year 2023 alone, the total number of international students in Canada reached 1,040,985, marking a substantial 29% increase compared to the previous year. The main reason for this is the country's high quality of education and welcoming environment. 

Canada is home to some of the world’s best colleges and universities. However, these universities are not easy on the pockets. Generally, students must have a good budget for education and living expenses. Those students who do not come with financial backing can opt for education loans for Canada. Canada remains a leading destination for international students, offering a high-quality education system, affordability, and a welcoming environment for students worldwide. Now is the time to apply to the best colleges and get a financial solution to the costs involved.

There are several requirements that needs to be filled to take an education loan to study for Canada. The first step in obtaining an education loan is determining a student's eligibility. Reviewing the requirements once students have decided to apply for a loan is critical. To be qualified for an education loan for Canada, the following conditions must be met:

• The applicant must be an Indian citizen.
• The student must possess an academic record of previous years of education.
• The student must have been admitted to one of the universities in Canada recognised by the bank.
• The student must be at least 18 years of age. If the student is under 18, the parents must apply for a student loan.
• The applicant should have been admitted into a programme that prepares them for a job after finishing their studies to repay the loan.
• The student must have some kind of collateral security if they apply for a secured loan.

Students must support their case with documents to avail of a loan. All the documents are based on the student's profile, the profile of their co-applicant, and any property or asset they may give as collateral. However, below are some documents that students must have to secure an education loan.

• Education loan form filled with required details
• Identity proof: PAN card, passport
• Residency proof (choose one):
  • Voter ID Card
  • Bank account statement
  • Passport
  • Electricity Bill
  • Aadhar
  • Ration card
  • Telephone bill
• Co-borrower's 6-month bank statement (Salaried: 1 year of salary credits; Self-employed: 1 year business transactions)
• Personal Asset & Liability Statement (self-attested)
• Applicant academic documents:
  • Marksheets and certifications in 10th, 12th, and degree
  • Proof of enrollment
  • Course cost/fee structure
  • IELTS/GMAT/GRE Scorecard
  • University ranking print-out

Canada is a highly affordable place to study compared to many other countries. You'll need between CA$ 20,000 and CA$ 30,000 each year for tuition. This average range will change depending on the university and programme you are enrolled in. Depending on your region and personal needs, the price of accommodation, food, and other living expenditures may vary, but CA$ 15,000 per year is a minimum estimate.

Here is a breakdown of all the critical aspects to consider when estimating Canada's overall cost of living.

Student loans aren't just for tuition anymore! While covering the cost of classes is a primary function, many lenders offer loans that can cover a broader range of expenses related to your education. This can be especially helpful if you're attending school abroad, where living expenses can be significantly higher. Here's a quick rundown of what you might be able to include in your student loan:

• Tuition and fees: This covers the core cost of your education, including classroom instruction, labs, and other academic charges.
• Living expenses: Rent, food, transportation, and other day-to-day costs can all be factored into your loan amount. Keep in mind that lenders will consider the location and standard of living when determining how much to lend for living expenses.
• Study materials: Your loan can include textbooks, laptops, specific software, and other course-related supplies.
• Travel: Depending on the lender, some student loans may cover the cost of travel to and from your school, particularly if you're studying abroad.
• Miscellaneous expenses: These can include exam fees, health insurance, lab fees, and other charges directly related to your studies.

Students can take out several types of loans with the help of NBFCs, banks, and other subsidies from the government. There are two types of Canadian student loans. Each loan varies based on the kind of security the student promises.

• Secured Education Loans: Candidates for these private loans must pledge specified types of assets as collateral security for their college loans. Government or public banks are some of India's largest lenders for secured international student loans in Canada.
• Unsecured Education Loan For Canada: Prospective Indian students can apply for non-collateral education loans. Such education loans do not need any kind of security, popularly known as collateral. However, public banks do not yet offer non-collateral loans. Private banks and NBFCs vastly provide them. Students must either present a co-signer or have a solid financial hold. 

Every student has access to various educational loans from hundreds of lenders. Students frequently need help deciding which loan to get when presented with multiple options. Finding the ideal loan could be a difficult task. Therefore, researching early will help you avoid the challenges you might encounter when requesting a student loan for Canada. Here are some other suggestions to make the procedure simpler:

• Make sure to check the processing fees for your loan carefully.
• Consider the total possible income tax exemptions when comparing loans.
• Before requesting a loan, look up the lending margin.
• Be mindful of how long it takes to process a loan.
• Look closely at the terms of the loan repayment.
• A longer term will allow you to plan your repayments.
• Apply for a loan three months before your scheduled visa interview.

UniCreds makes securing abroad education loan easier than any other platform. Here are a few reasons why UniCreds is the best choice for a student loan in Canada:

Elite Canadian universities with a strong reputation and high graduate employment rates tend to get loan applications approved quickly. Many of these universities are highly ranked according to QS. The table below provides an overview of the top Canadian universities students dream of attending.

Canada is renowned for its exceptional education system, which consistently places high in international rankings. Unsurprisingly, many international students choose Canada as their preferred destination for higher education. In addition to its world-class education standards, Canada's flexible immigration policies, excellent quality of life, and diverse employment opportunities make it an attractive option for studying abroad. If you're considering Canada for your education, here are some of the most popular and in-demand courses to explore.

• Business & Management Studies
• Hospitality & Leisure Management
• Engineering
• Medicine
• Accounting & Finance
• Computer Science
• Media & Journalism
• Nursing

With the help of UniCreds, a student can easily apply for a loan through a partner. Students can fast-track their application with many options and competitive interest rates. Check out some of UniCreds’ top partners and their processes. 

Education Loan For Canada With Collateral

Education Loan For Canada Without Collateral:

NBFCs (Non-Banking Financial Companies) also offer education loans for international education. Several NBFCs have quick and paperless application processes. A student must be prepared with all the required documents to start their loan application with an NBFC. Check some of the features here.